Economy — Cape Verde
GDP, employment, industries, public finance, and currency.
Profile updated 2026-06-02
⚡ Economy at a glance
GDP, employment, industries, public finance, and currency. Key figure for Cape Verde: Cabo Verde’s economy depends on development aid, foreign investment, remittances, and tourism. The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Tourism is the mainstay of the economy and depends on conditions in the euro-zone countr…
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Economic overview
- Economic Overview
Cabo Verde’s economy depends on development aid, foreign investment, remittances, and tourism.
The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP.
Tourism is the mainstay of the economy and depends on conditions in the euro-zone countries.
Cabo Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances as a share of GDP are one of the highest in Sub-Saharan Africa.
Although about 40% of the population lives in rural areas, the share of food production in GDP is low.
The island economy suffers from a poor natural resource base, including serious water shortages, exacerbated by cycles of long-term drought, and poor soil for growing food on several of the islands, requiring it to import most of what it consumes.
The fishing potential, mostly lobster and tuna, is not fully exploited.
Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment.
The government’s elevated debt levels have limited its capacity to finance any shortfalls.
- Industries
Food and beverages, fish processing, shoes and garments, salt mining, ship repair
- GDP - per capita (PPP)
$6,700.00 (USD)
- GDP - real growth rate
3.6%
GDP & growth
- GDP - Gross Domestic Product (PPP)
$3,360,000,000 (USD)
- GDP Per Capita
$6,700.00 (USD)
- GDP - real growth rate
3.6%
- GDP - official exchange rate
$1,684,000,000 (USD)
- GDP - composition, by end use
- Household Consumption: 53.5%
- Government Consumption: 15.2%
- Investment in Fixed Capital: 33.2%
- Investment in Inventories: 0.8%
- Exports of Goods and Services: 32.9%
- Imports of Goods and Services: -35.6%
- GDP by Sector- agriculture
7.4%
- GDP by Sector- Industry
16.4%
- GDP by Sector- services
76.2%
- Industrial Growth Rate
1.9%
Prices & money
- Inflation Rate
0.7%
- Exchange Rate per US Dollar
101.8
- Currency Name and Code
Cabo Verdean escudos (CVE)
- Fiscal Year
Calendar Year
- Commercial Bank Prime Lending Rate
10%
Employment & labor
- Labor Force
196,100
- Unemployment Rate
12%
- Major Industries
Food and beverages, fish processing, shoes and garments, salt mining, ship repair
- Agriculture Products
Bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish
- Population Below Poverty Line
30%
- Child Labor - # of children ages 5-14
1,948
- Child Labor - % of children ages 5-14
3%
- Child Labor - note
note: data represents children ages 10-14
Public finance
- Annual Budget
$405,700,000 (USD)
- Public Debt (% of GDP)
116.8%
- Budget Surplus or Deficit - percent of GDP
-4.3%
- Taxes and other revenues - percent of GDP
24.1%