been adopted; previous flag
consisted of two equal horizontal bands of yellow (top) and green with a
vertical red band on the hoist side; in the upper portion of the red band is
a black five-pointed star framed by two corn stalks and a yellow clam shell;
uses the popular pan-African colors of Ethiopia; similar to the flag of
Guinea-Bissau, which is longer and has an unadorned black star centered in
the red band

*Cape Verde, Economy

Overview:
Cape Verde's low per capita GDP reflects a poor natural resource base, a
serious, long-term drought, and a high birthrate. The economy is service
oriented, with commerce, transport, and public services accounting for 60%
of GDP. Although nearly 70% of the population lives in rural areas,
agriculture's share of GDP is only 16%; the fishing sector accounts for 4%.
About 90% of food must be 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.
National product:
GDP - exchange rate conversion - $310 million (1990 est.)
National product real growth rate:
4% (1990 est.)
National product per capita:
$800 (1990 est.)
Inflation rate (consumer prices):
8.7% (1991 est.)
Unemployment rate:
25% (1988)
Budget:
revenues $104 million; expenditures $133 million, including capital
expenditures of $72 million (1991 est.)
Exports:
$5.7 million (f.o.b., 1990 est.)
commodities:
fish, bananas, hides and skins
partners: Portugal 40%, Algeria 31%, Angola, Netherlands (1990 est.)
Imports:
$120 million (c.i.f., 1990 est.)
commodities:
foodstuffs, consumer goods, industrial products, transport equipment
partners:
Sweden 33%, Spain 11%, Germany 5%, Portugal 3%, France 3%, Netherlands, US
(1990 est.)
External debt:
$156 million (1991)
Industrial production:
growth rate 18% (1988 est.); accounts for 4% 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 20% of GDP (including fi