counting for almost
70% of GDP. Although nearly 70% of the population lives in rural
areas, the share of agriculture in GDP in 1995 was only 8%, 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 1999 depend heavily on the maintenance of aid
flows, remittances, and the momentum of the government's development
program.

GDP: purchasing power parity--$581 million (1998 est.)

GDP--real growth rate: 7% (1998 est.)

GDP--per capita: purchasing power parity?$1,450 (1998 est.)

GDP--composition by sector:
agriculture: 8%
industry: 18%
services: 74% (1996 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 4.3% (1998)

Labor force: NA

Unemployment rate: NA %

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 (1996)

Electricity--production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996)

Electricity--consumption: 40 million kWh (1996)

Electricity--exports: 0 kWh (1996)

Electricity--imports: 0 kWh (1996)

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

Exports: $43 million (f.o.b., 1997 est.)

Exports--commodities: shoes, garments, fish, bananas, hides,

Exports--partners: Portugal, Germany, Spain, France, UK, Malaysia

Imports: $215 million (f.o.b., 1997 est.)

Imports--commodities: foodstuffs, consumer goods, industrial
products, transport equipment, fuels

Imports--partners: Portugal 25%, Netherlands, France, UK, Spain, US

Debt--external: $220 million (1998)

Economic aid--recipient: $111.3 million (1995)

Currency: 1 Cape Verdean escudo (CVEsc) = 100 centavos

Exchange rates: