Cape Verde - Economy
How is the economy of Cape Verde? Based on the information we have, Cape Verde has a stable, middle-income, developing island economy; strong GDP growth led by tourism sector recovery; sustained poverty reduction through PEDS II development plan; high reliance on foreign remittances and aid to finance external debt. Key agricultural products in this country include: sugarcane, tomatoes, coconuts, pulses, goat milk, milk, vegetables, bananas, cabbages, onions (2023).
More about the economy of Cape Verde
Labor force 224,500 (2024 est.)
Industrial production growth rate 1.27% (2023 est.)
Industries food and beverages, fish processing, shoes and garments, salt mining, ship repair
Population below poverty line 35.2% (2015 est.)
Taxes and other revenues 18.4% (of GDP) (2020 est.)
Fiscal year
Exchange rates
Currency Cabo Verdean escudos (CVE) per US dollar -
Exchange rates 2024 101.922 (2024 est.)
Exchange rates 2023 101.805 (2023 est.)
Exchange rates 2022 104.863 (2022 est.)
Exchange rates 2021 93.218 (2021 est.)
Exchange rates 2020 96.796 (2020 est.)
Debt - external
Debt - external 2023 $1.385 billion (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $783.106 million (2024 est.)
Reserves of foreign exchange and gold 2023 $837.881 million (2023 est.)
Reserves of foreign exchange and gold 2022 $729.566 million (2022 est.)
Current account balance
Current account balance 2024 $101.072 million (2024 est.)
Current account balance 2023 -$64.439 million (2023 est.)
Current account balance 2022 -$78.271 million (2022 est.)
Public debt
Public debt 2017 125.8% of GDP (2017 est.)
Budget
Revenues $574.917 million (2017 est.)
Expenditures $503.059 million (2017 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 12.49% of GDP (2023 est.)
Remittances 2022 14.03% of GDP (2022 est.)
Remittances 2021 15.33% of GDP (2021 est.)
Household income
Lowest 10% 2.2% (2015 est.)
Highest 10% 32.3% (2015 est.)
Imports
Imports 2024 $1.473 billion (2024 est.)
Imports 2023 $1.428 billion (2023 est.)
Imports 2022 $1.31 billion (2022 est.)
Imports (partners) Portugal 29%, Saudi Arabia 11%, Netherlands 9%, Spain 8%, China 7% (2023)
Comodities Imports force refined petroleum, aircraft, cars, fish, railway cargo containers (2023)
Exports
Imports 2024 $1.473 billion (2024 est.)
Imports 2023 $1.428 billion (2023 est.)
Imports 2022 $1.31 billion (2022 est.)
Exports (partners) Spain 46%, Portugal 9%, Togo 7%, Italy 7%, India 6% (2023)
Comodities Exports force fish, refined petroleum, railway cargo containers, shellfish, garments (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $4.852 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $4.6 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $3.971 billion (2021 est.)
GDP (official exchange rate) $2.534 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $9,300 (2023 est.)
Real GDP per capita 2022 $8,900 (2022 est.)
Real GDP per capita 2021 $7,700 (2021 est.)
GDP - composition, by sector of origin
Agriculture 4.6% (2023 est.)
Industry 10.6% (2023 est.)
Services 70% (2023 est.)
GDP - composition, by end use
Household consumption 76.1% (2023 est.)
Government consumption 21.8% (2023 est.)
Investment in fixed capital 20.1% (2023 est.)
Investment in inventories 0% (2023 est.)
Exports of goods and services 38.4% (2023 est.)
Imports of goods and services -56.4% (2023 est.)
Unemployment rate
Unemployment rate 2024 11.9% (2024 est.)
Unemployment rate 2023 12% (2023 est.)
Unemployment rate 2022 12.2% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 28.2% (2024 est.)
Male 24.6% (2024 est.)
Female 33.8% (2024 est.)
All Important Facts about Cape Verde

Want to know more about Cape Verde? Check all different factbooks for Cape Verde below.

Cape Verde is found in Western Africa