the width, and a bottom
stripe of blue equal to one quarter of the flag width; a circle of
10, yellow, five-pointed stars, each representing one of the
islands, is centered on the red stripe and positioned 3/8 of the
length of the flag from the hoist side

Economy
Cape Verde

Economy - overview:

This island economy suffers from a poor natural resource base,
including serious water shortages exacerbated by cycles of long-term
drought. The economy is service-oriented, with commerce, transport,
tourism, and public services accounting for about three-fourths of
GDP. Although nearly 70% of the population lives in rural areas, the
share of food production in GDP is low. About 82% 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
supplement GDP by more than 20%. Economic reforms are aimed at
developing the private sector and attracting foreign investment to
diversify the economy. Future prospects depend heavily on the
maintenance of aid flows, the encouragement of tourism, remittances,
and the momentum of the government's development program. Cape Verde
became a member of the WTO in July 2008.

GDP (purchasing power parity):

$1.603 billion (2007 est.)

GDP (official exchange rate):

$1.428 billion (2007 est.)

GDP - real growth rate:

6.9% (2007 est.)

GDP - per capita (PPP):

$3,200 (2007 est.)

GDP - composition by sector:

agriculture: 9.3%
industry: 16.7%
services: 74% (2007 est.)

Labor force:

120,600 (1990)

Unemployment rate:

21% (2000 est.)

Population below poverty line:

30% (2000)

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed):

37% of GDP (2007 est.)

Budget:

revenues: $436.1 million
expenditures: $449.7 million (2007 est.)

Fiscal year:

calendar year

Inflation rate (consumer prices):

4.4% (2007 est.)

Central bank discount rate:

8.5% (31 December 2007)

Commercial bank prime lending rate:

10.55% (31 December 2007)

Stock of money:

$574 million (31 December 2007)

Stock of quasi money:

$689 million (31 December 2007)

Stock of domestic credit:

$1.049 billion (31 December 2007)

Agriculture - products:

bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts