Cape Verde/Economy

Economy of Cape Verde

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon

GDP (USD)

$2.5B(2023)

GDP PPP (USD)

$5.4B(2023)

GDP per Capita (USD)

$4,851(2023)

GDP Growth (inflation-adjusted)

5.5%(2023)

Inflation (CPI Annual %)

1%(2024)

Trade & Finance

Coming Soon

Exports (as share of GDP)

38.4%(2023)

Imports (as share of GDP)

56.4%(2023)

FDI Inflows (as share of GDP)

6.3%(2023)

Remittance Inflow (USD)

$316.4M(2023)

Tax Revenue (as share of GDP)

18.4%(2020)

Labor & Income

Coming Soon

Unemployment Rate

11.9%(2024)

Employment in Services

68.4%(2023)

Poverty Rate

35.2%(2015)

GINI Index

42.4(2015)

GNI per Capita (USD)

$4,780(2023)

Energy & Environment

Coming Soon

Energy Use per Capita

208 kg oil eq.(2007)

Renewable Energy Consumption (%)

21.8%(2022)

Economic Snapshot Overview

A summary of key economic indicators for Cape Verde

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 166th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $4.85K
2023
, while its GDP in Purchasing Power Parity (PPP) terms is estimated at $5.38B, reflecting the population's domestic purchasing power. The economy is experiencing robust expansion, with a high growth rate of 5.5%
2023
, accompanied by stable price levels, with inflation (CPI) at 1.0%
2024
.
On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 38.4% of GDP and imports at 56.4%
2023
. Foreign Direct Investment (FDI) inflows are significant, constituting 6.26% of the economy
2023
. This performance positions the country 28th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $316.38M annually
2023
, highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 18.4% of GDP
2020
.
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $4,780
2023
. Globally, this ranks the nation 114th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 11.9%
2024
. The services sector is a primary driver of the labor market, accounting for 68.4% of total employment
2023
. Poverty remains a key issue, with 35.2% of the population living below the national poverty line
2015
. There is a moderate level of income inequality, with a Gini index of 42.4
2015
.
On the environment and energy front, energy consumption per capita is 207.582 kg of oil equivalent
2007
. There is a growing focus on sustainability, with renewable energy accounting for 21.8% of consumption
2022
. Its commitment to clean energy places it 92nd among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

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.