The large tourism sector depends on economic conditions in the eurozone countries. © 2020 by The Heritage Foundation. 1981-2020 Data | 2021-2023 Forecast | Calendar. Unemployment for Cape Verde from International Monetary Fund (IMF) for the International Financial Statistics (IFS) release. Download historical data for 20 million indicators using your browser. ($24.2M). Cabo Verde places its most abundant natural resource – the ocean that surrounds it – at the heart of its economic, environmental and social development policies. Tourism in Cape Verde, a group of islands off the coast of Senegal, West Africa, started in the 1970s on the island of Sal and increased slowly in the 1980s and 1990s. 20. Cabo Verde Economic Outlook The economic growth momentum in Cabo Verde remains strong with real GDP growth estimated at 5% in 2019, thanks to robust activity in industry, fisheries, commerce, and tourism. Tourism in Cape Verde is becoming of more importance for the national economy. China invests heavily in Cabo Verde as part of its “One Belt, One Road” initiative. Cape Verde: Business and Economy: Economic Development This category includes sites covering information, resources, organizations and services related to the Cape Verdean economy and its growth. Economic indicators provided by The World Bank. Cabo Verde’s economy depends on development aid, foreign investment, remittances, and tourism. . Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. Cape Verde economy. Cabo Verde’s economic freedom continues to rebound, although it has not yet regained its most recent highs. Compared to other African nations, Cabo Verde has relatively high levels of transparency and relatively low levels of corruption. The top personal income tax rate is 35 percent, and the top corporate tax rate is 24 percent. In Cape Verde, most of the transportation between islands is done by plane. The economy of Cape Verde is service-oriented, with commerce, transport, and public services accounting for more than 70% of GDP. The economy of Cape Verde advanced by 5.7% year-on-year in the fourth quarter of 2019, below an upwardly revised 6.9% growth in the previous period, hampered by manufacturing (-4.6% vs 9.9% in Q3) and fishing (-14.6% vs -34.3%). The average applied tariff rate is 10.9 percent, and four nontariff measures are in force. Global Economic Prospects. The Trading Economics Application Programming Interface (API) provides direct access to our data. Cape Verde’s political, social and economic development consists broadly of three phases, the period from independence in 1975 to 1990 when the nation’s foundations were laid, a second from 1991 to 2000, and the current decade. Meanwhile, activity fell less in manufacturing (-16.6% vs -33%); internal trade (-25.5% vs -39.3%); transportation (-40.8% vs -70.5%); post & telecommunications (-4.9% vs -5.7%) and real estate activities (-14.1% vs -27.6%). So the total of all goods and services sold. The fiscal deficit fell slightly in 2019 following the privatization of several loss-making state-owned companies. Agriculture is made difficult by lack of rain and is … In that time, the Group has established itself in Cape Verde as a developer of luxury 5–star Resorts, with hospitality and high quality environments at its heart, but it has also had an impact on the archipelago’s economy. Fisheries and fish processing are receiving more attention as a strategic … Industry constitutes 21 percent with construction (9 percent) and manufacturing, mining and quarrying (8 percent). Sites 7 … By GDP 5-years average growth and GDP per capita, Tunisia and Cape Verde ranked 138th vs 94th and 127th vs 125th, respectively. It is primarily agricultural, although its lack of water is a drawback and some 90% of food has to be imported. The economy relies on services, which account for about 75 percent of GDP. . The Cape Verdean Prime Minister, Ulisses Correia e Silva, today highlighted the impacts of the largest private tourist investment ever in the country, of 500 million euros and which will create more than 4,000 jobs on the island of Maio (Ilha do Maio, Cabo Verde).… Agriculture and fishing create 7 percent of the wealth. Stat Cape Verde Tunisia; GDP: $2B: $39.9B: GDP … . The tourism sector, which accounts for about 25% of Cape Verde's GDP, remained severely impacted by the COVID-19 (-96.1%, the same pace as in Q2), as the archipelago closed its international flights from March 19 to October 12, to contain coronavirus cases. Unfortunately, however, Cape Verde has suffered greatly in the face of the coronavirus pandemic, namely due to the economy’s dependence on (1) tourism and (2) remittances from Cape … The economy of Cape Verde is a service-oriented economy that is focused on commerce, trade, transport and public services. This page provides forecast and historical data, charts, statistics, news and updates for Cape Verde The biggest contributor to its GDP is the service sector of which tourism is the biggest growth sector. COVID-19 has worsened unemployment in Cape Verde. In 2019, the GDP expanded 5.7% compared to 4.5% a year ago. The GDP value of Cape Verde represents less than 0.01 percent of the world economy. The economy of Cape Verde advanced by 5.8% year-on-year in the first quarter of 2020, following an upwardly revised 5.9% growth in the previous period. Stat Cape Verde Rank; GDP: $2B: 174: GDP growth, 1 year: 4.7%: 50: GDP growth, 5-years average: 3%: 94: Population: 546k: 167: GDP … Cabo Verde from The World Bank: Data Explore raw data about the World Bank's finances - slice and dice datasets; visualize data; share it with other site users or through social … Introduction The latest economic analysis for the region predicts predicts economic activity will decline by 3.3 percent in 2020, confirming the region’s first recession in 25 years. Cape Verde Coronavirus Cases at 14741.00 Persons, Cape Verde Coronavirus Deaths at 139.00 Persons, Cape Verde Coronavirus Recovered at 14240.00 Persons, Cape Verde Banks Balance Sheet at 240570.67 CVE Million, Cape Verde Capital Flows at -4183.40 CVE Millions, Cape Verde Competitiveness Index at 50.83 Points, Cape Verde Competitiveness Rank at 112.00, Cape Verde Consumer Credit at 50936.60 CVE Million, Cape Verde Consumer Price Index (CPI) at 101.42 points, WTI Crude Holds Onto Gains amid Deep Freeze in US, Eurozone Employment Rises More than Expected, Eurozone Q4 GDP Falls Less than Initially Thought, French Shares Trade Almost Flat on Tuesday. Unemployment Rate for Cape Verde from The World Bank for the World Development Indicators (WDI) release. