1-13-55
Flag:
three horozontal bands of light blue (top, double width), white (with
a horozontal 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

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 20%; 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 - $415 million (1991 est.)
National product real growth rate:
3.3% (1991 est.)
National product per capita:
$1,070 (1991)
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:
$6 million (f.o.b., 1990)
commodities:
fish, bananas, hides and skins
partners:
Portugal 40%, Algeria 31%, Angola, Netherlands (1990 est.)
Imports:
$145 million (c.i.f., 1990)
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 7% of GDP
Electricity:
capacity:
15,000 kW
production:
15 million kWh
consumption per capita:
40 kWh (1991)
Industries:
fish processing, salt mining, clothing factories, ship repair,
construction materials, food and beverage production
Agriculture:
accounts for 20% of GDP (including fishing); largely subsistence
farming; bananas are the only export crop; other crops - corn, beans,
sweet potatoes, c