Economy Of Cape Verde - Cape Verde Information

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Economy Of Cape Verde
Cape Verde Information - Country Guides

Economy overview	This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought. The economy is service-oriented, with commerce, transport, tourism, and public services accounting for 72% of GDP. Although nearly 70% of the population lives in rural areas, the share of agriculture in GDP in 2001 was only 11%, of which fishing accounted for 1.5%. About 82% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. Cape Verde annually runs a high trade deficit, financed by foreign aid and remittances from emigrants; remittances supplement GDP by more than 20%. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy. Prospects for 2004 depend heavily on the maintenance of aid flows, tourism, remittances, and the momentum of the government's development program.
GDP	purchasing power parity - $600 million (2002 est.)
GDP - real growth rate	4% (2004 est.)
GDP - per capita	purchasing power parity - $1,400 (2002 est.)
GDP - composition by sector	agriculture: 10% industry: 16.5% services: 62.8% (2004 est.)
Investment gross fixed	16.5% of GDP (2004 est.)
Population below poverty line	30% (2000)
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	3% (2004 est.)
Labor force	NA (1980)
Labor force by occupation
Unemployment rate	21% (2000 est.)
Budget	revenues: $252.9 million expenditures: $269.9 million, including capital expenditures of na (2004 est.)
Public debt
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	NA
Electricity production	42.03 million kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	39.08 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	2,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance	$-106.3 million (2004 est.)
Exports	$50.68 million f.o.b. (2004 est.)
Exports commodities	fuel, shoes, garments, fish, hides
Exports partners	Portugal 31%, France 27.6%, UK 17.2%, US 17.2% (2003)
Imports	$315.5 million f.o.b. (2003 est.)
Imports commodities	foodstuffs, industrial products, transport equipment, fuels
Imports partners	Portugal 46.7%, Netherlands 9.1%, Belgium 3.8% (2003)
Reserves of foreign exchange gold	$88.02 million (2004 est.)
Debt external	$325 million (2002)
Economic aid recipient	$136 million (1999)
Currency	Cape Verdean escudo (CVE)
Currency code	CVE
Exchange rates	Cape Verdean escudos (CVE) per US dollar - 97.703 (2003), 117.168 (2002), 123.228 (2001), 115.877 (2000), 102.7 (1999)
Fiscal year	calendar year

Cape Flag Map Of Cape Verde

Economy Of Cape VerdeCape Verde Information - Country Guides

Economy Of Cape Verde
Cape Verde Information - Country Guides