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. In addition, smaller increases were recorded in transportation (5.9% vs 26.6%); internal trade (3.4% vs 3.7%); electricity & water (2.3% vs 3.9%); real estate activities (1.9% vs 3.2%) and business services (0.4% vs 2.5%). The gross national product has been at 3.630 US Dollar per capita. Meanwhile, the negative effects of the global pandemic were primarily reflected in business services (-10.1% vs -0.8%) and accommodation & food services (-8.5% vs 10.4%) as international flights to the island were suspended from March 19th and will only be resumed in August. Trade Freedom 68.2 Create a Graph using this measurement, Investment Freedom 80.0 Create a Graph using this measurement, Financial Freedom 60.0 Create a Graph using this measurement. Cape Verde raises about 9 percent of the GDP from income and corporation taxes, 13 percent from import duties , and 7 percent from indirect taxes . 29 September 2020 by Admin (MCV) With continuous work in Cape Verde since 2001 and a solid partnership of several years with the municipalities of Maio and Loures, IMVF has kept a close eye on the evolution and development of … The economy is largely subsistence agriculture however efforts are severely hampered by the lack of water, whilst approximately 80% of the population are employed in agriculture it only accounts for around 12% of GDP. Read more about Cabo Verde Economy. Direct access to our calendar releases and historical data. The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Key facts, figures and dates. About Rwanda; Administrative Divisions of Rwanda; The Economy of Rwanda; The Geography of Rwanda; History of Rwanda ; Transport in Rwanda; The People, Population and Demography of … Exports of goods and services account for 47 percent of GDP while imports account for 67 percent, subtracting 20 percent of total GDP. On the expenditure side, main positive contributions came from fixed investment (43.2% vs -7%) and houshold consumption (4.1% vs 8%). GDP per capita year to date (annual $8,498) Connecting . Cape Verde raises about 9 percent of the GDP from income and corporation taxes, 13 percent from import duties , and 7 percent from indirect taxes . Cabo Verde’s economy will continue to expand at a rapid pace in 2020, supported by a strong performance from tourism (around 25% of GDP). The overall tax burden equals 20.7 percent of total domestic income. This page provides forecast and historical data, charts, statistics, news and updates for Cape Verde Unemployment. This site uses cookies to optimize functionality and … See how Cabo Verde compares to another country using any of the measures in the Index. Cape Verde vs Tunisia: Economic Indicators Comparison. Live statistics for Economy of Cape Verde. All Rights Reserved. Access Cape Verde’s economy facts, statistics, project information, development research from experts and latest news. The government is implementing reforms to increase the reliability and protection of land information. The whole … Overview. Cape Verde GDP (Gross Domestic Product) was INT$3.36billion for 2019 in PPP terms. On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by capital formation (36 percent) and government expenditure (17 percent). Cabo Verde is ranked 5th among 47 countries in the Sub-Saharan Africa region, and its overall score is well above the regional average and slightly above the world average. It was the worst economic contraction on record, reflecting the full impact of the Covid-19 pandemic and related containment measures which caused widespread disruptions across economic activities. The economy of Cape Verde is a service-oriented economy that is focused on commerce, trade, transport and public services. Cape Verde Population Growth. On a more positive note, output rebounded in construction (13.2% vs -32.3%); finance & insurance (0.3% vs -3.2%); mining (11.3% vs -33.9%) and fisheries (19.4% vs -12.1%). Cape Verde has recently been upgraded to a middle-income country status. Cape Verde shares the highest life expectancy in Africa with two other nations at 71 for men and 79 for women. Cabo Verde’s economic growth has translated into substantial poverty reduction (from 58% in 2001 to 35% in 2015) and declining income inequality (from a Gini coefficient of 0.53 in 2001 to 0.42 in 2015). In general, government policies do not interfere significantly with foreign investment. Property rights are generally respected, although enforcement is hampered by legal and bureaucratic inefficiency. The service-oriented economy suffers from high unemployment, limited resources, and limited education and vocational training of the labor force. All hands on deck. Worldwide gross domestic product in 2019 was at about 11.160 US Dollar per capita. The relatively strong growth of GDP in Cabo Verde over the past five years has been driven by rising private consumer spending and the robust growth of exports. Cape Verde is a member of the Organization for African Unity (OAU), the Economic Community of West African States (ECOWAS), and the Lomé Convention. