Cabo Verde

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Cabo Verde - In Short.

Overview of Cabo Verde

The uninhabited islands were discovered and colonized by the Portuguese in the 15th century; Cabo Verde subsequently became a trading center for African slaves and later an important coaling and resupply stop for whaling and transatlantic shipping. The fusing of European and various African cultural traditions is reflected in Cabo Verde’s Krioulo language, music, and pano textiles. Following independence in 1975, and a tentative interest in unification with Guinea-Bissau, a one-party system was established and maintained until multi-party elections were held in 1990. Cabo Verde continues to sustain one of Africa’s most stable democratic governments and one of its most stable economies, maintaining a currency formerly pegged to the Portuguese escudo and then the euro since 1998. Repeated droughts during the second half of the 20th century caused significant hardship and prompted heavy emigration. As a result, Cabo Verde’s expatriate population – concentrated in Boston and Western Europe – is greater than its domestic one. Most Cabo Verdeans have both African and Portuguese antecedents. Cabo Verde’s population descends from its first permanent inhabitants in the late 15th-century – a preponderance of West African slaves, a small share of Portuguese colonists, and even fewer Italians, Spaniards, and Portuguese Jews. Among the nine inhabited islands, population distribution is variable. Islands in the east are very dry and are home to the country’s growing tourism industry. The more western islands receive more precipitation and support larger populations, but agriculture and livestock grazing have damaged their soil fertility and vegetation. For centuries, the country’s overall population size has fluctuated significantly, as recurring periods of famine and epidemics have caused high death tolls and emigration.
Value
Country Full Name
Cabo Verde
Country Code
CPV
Region
Sub-Saharan Africa
Income Group
Lower middle income
Currency Unit
GDP
1703698677
Population
555988
Land Area
4030
Net National Income Per Capita
2548.326483
GDP per Capita (PPP)
6376.642352

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Cabo Verde - Economic

Economy of Cabo 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 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.

Unemployment Rate

Inflation Rate

Cabo Verde - GDP Composition

GDP Composiiton & Value Added of Cabo Verde

Last Updated: Jan, 2021, Updated For 2020.

Cabo Verde - GDP, Value Added

Demographics of Cabo Verde

among the nine inhabited islands, population distribution is variable; islands in the east are very dry and are only sparsely settled to exploit their extensive salt deposits; the more southerly islands receive more precipitation and support larger populations, but agriculture and livestock grazing have damaged the soil fertility and vegetation; approximately half of the population lives on Sao Tiago Island, which is the location of the capital of Praia; Mindelo, on the northern island of Sao Vicente, also has a large urban population as shown in this population distribution map
Geographic Location

Western Africa, group of islands in the North Atlantic Ocean, west of Senegal

Races

Creole (Mulatto) 71%, African 28%, European 1%

Languages

Portuguese (official), Krioulo (a Portuguese-based Creole language with two main dialects spoken in Cabo Verde and in the Cabo Verdean diaspora worldwide)

Religion

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 New Apostolic 0.5%), Muslim 1.8%, other 1.3%, none 10.8%, unspecified 0.7% (2010 est.)

Dependency & Expectancy of Cabo Verde

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Cabo Verde - Social Media Briefing

Cabo Verde - Social Media & Social Commerce

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Politics & Policies of Cabo Verde

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AOSIS, AU, CD, CPLP, ECOWAS, FAO, G-77, IAEA, IBRD, ICAO, ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ITSO, ITU, ITUC (NGOs), MIGA, NAM, OIF, OPCW, UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Cabo Verde

Export of Cabo Verde

Import Destination

Export Destination