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.