Economy - overview:
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.

GDP (purchasing power parity):
$3.479 billion (2015 est.) $3.363 billion (2014 est.) $3.302 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 180
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.641 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2015 est.) 1.8% (2014 est.) 1% (2013 est.)
country comparison to the world: 72
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$6,700 (2015 est.) $6,500 (2014 est.) $6,400 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 155
[see also: GDP - per capita country ranks ]

Gross national saving:
31% of GDP (2015 est.) 30% of GDP (2014 est.) 34.6% of GDP (2013 est.)
country comparison to the world: 17
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 53.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 32.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 30.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -31.9% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 9.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 18.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 72% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish

Industries:
food and beverages, fish processing, shoes and garments, salt mining, ship repair

Industrial production growth rate:
1.8% (2015 est.)
country comparison to the world: 120
[see also: Industrial production growth rate country ranks ]

Labor force:
196,100 (2007 est.)
country comparison to the world: 173
[see also: Labor force country ranks ]

Unemployment rate:
12% (2014 est.) 16.4% (2013 est.)
country comparison to the world: 133
[see also: Unemployment rate country ranks ]

Population below poverty line:
30% (2000 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 40.6% (2001)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $374.1 million
[see also: Budget revenues country ranks ]
expenditures: $489.9 million (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
22.8% of GDP (2015 est.)
country comparison to the world: 140
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.1% of GDP (2015 est.)
country comparison to the world: 192
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
116.2% of GDP (2015 est.) 113.7% of GDP (2014 est.)
country comparison to the world: 9
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.3% (2015 est.) -0.2% (2014 est.)
country comparison to the world: 45
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.5% (31 December 2010) 7.5% (31 December 2009)
country comparison to the world: 41
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2015 est.) 10.9% (31 December 2014 est.)
country comparison to the world: 79
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$610.9 million (31 December 2015 est.) $597.6 million (31 December 2014 est.)
country comparison to the world: 163
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.621 billion (31 December 2015 est.) $1.608 billion (31 December 2014 est.)
country comparison to the world: 160
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.471 billion (31 December 2015 est.) $1.449 billion (31 December 2014 est.)
country comparison to the world: 151
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$159 million (2015 est.) -$141 million (2014 est.)
country comparison to the world: 77
[see also: Current account balance country ranks ]

Exports:
$192.7 million (2015 est.) $253 million (2014 est.)
country comparison to the world: 187
[see also: Exports country ranks ]

Exports - commodities:
fuel (re-exports), shoes, garments, fish, hides

Exports - partners:
Spain 46.1%, Poland 22.4%, Portugal 11.8% (2014)

Imports:
$797.8 million (2015 est.) $862 million (2014 est.)
country comparison to the world: 185
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, industrial products, transport equipment, fuels

Imports - partners:
Algeria 72.5%, Portugal 10% (2014)

Reserves of foreign exchange and gold:
$491.5 million (31 December 2015 est.) $510.9 million (31 December 2014 est.)
country comparison to the world: 151
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.617 billion (31 December 2014 est.) $1.484 billion (31 December 2013 est.)
country comparison to the world: 153
[see also: Debt - external country ranks ]

Exchange rates:
Cabo Verdean escudos (CVE) per US dollar - 97.58 (2015 est.) 83.11 (2014 est.) 83.11 (2013 est.) 85.82 (2012 est.) 79.32 (2011 est.)