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Flag description: three horizontal bands of light blue (top, double
width), white (with a horizontal red stripe in the middle third),
and light blue; a circle of 10 yellow five-pointed stars is centered
on the hoist end of the red stripe and extends into the upper and
lower blue bands

Cape Verde Economy

Economy - overview: Cape Verde's low per capita GDP reflects a poor
natural resource base, including serious water shortages exacerbated
by cycles of long-term drought. The economy is service-oriented,
with commerce, transport, and public services accounting for almost
70% of GDP. Although nearly 70% of the population lives in rural
areas, the share of agriculture in GDP in 1998 was only 13%, of
which fishing accounts for 1.5%. About 90% of food must be imported.
The fishing potential, mostly lobster and tuna, is not fully
exploited. Cape Verde annually runs a high trade deficit, financed
by foreign aid and remittances from emigrants; remittances
constitute a supplement to GDP of more than 20%. Economic reforms,
launched by the new democratic government in 1991, are aimed at
developing the private sector and attracting foreign investment to
diversify the economy. Prospects for 2001 depend heavily on the
maintenance of aid flows, remittances, and the momentum of the
government's development program.

GDP: purchasing power parity - $670 million (2000 est.)

GDP - real growth rate: 6% (2000 est.)

GDP - per capita: purchasing power parity - $1,700 (2000 est.)

GDP - composition by sector: agriculture: 13%

industry: 19%

services: 68% (1998)

Population below poverty line: NA%

Household income or consumption by percentage share: lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices): 4% (2000)

Labor force: NA

Unemployment rate: 24% (1999 est.)

Budget: revenues: $188 million

expenditures: $228 million, including capital expenditures of $116
million (1996)

Industries: food and beverages, fish processing, shoes and garments,
salt mining, ship repair

Industrial production growth rate: NA%

Electricity - production: 40 million kWh (1999)

Electricity - production by source: fossil fuel: 100%

hydro: 0%

nuclear: 0%

other: 0% (1999)

Electricity - consumption: 37.2 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: bananas, corn, beans, sweet potatoes,
sugarcane, coffee, peanuts;