Cape Verde

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Introduction - Cape Verde:
Location - Cape Verde:
People - Cape Verde:
Government - Cape Verde:
Economy - Cape Verde:
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 66% of GDP. Although nearly 70% of the population lives in rural areas, the share of food production in GDP in 2004 was only 12%, 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. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the governments development program. Cape Verde has been exploring European Union membership in recent years.

Gdp purchasing power parity	$3.129 billion (2006 est.)

Gdp official exchange rate	$1.128 billion (2005 est.)

Gdp real growth rate	5.5% (2005 est.)

Gdp per capita ppp	$6,000 (2006 est.)

Gdp composition by sector	agriculture: 12.1% industry: 21.9% services: 66% (2004 est.)

Labor force	120,600 (1990)

Unemployment rate	21% (2000 est.)

Population below poverty line	30% (2000)

Household income or consumption by percentage share	lowest 10%: NA% highest 10%: NA%

Inflation rate consumer prices	4.7% (2006 est.)

Investment gross fixed	25.5% of GDP (2006 est.)

Budget	revenues: $324.6 million expenditures: $370.4 million; including capital expenditures of $NA (2006 est.)

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	44 million kWh (2004)

Electricity consumption	40.92 million kWh (2004)

Electricity exports	0 kWh (2004)

Electricity imports	0 kWh (2004)

Oil production	0 bbl/day (2004)

Oil consumption	1,150 bbl/day (2004 est.)

Oil exports	NA bbl/day

Oil imports	NA bbl/day

Oil proved reserves	0 bbl

Natural gas production	0 cu m (2004 est.)

Natural gas consumption	0 cu m (2004 est.)

Current account balance	-$44.43 million (2006 est.)

Exports	$96.71 million f.o.b. (2006 est.)

Exports commodities	fuel, shoes, garments, fish, hides

Exports partners	Spain 45.2%, Portugal 22.9%, Netherlands 13.3%, Morocco 4.9% (2006)

Imports	$495.1 million f.o.b. (2006 est.)

Imports commodities	foodstuffs, industrial products, transport equipment, fuels

Imports partners	Portugal 40.8%, Netherlands 10.5%, Spain 6.2%, Italy 5.5%, Cote dIvoire 5.2%, Brazil 5.1% (2006)

Reserves of foreign exchange and gold	$166.4 million (2006 est.)

Debt external	$325 million (2002)

Economic aid recipient	$136 million (1999)

Currency code	Cape Verdean escudo (CVE)

Exchange rates	Cape Verdean escudos (CVE) per US dollar - 87.946 (2006), 88.67 (2005), 88.808 (2004), 97.703 (2003), 117.168 (2002)

Communications - Cape Verde:
Transportation - Cape Verde:
Military - Cape Verde:

This page was last updated on 16 September, 2007
Source: CIA >>>

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Cape Verde

Cape Verde: Travel tips, articles, photos, gallery, cities database, population, pics, flags, statistics, free maps online

Back to Countries, Click to read the whole article: Cape Verde

Economy overview

Gdp purchasing power parity

$3.129 billion (2006 est.)

Gdp official exchange rate

$1.128 billion (2005 est.)

Gdp real growth rate

5.5% (2005 est.)

Gdp per capita ppp

$6,000 (2006 est.)

Gdp composition by sector

agriculture: 12.1% industry: 21.9% services: 66% (2004 est.)

Labor force

120,600 (1990)

Unemployment rate

21% (2000 est.)

Population below poverty line

30% (2000)

Household income or consumption by percentage share

lowest 10%: NA% highest 10%: NA%

Inflation rate consumer prices

4.7% (2006 est.)

Investment gross fixed

25.5% of GDP (2006 est.)

Budget

revenues: $324.6 million expenditures: $370.4 million; including capital expenditures of $NA (2006 est.)

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

44 million kWh (2004)

Electricity consumption

40.92 million kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

0 bbl/day (2004)

Oil consumption

1,150 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Current account balance

-$44.43 million (2006 est.)

Exports

$96.71 million f.o.b. (2006 est.)

Exports commodities

fuel, shoes, garments, fish, hides

Exports partners

Spain 45.2%, Portugal 22.9%, Netherlands 13.3%, Morocco 4.9% (2006)

Imports

$495.1 million f.o.b. (2006 est.)

Imports commodities

foodstuffs, industrial products, transport equipment, fuels

Imports partners

Portugal 40.8%, Netherlands 10.5%, Spain 6.2%, Italy 5.5%, Cote dIvoire 5.2%, Brazil 5.1% (2006)

Reserves of foreign exchange and gold

$166.4 million (2006 est.)

Debt external

$325 million (2002)

Economic aid recipient

$136 million (1999)

Currency code

Cape Verdean escudo (CVE)

Exchange rates

Cape Verdean escudos (CVE) per US dollar - 87.946 (2006), 88.67 (2005), 88.808 (2004), 97.703 (2003), 117.168 (2002)

agriculture: 12.1%
industry: 21.9%
services: 66% (2004 est.)

lowest 10%: NA%
highest 10%: NA%

revenues: $324.6 million
expenditures: $370.4 million; including capital expenditures of $NA (2006 est.)