Browse a full set of economic indicators

Cabo Verde

Includes Cape Verde real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Cabo Verde economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Cabo Verde best banks and safest banks are also available.

Basic Information

Government Type: Parliamentary republic

Capital City: Praia

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Bank of Cape Verde

Currency Cabo Verdean escudos (CVE)

International Reserves
USD 0.6 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 2.0 billion (2018, estimate)
GDP (Purchasing Power Parity) Intl$ 4.0 billion (2018, estimate)

GDP Data

Real GDP growth
Sure, here’s the reformatted list:

2007: 9.2%
2008: 6.7%
2009: -1.3%
2010: 1.5%
2011: 4%
2012: 1.1%
2013: 0.8%
2014: 0.6%
2015: 1%
2016: 4.7%
2017*: 4%
2018*: 4.7%

*Estimate
GDP per capita – current prices USD 3,562.7 (2018, estimate)
GDP per capita – PPP Intl$ 7,315.6 (2018, estimate)
GDP (PPP) – share of world total 0.003% (2019, estimate)
GDP – composition by sector agriculture: 4.7%
industry: 19.3%
services: 61.1%
(2018 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015: 0.1%
2016: -1.4%
2017: 0.8%
2018*: 1.3%
2019*: 1.2%

*Estimate

Inflation & Debt

Inflation 2015: 0.1%
2016: -1.4%
2017: 0.8%
2018*: 1.3%
2019*: 1.2%

*Estimate
Government Bond Ratings Standard & Poor’s: B

Moody’s: N/A

Standard & Poor’s / Moody’s
Unemployment rate 2015: 10%
2016: 9%
2017*: 9%
2018*: 8.5%
2019*: 8.5%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015: 126.6%
2016: 128.4%
2017: 127.2%
2018*: 124.5%
2019*: 123.5%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015: -4.6%
2016: -3%
2017: -3%
2018*: -2.8%
2019*: -2.2%

*Estimate
Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 48.9% (2018)
Shares in world total merchandising export 0.0004% (2018)


Shares in world total commercial services export 0.01% (2018)

Total exports USD 970.9 million (2018)

Export commodities Fuel (re-exports), shoes, garments, fish, hides

Total imports USD 1.3 billion (2018 estimate)

Import commodities Foodstuffs, industrial products, transport equipment, fuels

Exports – major partners Spain 45.3%, Portugal 40.3%, Netherlands 8.1% (2017)

Imports – major partners Portugal 43.9%, Spain 11.6%, Netherlands 6.1%, China 6.1% (2017)

Competitiveness & Trade

Current account balance USD -0.1 billion (2018 estimate)
Current account balance by percentage of GDP -4.5 % (2018 estimate)
FDI inflows 2016: USD 127 million
2017: USD 111 million
2018: USD 100 million
FDI Outflows 2016: USD -9.1 million
2017: USD -13.6 million
2018: USD -19.8 million
Value of cross-border M&A, by country of purchaser N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking: 1

37 out of 190 countries

​Subcategories:
Starting a Business: 121 out of 190 countries
Dealing with Construction Permits: 50 out of 190 countries
Getting Electricity: 154 out of 190 countries
Registering Property: 69 out of 190 countries
Getting Credit: 144 out of 190 countries
Protecting Minority Investors: 170 out of 190 countries
Paying Taxes: 87 out of 190 countries
Trading across Borders: 109 out of 190 countries
Enforcing Contracts: 52 out of 190 countries
Resolving Insolvency: 168 out of 190 countries
World Bank – Doing Business 2019
Global competitiveness ranking
112 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 73 / Score: 63.1 (Moderately free)

(100=totally free 0=totally repressed)

Population & Geographic Data

Time Zone UTC-1

Total Area 4,033 sq km

Total Population 1990: 0.35 million
2000: 0.44 million
2010: 0.5 million
2015*: 0.53 million
2020*: 0.57 million

*Estimate
Urban population as % of total population 1960: 16.7%
1980: 23.5%
2000: 53.4%
2018: 65.7%
Population median age 25.8 years
Population growth rate 1.32% (2018 estimate)
Life expectancy 72.7 years (2018 estimate)
% of population living on less than $3.10 a day N/A
Inequality of wealth distribution (Gini index) N/A
Freedom House rating Free
Political Rights: 1
Civil Liberties: 1 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population
Fixed: 11.5% Mobile: 112.2% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 58.17 % (2018)

Language & Religon

Languages Portuguese (official), Crioulo (a blend of Portuguese and West African words)
Literacy Total population: 86.8%
Male: 91.7%
Female: 82%
Definition: age 15 and over can read and write (2015 est.)
Religions
Roman Catholic 77.3%, Protestant 4.6% (includes Church of the Nazarene 1.7%, Adventist 1.5%, Assembly of God 0.9%, Universal Kingdom of God 0.4%, and God and Love 0.1%), other Christian 3.4% (includes Christian Rationalism 1.9%, Jehovah’s Witness 1%, and

World Rankings

Population 0.57 M
Mercer Cost of living index N/A
C02 Emissions per capita 0.95 metric tons per capita (2014)

Global Finance Rankings & Awards: Cabo Verde

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.

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Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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