Cape Verde/

This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought and poor soil for agriculture on several of the islands. The economy is service oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Although nearly 70% of the population lives in rural areas, the share of food production in GDP is low. 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 its large pool of emigrants; remittances supplement GDP by more than 20%. Despite the lack of resources, sound economic management has produced steadily improving incomes. Continued 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. Cape Verde became a member of the WTO in July 2008.

$1.861 billion (2010 est.)

$1.781 billion (2009 est.)

$1.749 billion (2008 est.)

$1.573 billion (2010 est.)

4.5% (2010 est.)

1.8% (2009 est.)

5.9% (2008 est.)

$3,700 (2010 est.)

$3,600 (2009 est.)

$3,500 (2008 est.)

196,100 (2007)

21% (2000 est.)

30% (2000)

36.9% of GDP (2010 est.)

2.5% (2010 est.)

1% (2009 est.)

7.5% (31 December 2009)

7.5% (31 December 2008)

10.98% (31 December 2009 est.)

9.99% (31 December 2008 est.)

$585 million (31 December 2010 est)

$628.4 million (31 December 2009 est)

$1.314 billion (31 December 2010 est.)

$1.399 billion (31 December 2009 est.)

$1.179 billion (31 December 2010 est.)

$1.256 billion (31 December 2009 est.)

bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish

food and beverages, fish processing, shoes and garments, salt mining, ship repair

4% (2010 est.)

250 million kWh (2007 est.)

232.5 million kWh (2007 est.)

0 kWh (2008 est.)

0 kWh (2008 est.)

0 bbl/day (2009 est.)

2,000 bbl/day (2009 est.)

0 bbl/day (2007 est.)

1,619 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (1 January 2010 est.)

-$286 million (2010 est.)

-$319 million (2009 est.)

$114 million (2010 est.)

$105 million (2009 est.)

fuel, shoes, garments, fish, hides

Spain 53.98%, Portugal 22.23%, Morocco 7.13% (2009)

$858 million (2010 est.)

$835 million (2009 est.)

foodstuffs, industrial products, transport equipment, fuels

Portugal 44.86%, Netherlands 15.51%, Spain 6.1%, Italy 4.46%, Brazil 4.21% (2009)

$296 million (31 December 2010 est.)

$284 million (31 December 2009 est.)

$325 million (2002)

Cape Verdean escudos (CVE) per US dollar - 88.58 (2010), 79.377 (2009), 73.84 (2008), 81.235 (2007), 87.946 (2006)