Countries
Cape Verde
Key Economic Indicators
$5.88 billion
$11,195
7.24%
1.05%
11.94%
$2.768 billion (2024 est.)
127.6% of GDP (2016 est.)
$106.59 million
Economic Overview
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
All Economic Data
Agricultural products
sugarcane, tomatoes, coconuts, pulses, goat milk, milk, vegetables, bananas, cabbages, onions (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$623.816 million (2020 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$453.182 million (2020 est.)
Currency
code:
CVE
name:
Cape Verdean escudo (CVE) [Esc]
Current account balance
$106.59 million
Current account balance 2022:
-$78.271 million (2022 est.)
Current account balance 2023:
-$64.439 million (2023 est.)
Current account balance 2024:
$101.072 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$2.36 billion
Debt - external 2023:
$1.385 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Cabo Verdean escudos (CVE) per US dollar -
Exchange rates 2020:
96.796 (2020 est.)
Exchange rates 2021:
93.218 (2021 est.)
Exchange rates 2022:
104.863 (2022 est.)
Exchange rates 2023:
101.805 (2023 est.)
Exchange rates 2024:
101.922 (2024 est.)
Exports
$1.16 billion
Exports 2022:
$851.907 million (2022 est.)
Exports 2023:
$972.636 million (2023 est.)
Exports 2024:
$1.158 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
fish, refined petroleum, railway cargo containers, shellfish, garments (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Spain 46%, Portugal 9%, Togo 7%, Italy 7%, India 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$109.93 million
GDP - composition, by end use
Exports of goods and services:
41.9% (2024 est.)
Government consumption:
20.7% (2024 est.)
Household consumption:
74.7% (2024 est.)
Imports of goods and services:
-53.2% (2024 est.)
Investment in fixed capital:
16% (2024 est.)
Investment in inventories:
0% (2024 est.)
Note:
<strong>note:</strong> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
4.7% (2024 est.)
Industry:
10.5% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
69.4% (2024 est.)
GDP (official exchange rate)
$2.768 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$5,192
Gini Index coefficient - distribution of family income
42.4 (2015)
Gini Index coefficient - distribution of family income 2015:
42.4 (2015 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$2.68 billion
GNI per capita
$4,950
Gross domestic investment
16 % of GDP
Household income or consumption by percentage share
Highest 10%:
32.3% (2015 est.)
Lowest 10%:
2.2% (2015 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$1.47 billion
Imports 2022:
$1.31 billion (2022 est.)
Imports 2023:
$1.428 billion (2023 est.)
Imports 2024:
$1.473 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, aircraft, cars, fish, railway cargo containers (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Portugal 29%, Saudi Arabia 11%, Netherlands 9%, Spain 8%, China 7% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
4.4% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
food and beverages, fish processing, shoes and garments, salt mining, ship repair
Inflation rate (consumer prices)
1.05%
Inflation rate (consumer prices) 2022:
7.9% (2022 est.)
Inflation rate (consumer prices) 2023:
3.7% (2023 est.)
Inflation rate (consumer prices) 2024:
1% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
224,500 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
226,448 persons
Labor force - by occupation
agriculture:
9.25%
industry:
23.07%
services:
67.69%
Population below poverty line
35.2% (2015 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
127.6% of GDP (2016 est.)
Real GDP (purchasing power parity)
$5.88 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$4.6 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$4.848 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$5.2 billion (2024 est.)
Real GDP growth rate
7.24%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
15.8% (2022 est.)
Real GDP growth rate 2023:
5.4% (2023 est.)
Real GDP growth rate 2024:
7.3% (2024 est.)
Real GDP per capita
$11,195
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$8,900 (2022 est.)
Real GDP per capita 2023:
$9,300 (2023 est.)
Real GDP per capita 2024:
$9,900 (2024 est.)
Remittances
$333.99 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
14% of GDP (2022 est.)
Remittances 2023:
12.5% of GDP (2023 est.)
Remittances 2024:
12.1% of GDP (2024 est.)
Reserves of foreign exchange and gold
$783.11 million
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$729.566 million (2022 est.)
Reserves of foreign exchange and gold 2023:
$837.881 million (2023 est.)
Reserves of foreign exchange and gold 2024:
$783.106 million (2024 est.)
Taxes and other revenues
18.4% (of GDP) (2020 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
11.94%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
12.3% (2022 est.)
Unemployment rate 2023:
12% (2023 est.)
Unemployment rate 2024:
11.9% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
33.8% (2024 est.)
Male:
24.6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
28.2% (2024 est.)
World Bank Indicators
Currency
Cape Verdean escudo (CVE) Esc (2025)
Exports (US$)
$1.16B (2024)
External Debt
$2.36B (2024)
FDI Net Inflows (US$)
$109.93M (2024)
GDP Growth (%)
7.24 (2024)
Gdp Nominal
$2.73B (2024)
GDP Per Capita
5,192 (2024)
Gini Index
42.40 (2015)
Imports (US$)
$1.47B (2024)
Inflation Rate (%)
1.05 (2024)
Languages
Portuguese (2025)
Reserves
$783.11M (2024)
Unemployment Rate (%)
11.88 (2024)
Youth Unemployment
28.10 (2024)
Economic Rankings
GDP Growth Rate
#6
Unemployment Rate
#32
Gini Index
#48
External Debt
#99
Inflation Rate
#107
GDP per Capita
#125
Reserves
#145
GDP (Nominal)
#167
Imports
#170
Exports
#170
GDP (PPP)
#174
Quick Facts
Industries
food and beverages, fish processing, shoes and garments, salt mining, ship repair
Agricultural products
sugarcane, tomatoes, coconuts, pulses, goat milk, milk, vegetables, bananas, cabbages, onions (2023)
Labor force
224,500 (2024 est.)
Exports - partners
Spain 46%, Portugal 9%, Togo 7%, Italy 7%, India 6% (2023)
Imports - partners
Portugal 29%, Saudi Arabia 11%, Netherlands 9%, Spain 8%, China 7% (2023)
Exchange rates
Cabo Verdean escudos (CVE) per US dollar -
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