Mother Earth Travel > Country Index > Cape Verde > Map Economy History |
| Economy - overview: Cape Verde's low per capita GDP reflects a
poor natural resource base, including serious water shortages exacerbated
by cycles of long-term drought. The economy is service-oriented, with
commerce, transport, and public services accounting for almost 70% of GDP.
Although nearly 70% of the population lives in rural areas, the share of
agriculture in GDP in 1998 was only 13%, of which fishing accounts for
1.5%. About 90% 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 constitute a supplement to GDP of more than 20%. Economic
reforms, launched by the new democratic government in 1991, are aimed at
developing the private sector and attracting foreign investment to
diversify the economy. Prospects for 2001 depend heavily on the
maintenance of aid flows, remittances, and the momentum of the
government's development program.
GDP: purchasing power
parity - $670 million (2000 est.) SOURCE: The World Factbook |
Mother Earth Travel > Country Index > Cape Verde > Map Economy History