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Sub Saharan Africa

Cape Verde

 Flag of Cape Verde

Map of Cape Verde Last reviewed: 25 February 2009

Country information

ECONOMY

Basic Economic Facts:

GDP: US$1.8bn (2008)
Annual Growth: 7% (2008 est)
Inflation: 5.4% (2008)
Main economic sectors: agricultural production, including bananas, sweet potatoes, sugarcane, coffee, peanuts and fish. Secondary industries include fuel and textiles and the services sector includes tourism, shipping and transport.
Major Trading Partners: Portugal is by far the largest trading partner. Other trading partners include other EU countries and the US.
Exchange rate: The Cape Verde Escudo (CVE) is pegged to the Euro at CVE 110.27=1 Euro

Despite its poverty of resources, Cape Verde has enjoyed steady if low level development, mainly centred on services (including a developing shipping sector) and tourism. On the UNDP Human Development Index. It was ranked 105 out of 177 countries. More Cape Verdeans live outside the islands than in the country. The country therefore benefits from remittances from expatriate workers, which total an estimated 10% of the national economy. The majority of the active population is engaged in agriculture, but Cape Verde is arid and prone to droughts. As a result it suffers periodic food shortages, and has to receive food aid.

Cape Verde has an efficient and generally uncorrupt bureaucracy. The economy has been generally well managed. Relations with aid donors are good. The main aid donors are the EU and the World Bank. Aid funds are concentrated on poverty alleviation, and infrastructure, especially water provision. The government is currently pursuing a privatisation programme.

International Monetary Fund (IMF)
World Bank

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Contacts

Cape Verde

Address:

Embassy of the Republic of Cape Verde
Avenue Jeane 29 1050 Brussels


Telephone:

 (00) 32 2 643 62 70


Fax:

(00) 32 2 646 33 85

Office hours: