The economic architecture of Cape Verde is substantial, anchored by a Gross Domestic Product (GDP) of approximately $2.53B
2023
. This places it as the 167th largest economy out of 192 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $4.85K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $5.38B, offering a clearer picture of the population's domestic purchasing power. The economy is experiencing a period of vigorous expansion, with a high growth rate of 5.5%
2023
, accompanied by a stable price environment, with inflation (CPI) contained at 1.0%.
2024
On the global stage, Cape Verde's trade and financial dynamics reveal a complex interplay of international and domestic factors. The nation's economic activity is heavily reliant on foreign goods, running a considerable trade deficit with imports at 56.4% of GDP and exports at 38.4%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 6.26% of the economy
2023
. This performance positions the country 29th globally out of 187 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $316.38M annually
2023
. Fiscal capacity is adequate, with tax collections representing 18.4% of GDP, supporting core state functions.
2020
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $4,780
2023
, ranking the nation 115th out of 191. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The country confronts significant labor market challenges, evidenced by a high unemployment rate of 11.9%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 68.4% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 35.2% of the population living below the national poverty line
2015
. The nation exhibits a moderate degree of income inequality, with a Gini index of 42.4.
2015
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 207.582 kg of oil equivalent
2007
, a metric that often correlates with industrial activity and living standards. A significant commitment to sustainability is evident, with renewable energy accounting for 21.8% of consumption
2022
. This commitment places it 92nd among 191 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 1.23K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

The transition to a sustainable energy framework is paramount for mitigating climate risk and securing future energy needs.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.