agriculture (7.9%), industry (17.9%), services (74.2%) (As of 2017[update])
Inflation (CPI)
1.275% (2018)[1]
Population below poverty line
15% (As of 2010[update])
Labour force
243,120 (2010)
Labour force by occupation
food and beverages, fish processing, shoes and garments, salt mining, ship repair
External
Exports
$1 billion (2019 est.)
Export goods
processed and frozen fish, mollusks, clothing, scrap iron (2019)
Main export partners
Spain 65%
Portugal 14%
Italy 8%
(2016)[3]
Imports
$1.29 billion (2019 est.)
Import goods
refined petroleum, delivery trucks, coal tar oil, cars, rice (2019)
Main import partners
Portugal 39%
Netherlands 16%
Spain 11%
China 6%
(2016)[4]
Gross external debt
$284 million (As of 2010[update])
Public finances
Government debt
N/A (As of 2008[update])
Revenues
$480 million (2009 est.)
Expenses
$595.9 million (2009 est.)
Economic aid
$136 million (recipient) (As of 2009[update])
Credit rating
Standard & Poor's:[5]
B+ (Domestic)
B+ (Foreign)
BB (T&C Assessment)
Main data source:CIA World Fact Book All values, unless otherwise stated, are in US dollars.
The economy of Cape Verde is a service-oriented economy that is focused on commerce, trade, transport and public services.[6] Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Agriculture is made difficult by lack of rain and is restricted to only four islands for most of the year. Cape Verde's economy has been steadily growing since the late 1990s, and it is now officially considered a country of average development, being only the second African country to have achieved such transition, after Botswana in 1994. Cape Verde has significant cooperation with Portugal at every level of the economy, which has led it to link its currency (the Cape Verdean escudo) first to the Portuguese escudo and, in 1999, to the euro.
^ abcde"World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 6 December 2019.
^"Global Economic Prospects, June 2019: Heightened Tensions, Subdued Investment. p. 127" (PDF). openknowledge.worldbank.org. World Bank. Retrieved 6 December 2019.
^"Export Partners of Cape Verde". CIA World Factbook. 2017. Retrieved 2019-10-09.
^"Import Partners of Cape Verde". CIA World Factbook. 2016. Archived from the original on June 13, 2007. Retrieved 2018-02-11.
^"Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^"Cape Verde". Retrieved 28 October 2019.
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