Cape Verde
Country Economic Snapshot
2023-11-08
Located 500km off the west coast of Africa, Cabo Verde (Cape Verde) is an archipelago of 10 islands with a land mass of 4,033km² of which only 10% is classified as arable land, and the country possesses limited mineral resources. It has a population of 573,007 people who live on nine of the islands and a GDP of US$1.9bn.
Politics has been largely consensus-oriented, and since its independence from Portugal in 1975, it has not experienced a single coup. Elections are considered free and fair, and parties in power alternate regularly.
The most important sector of the economy is services, which accounts for 72% of GDP, of which public administration accounts for 18%, real estate and other services 13%, wholesale and retail trade 12%, transport 11% and hotels and restaurants 7%. Industry contributes 21% with construction accounting for 9% and manufacturing, mining and quarrying 8% and agriculture and fishing 7%. The contribution of the mining industry to Cape Verde’s economy is insignificant and minerals produced are clay, gravel, limestone, sand, and volcanic ash.
Real GDP grew by 7.0% in 2021 and 10.5% in 2022, supported by transport, the digital economy, construction, and tourism, and is projected to grow by 5.7% in 2023 and 6.2% in 2024.
Sources: Who Owns Whom sector reports, CIA Factbook, African Development Bank, World Bank, Trading Economics, African Statistical Yearbook and IMF.
Info
| Capital | Praia |
|---|---|
| Currency (Name, Abbreviation, Symbol) | Cape Verdean escudo , CVE , Esc |
| Area | 4,033 sq km |
| Type of Government | presidential republic |
| Languages | Portuguese (official), Crioulo (a blend of Portuguese and West African words) |
| Natural Resources | salt, basalt rock, limestone, kaolin, fish, clay, gypsum |
| Type of Industry | food and beverages, fish processing, shoes and garments, salt mining, ship repair |
| Stock Exchange | Bolsa de Valores de Cabo Verde |
| Stock Exchange Location | Mindelo |
| Stock Exchange Founded | 2005 |
| Tax Rate: Corporate | |
| Tax Rate: Individual | |
| Natural Resources | salt, basalt rock, limestone, kaolin, fish, clay, gypsum |
Latest available information as sourced from:
African Markets
Trading Economics
Economy Watch
The World Fact Book
KPMG Tax Tables
Company Profile
There is no data available at the moment
Sector Research
There is no data available at the moment
Sector Research
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