Cabo Verde: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Lower Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Cabo Verde's economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2019): Portugal, Spain, and Netherlands |
| Top Industries Source: CIA World Factbook | Food and Beverages; Fish Processing; Shoes and Garments; Salt Mining |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $3,545,549,838 (2020) |
| GDP Growth Rate (annual %) | -14.783% (2020) |
| GDP Per Capita, PPP (current international) | $6,377 (2020) |
GDP Country Rank 174/197 (2020)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 0.606% (2020) |
| External debt stocks, total (DOD, current US$) | $1,821,219,111 (2019) |
| Total tax rate (% of commercial profits) | 37.5% (2019) |
| Real Interest Rate (5 year average %) | 9.135% (2020) |
| Manufacturing, value added (% of GDP) | 7.347% (2020) |
| Current Account Balance (BoP, current US$) | ($283,996,436) (2020) |
Labor and Employment [1]
| Labor Force, Total | 228,079 (2020) |
| Employment in Agriculture (% of total employment) | 11.123% (2020) |
| Employment in Industry (% of total employment) | 22.095% (2020) |
| Employment in Services (% of total employment) | 66.782% (2020) |
| Unemployment Rate | 13.41% (2020) |
Trade [1]
| Imports of goods and services (current US$) | $1,019,523,180 (2020) |
| Exports of goods and services (current US$) | $423,385,852 (2020) |
| Total Merchandise Trade (% of GDP) | 46.135% (2020) |
| FDI, net inflows (BoP, current US$) | $107,810,524 (2019) |
| Commercial Service Exports (current US$) | $264,271,817 (2020) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Cabo Verde’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.