About Cape Verde & Key Financial Statistics

About Cape Verde and Key Financial Statistics

Overview of Economy:

Cabo Verde’s economy is vulnerable to external shocks and depends on development aid, foreign investment, remittances, and tourism. The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Tourism is the mainstay of the economy and depends on conditions in the euro zone countries. Although about 40% of the population lives in rural areas, the share of food production in GDP is low. The island economy suffers from a poor natural resource base, including serious water shortages, exacerbated by cycles of long-term drought, and poor soil for growing food on several of the islands, requiring it to import most of what it consumes. The fishing potential, mostly lobster and tuna, is not fully exploited. Cabo Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances as a share of GDP are one of the highest in sub-Saharan Africa. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. The government’s elevated debt levels have limited its capacity to finance any shortfalls.

Gross Domestic Product (In USD):

$3.33 billion (2014 est.)

$3.27 billion (2013 est.)

$3.236 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 9.9

% Industry: 18.4

% Services: 71.8

Composition of Labor Force by Occupation:

% Agriculture:

% Industry:

% Services:

Per Capita Income:

$6,400 (2014 est.)

$6,300 (2013 est.)

$6,200 (2012 est.)


$253 million (2014 est.)

$184.2 million (2013 est.)

Key Export Commodities:

$253 million (2014 est.)

$184.2 million (2013 est.)

Export Partners:

Spain 46.1%, Poland 22.4%, Portugal 11.8% (2014)


$862 million (2014 est.)

$808.4 million (2013 est.)

Key Import Commodities:

foodstuffs, industrial products, transport equipment, fuels

Import Partners:

Algeria 72.5%, Portugal 10% (2014)

Inflation Rate (Consumer Price Index):

-0.2% (2014 est.)

1.5% (2013 est.)

Exchange Rate to USD:

Cabo Verdean escudos (CVE) per US dollar -

83.114 (2014 est.)

83.114 (2013 est.)

85.82 (2012 est.)

79.32 (2011 est.)

83.259 (2010 est.)

Unemployment Rate:

12% (2014 est.)

16.4% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings