e imported. The fishing potential, mostly
lobster and tuna, is not fully exploited. In 1988 fishing represented only
3.5% of GDP. Cape Verde annually runs a high trade deficit, financed by
remittances from emigrants and foreign aid. Economic reforms launched by the
new democratic government in February 1991 are aimed at developing the
private sector and attracting foreign investment to diversify the economy.
GDP:
exchange rate conversion - $310 million, per capita $800; real growth rate
4% (1990 est.)
Inflation rate (consumer prices):
10% (1990 est.)
Unemployment rate:
25% (1988)
Budget:
revenues $98.3 million; expenditures $138.4 million, including capital
expenditures of $NA (1988 est.)
Exports:
$10.9 million (f.o.b., 1989 est.)
commodities:
fish, bananas, salt
partners:
Portugal 40%, Algeria 31%, Angola, Netherlands (1990 est.)
Imports:
$107.8 million (c.i.f., 1989)
commodities:
petroleum, foodstuffs, consumer goods, industrial products
partners:
Sweden 33%, Spain 11%, Germany 5%, Portugal 3%, France 3%, Netherlands, US
(1990 est.)
External debt:
$150 million (December 1990 est.)
Industrial production:
growth rate 18% (1988 est.); accounts for 7% of GDP
Electricity:
15,000 kW capacity; 15 million kWh produced, 40 kWh per capita (1991)
Industries:
fish processing, salt mining, clothing factories, ship repair, construction
materials, food and beverage production
Agriculture:
accounts for 16% of GDP; largely subsistence farming; bananas are the only
export crop; other crops - corn, beans, sweet potatoes, coffee; growth
potential of agricultural sector limited by poor soils and limited rainfall;
annual food imports required; fish catch provides for both domestic
consumption and small exports
Economic aid:
US commitments, including Ex-Im (FY75-89), $88 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $537 million; OPEC
bilateral aid (1979-89), $12 million; Communist countries (1970-89), $36
million
Currency:
Cape Verdean escudo (plural - escudos); 1 Cape Verdean escudo (CVEsc) = 100
centavos

:Cape Verde Economy

Exchange rates:
Cape Verdean escudos (CVEsc) per US$1 - 71.28 (March 1992), 71.41 (1991),
64.10 (November 1990), 74.86 (December 1989), 72.01 (1988), 72.5 (1987)
Fiscal year:
calendar year

:Cape Verde C