nearly 70% of the population lives in rural areas, the share of food production in GDP is low. 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 its large pool of emigrants; remittances supplement GDP by more than 20%. Despite the lack of resources, sound economic management has produced steadily improving incomes. Continued 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 government's development program. Cape Verde became a member of the WTO in July 2008.
GDP (purchasing power parity):
$1.861 billion (2010 est.) country comparison to the world: 186 $1.781 billion (2009 est.)
$1.749 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$1.573 billion (2010 est.)
GDP - real growth rate:
4.5% (2010 est.) country comparison to the world: 68 1.8% (2009 est.)
5.9% (2008 est.)
GDP - per capita (PPP):
$3,700 (2010 est.) country comparison to the world: 160 $3,600 (2009 est.)
$3,500 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 9%
industry: 16.2%
services: 74.8% (2010 est.)
Labor force:
196,100 (2007) country comparison to the world: 169
Unemployment rate:
21% (2000 est.) country comparison to the world: 168
Population below poverty line:
30% (2000)
Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 40.6% (2000)
Investment (gross fixed):
36.9% of GDP (2010 est.) country comparison to the world: 5
Inflation rate (consumer prices):
2.5% (2010 est.) country comparison to the world: 74 1% (2009 est.)
Central bank discount rate:
7.5% (31 December 2009) country comparison to the world: 54 7.5% (31 December 2008)
Commercial bank prime lending rate:
10.98% (31 December 2009 est.) country comparison to the world: 92 9.99% (31 December 2008 est.)
Stock of narrow money:
$585 million (31 December 2010 est) country comparison to the world: 155 $628.4 million (31 December 2009 est)
Stock of broad money:
$1.314 billion (31 December 2010 est.) country comparison to the world: 151 $1.399 billion (31 December 2009 est.)
Stock of domestic credit:
$1.179 billion (31 December 2010 est.) country comparison to the world: 146 $1.256 billion (31 December 2009 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:
4% (2010 est.) country comparison to the world: 87
Electricity - production:
250 million kWh (2007 est.) country comparison to the world: 173
Electricity - consumption:
232.5 million kWh (2007 est.) country comparison to the world: 172
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2009 est.) country comparison to the world: 198
Oil - consumption:
2,000 bbl/day (2009 est.) country comparison to the world: 183
Oil - exports:
0 bbl/day (2007 est.) country comparison to the world: 143
Oil - imports:
1,619 bbl/day (2007 est.) country comparison to the world: 178
Oil - proved reserves:
0 bbl (1 January 2010 est.) country comparison to the world: 194
Natural gas - production:
0 cu m (2008 est.) country comparison to the world: 188
Natural gas - consumption:
0 cu m (2008 est.) country comparison to the world: 200
Natural gas - exports:
0 cu m (2008 est.) country comparison to the world: 193
Natural gas - imports:
0 cu m (2008 est.) country comparison to the world: 194
Natural gas - proved reserves:
0 cu m (1 January 2010 est.) country comparison to the world: 195
Current account balance:
-$286 million (2010 est.) country comparison to the world: 96 -$319 million (2009 est.)
Exports:
$114 million (2010 est.) country comparison to the world: 190 $105 million (2009 est.)
Exports - commodities:
fuel, shoes, garments, fish, hides
