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    Cape Verde - Economy
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    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 4.4% (2024 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 N/A
    Exchange rates
    CurrencyCabo Verdean escudos (CVE) per US dollar -
    Exchange rates 2024101.922 (2024 est.)
    Exchange rates 2023101.805 (2023 est.)
    Exchange rates 2022104.863 (2022 est.)
    Exchange rates 202193.218 (2021 est.)
    Exchange rates 202096.796 (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 2016127.6% of GDP (2016 est.)
    Budget
    Revenues$453.182 million (2020 est.)
    Expenditures$623.816 million (2020 est.)
    Budget surplus (+) or deficit (-) N/A
    Remittances
    Remittances 202412.1% of GDP (2024 est.)
    Remittances 202312.5% of GDP (2023 est.)
    Remittances 202214% of GDP (2022 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 forcerefined petroleum, aircraft, cars, fish, railway cargo containers (2023)
    Exports
    Exports 2024$1.158 billion (2024 est.)
    Exports 2023$972.636 million (2023 est.)
    Exports 2022$851.907 million (2022 est.)
    Exports (partners)Spain 46%, Portugal 9%, Togo 7%, Italy 7%, India 6% (2023)
    Comodities Exports forcefish, refined petroleum, railway cargo containers, shellfish, garments (2023)
    Real GDP (purchasing power parity)
    Real GDP (purchasing power parity) 2024$5.2 billion (2024 est.)
    Real GDP (purchasing power parity) 2023$4.848 billion (2023 est.)
    Real GDP (purchasing power parity) 2022$4.6 billion (2022 est.)
    GDP (official exchange rate)$2.768 billion (2024 est.)
    Real GDP Per capita
    Real GDP per capita 2024$9,900 (2024 est.)
    Real GDP per capita 2023$9,300 (2023 est.)
    Real GDP per capita 2022$8,900 (2022 est.)
    GDP - composition, by sector of origin
    Agriculture4.7% (2024 est.)
    Industry10.5% (2024 est.)
    Services69.4% (2024 est.)
    GDP - composition, by end use
    Household consumption74.7% (2024 est.)
    Government consumption20.7% (2024 est.)
    Investment in fixed capital16% (2024 est.)
    Investment in inventories0% (2024 est.)
    Exports of goods and services41.9% (2024 est.)
    Imports of goods and services-53.2% (2024 est.)
    Unemployment rate
    Unemployment rate 202411.9% (2024 est.)
    Unemployment rate 202312% (2023 est.)
    Unemployment rate 202212.3% (2022 est.)
    Youth unemployment rate (ages 15-24)
    Total28.2% (2024 est.)
    Male24.6% (2024 est.)
    Female33.8% (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