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Economy - overview:
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This island
economy suffers from a poor natural resource base, including
serious water shortages exacerbated by cycles of long-term
drought. The economy is service-oriented, with commerce,
transport, tourism, and public services accounting for 72% of
GDP. Although nearly 70% of the population lives in rural areas,
the share of agriculture in GDP in 2004 was only 12%, of which
fishing accounted for 1.5%. 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 emigrants;
remittances supplement GDP by more than 20%. 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. |
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GDP:
|
purchasing power
parity - $600 million (2002 est.) |
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GDP - real growth rate:
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5% (2004 est.)
|
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GDP - per capita:
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purchasing power
parity - $1,400 (2002 est.) |
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GDP - composition by sector:
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agriculture:
12.1%
industry: 21.9%
services: 66% (2004 est.) |
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Investment (gross fixed):
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19.2% of GDP
(2004 est.) |
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Population below poverty line:
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30% (2000) |
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Household income or consumption by percentage share:
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lowest 10%:
NA
highest 10%: NA |
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Inflation rate (consumer prices):
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1.5% (2004 est.)
|
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Labor force:
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NA |
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Unemployment rate:
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21% (2000 est.)
|
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Budget:
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revenues:
$260.6 million
expenditures: $305.3 million, including capital
expenditures of NA (2004 est.) |
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Agriculture - products:
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bananas, corn,
beans, sweet potatoes, sugarcane, coffee, peanuts; fish |
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Industries:
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food and
beverages, fish processing, shoes and garments, salt mining,
ship repair |
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Industrial production growth rate:
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NA |
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Electricity - production:
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43.08 million kWh
(2002) |
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Electricity - production by source:
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fossil fuel:
100%
hydro: 0%
nuclear: 0%
other: 0% (2001)
|
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Electricity - consumption:
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40.06 million kWh
(2002) |
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Electricity - exports:
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0 kWh (2002)
|
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Electricity - imports:
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0 kWh (2002)
|
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Oil - production:
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0 bbl/day (2001
est.) |
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Oil - consumption:
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2,000 bbl/day
(2001 est.) |
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Oil - exports:
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NA |
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Oil - imports:
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NA |
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Current account balance:
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$-93.76 million
(2004 est.)
|
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Exports:
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$61.11 million
f.o.b. (2004 est.)
|
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Exports - commodities:
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fuel, shoes,
garments, fish, hides
|
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Exports - partners:
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Portugal 62.5%,
US 15.8%, UK 11.3% (2004) |
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Imports:
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$387.3 million
f.o.b. (2004 est.)
|
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Imports - commodities:
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foodstuffs,
industrial products, transport equipment, fuels |
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Imports - partners:
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Portugal 43.2%,
US 12.5%, Netherlands 8.7% (2004) |
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Reserves of foreign exchange and gold:
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$112.7 million
(2004 est.) |
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Debt - external:
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$325 million
(2002) |
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Economic aid - recipient:
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$136 million
(1999) |
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Currency:
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Cape Verdean
escudo (CVE) |
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Currency code:
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CVE |
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Exchange rates:
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Cape Verdean
escudos (CVE) per US dollar - 88.808 (2004), 97.703 (2003),
117.168 (2002), 123.228 (2001), 119.687 (2000) |
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Fiscal year:
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calendar year
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