General in BostonUS:
Ambassador Francis T. (Terry) McNAMARA; Embassy at Rua Hoji Ya Henda Yenna
81, Praia (mailing address is C. P. 201, Praia); telephone [238] 61-43-63 or
61-42-53; FAX [238] 61-13-55
:Cape Verde Government
Flag:
two equal horizontal bands of yellow (top) and green with a vertical red
band on the hoist side; in the upper portion of the red band is a black
five-pointed star framed by two corn stalks and a yellow clam shell; uses
the popular pan-African colors of Ethiopia; similar to the flag of
Guinea-Bissau, which is longer and has an unadorned black star centered in
the red band
:Cape Verde Economy
Overview:
Cape Verde's low per capita GDP reflects a poor natural resource base, a
17-year drought, and a high birthrate. The economy is service oriented, with
commerce, transport, and public services accounting for 65% of GDP during
the period 1985-88. Although nearly 70% of the population lives in rural
areas, agriculture's share of GDP is only 16%; the fishing sector accounts
for 4%. About 90% of food must be imported. The fishing potential, mostly
lobster and tuna, is not fully exploited. In 1988 fishing represented only
3.5% of GDP. Cape Verde annually runs a high trade deficit, financed by
remittances from emigrants and foreign aid. Economic reforms launched by the
new democratic government in February 1991 are aimed at developing the
private sector and attracting foreign investment to diversify the economy.
GDP:
exchange rate conversion - $310 million, per capita $800; real growth rate
4% (1990 est.)
Inflation rate (consumer prices):
10% (1990 est.)
Unemployment rate:
25% (1988)
Budget:
revenues $98.3 million; expenditures $138.4 million, including capital
expenditures of $NA (1988 est.)
Exports:
$10.9 million (f.o.b., 1989 est.)
commodities:
fish, bananas, salt
partners:
Portugal 40%, Algeria 31%, Angola, Netherlands (1990 est.)
Imports:
$107.8 million (c.i.f., 1989)
commodities:
petroleum, foodstuffs, consumer goods, industrial products
partners:
Sweden 33%, Spain 11%, Germany 5%, Portugal 3%, France 3%, Netherlands, US
(1990 est.)
External debt:
$150 million (December 1990 est.)
Industrial production:
growth rate 18% (1988 est.); accounts for 7% of GDP
Electricity:
15,000 kW capacity; 15 million kWh produced, 40 kWh per capita (1991)
Industries:
fish processing, salt mining, clothing factories, ship repair, construction
materials, food and beverage production
Agriculture:
accounts for 16% of GDP; largely subsistence farming; bananas are the only
export crop; other crops - corn, beans, sweet potatoes, coffee; growth
potential of agricultural sector limited by poor soils and limited rainfall;
annual food imports required; fish catch provides for both domestic
consumption and small exports
Economic aid:
US commitments, including Ex-Im (FY75-89), $88 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $537 million; OPEC
bilateral aid (1979-89), $12 million; Communist countries (1970-89), $36
million
Currency:
Cape Verdean escudo (plural - escudos); 1 Cape Verdean escudo (CVEsc) = 100
centavos
:Cape Verde Economy
Exchange rates:
Cape Verdean escudos (CVEsc) per US$1 - 71.28 (March 1992), 71.41 (1991),
64.10 (November 1990), 74.86 (December 1989), 72.01 (1988), 72.5 (1987)
Fiscal year:
calendar year
:Cape Verde Communications
Ports:
Mindelo, Praia
Merchant marine:
7 cargo ships (1,000 GRT or over) totaling 11,717 GRT/19,000 DWT
Civil air:
3 major transport aircraft
Airports:
6 total, 6 usable; 6 with permanent-surface runways; none with runways over
3,659 m; 1 with runways 2,440-3,659 m; 2 with runways 1,220-2,439 m
Telecommunications:
interisland radio relay system, high-frequency radio to Senegal and
Guinea-Bissau; over 1,700 telephones; broadcast stations - 1 AM, 6 FM, 1 TV;
2 coaxial submarine cables; 1 Atlantic Ocean INTELSAT earth station
