style="font-size:15px;"> 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 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
government's development program.
GDP (purchasing power parity):
$600 million (2002 est.)
GDP - real growth rate:
5% (2004 est.)
GDP - per capita:
purchasing power parity - $1,400 (2002 est.)
GDP - composition by sector: agriculture: 12.1% industry: 21.9% services: 66% (2004 est.)
Labor force:
NA
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):
1.5% (2004 est.)
Investment (gross fixed):
19.2% of GDP (2004 est.)
Budget:
revenues: $260.6 million
expenditures: $305.3 million, including capital expenditures of NA
(2004 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:
43.08 million kWh (2002)
Electricity - production by source: fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)
Electricity - consumption:
40.06 million kWh (2002)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
2,000 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Current account balance:
$-93.76 million (2004 est.)
Exports:
$61.11 million f.o.b. (2004 est.)
Exports - commodities:
fuel, shoes, garments, fish, hides
Exports - partners:
Portugal 59.4%, US 17.2%, UK 11.4% (2004)
Imports:
$387.3 million f.o.b. (2004 est.)
Imports - commodities:
foodstuffs, industrial products, transport equipment, fuels
Imports - partners:
Portugal 41.8%, US 12.3%, Netherlands 8.4%, Spain 5.2%, Italy 4.2%,
Brazil 4% (2004)
Reserves of foreign exchange and gold:
$112.7 million (2004 est.)
Debt - external:
$325 million (2002)
Economic aid - recipient:
$136 million (1999)
Currency (code):
Cape Verdean escudo (CVE)
Currency code:
CVE
Exchange rates:
Cape Verdean escudos (CVE) per US dollar - 88.808 (2004), 97.703
(2003), 117.168 (2002), 123.228 (2001), 119.687 (2000)
Fiscal year:
calendar year
Communications Cape Verde
Telephones - main lines in use:
71,700 (2003)
Telephones - mobile cellular:
53,300 (2003)
Telephone system:
general assessment: effective system, extensive modernization from
1996–2000 following partial privatization