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. More information. Unemployment for Cape Verde from International Monetary Fund (IMF) for the International Financial Statistics (IFS) release. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Even so, Cape Verde’s economy does fairly well with the few resources it has. It is primarily agricultural, although its lack of water is a drawback and some 90% of food has to be imported. The economy of Cape Verde shrank 18.2% year-on-year in the third quarter of 2020, following a record 31.7% plunge in the previous period. The country is blessed with one of Africa’s most stable democratic governments. Reforms of money-losing state-owned enterprises are underway. This week in Mindelo, Cabo Verde is being dedicated to sharing experiences and sparking discussion about how to promote Blue Growth policies and investment strategies across Africa. Other significant declines were seen in transportation & storage (-70.5% vs 9.2%); internal trade (-39.3% vs 1.7%); mining & quarrying (-33.9% vs 15%); manufacturing (-33% vs 12.5%) and business services (-32.4% vs -10.1%). Tourism and emigrants’ remittances are also important. Contact us; Cape Verde Economy. By GDP 5-years average growth and GDP per capita, Georgia and Cape Verde ranked 54th vs 94th Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Some islands are too close to each other to use air transport. Although it is classified as a ‘poor’ country it offers the highest standard of living for West Africa. The Economy of Burundi The History of Burundi Administrative Divisions of Burundi The People, Populations and Demography of Burundi Transport in Burundi Touring and Travel to Burundi The Politics of Burundi Eritrea Regional Africa Cape Verde Society and Culture Aid and Developmen­t . The economy of Cape Verde shrank 18.2% year-on-year in the third quarter of 2020, following a record 31.7% plunge in the previous period. Sonia Tavares and Nadia da Cruz suffered from the economic impact of pandemic. The country’s economic and geopolitical realities have been made clear this year, with the COVID-19 pandemic and related economic fallout. Regional Africa Business and Economy Economic Developmen­t . It’s essential to have the means to transport people and goods. For Cape Verde, which still … The economic growth momentum in Cabo Verde remains strong with real GDP growth estimated at 5% in 2019, thanks to robust activity in industry, fisheries, commerce, and tourism. Its overall score has increased by 0.5 point due primarily to an increase in its fiscal health score. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. Global Economic Prospects examines trends for the world economy and how they affect developing countries. Human development data from the United Nations Office of Drugs and Crime. President Jorge Carlos Fonseca of the Movement for Democracy was elected to a second five-year term in 2016. The sector is the main economic driver and is booming, as illustrated by the steady rise in tourist numbers and growing private investment, the latter fostered by an accommodative monetary policy. Poor in natural resources, prone to drought and with little arable land, the Cape Verde islands have won a reputation for achieving political and economic stability. Cape Verde Gdp and National debt 06-01-2021 16:26:58. 40% of the population lives in rural areas, the share of food production in GDP is low. Also, output growth slowed markedly in agriculture (2.4% vs 10.9%), amid the effects of a prolonged drought. Cape Verde has 10,000 kilometers of roadways of which 5,000 kilometrs are paved with cobblestones, 360 kilometers are asphalted. Development Voices | Testimonials from Ilha do Maio, Cape Verde. Cabo Verde’s economy depends on development aid, foreign investment, remittances, and tourism. Georgia with a GDP of $17.6B ranked the 119th largest economy in the world, while Cape Verde ranked 174th with $2B. Cape Verde's expatriate population is greater than its domestic one, and remittances from emigrants living in the United States, Portugal, and Africa constitute an important supplement to the islands' economy. . The economy of Cape Verde is a service-oriented economy that is focused on commerce, trade, transport and public services. Cape Verde economy rankings: GDP - 174, GDP growth 5-year average - 94, GPD per capita - 125, economic freedom index - 80, business freedom index - … cape verde | culture | economy | maio | maio cabo verde | maio cape verde. nation that lacks resources and has experienced severe droughts. Live estimate for national public debt today and since the beginning of the year. Gross Domestic Product & Income . Tourism is the mainstay of the economy and depends on conditions in the euro-zone countries. Cape Verde economy Although it is classified as a ‘poor’ country it offers the highest standard of living for West Africa. Public debt is equivalent to 127.7 percent of GDP. Cape Verde is an island country with an area of 4,033 sq. The Economy of Kenya; The Geography of Kenya; The History of Kenya; The People, Population and Demography of Kenya; The Politics of Kenya; Transport in Kenya; Traveling and Touring Kenya; Rwanda. Cape Verde is listed as a middle-income nation and a model for other African countries. Colonized by the Portuguese in the 15th century, Cabo Verde has few natural resources but has managed to become a trading center and is now a stable, multiparty parliamentary democracy. private sector and integration of Cape Verde in the world economy. It is comprised of 9 inhabited islands, one uninhabited island, and various islets. Agriculture is made difficult by lack of rain and is restricted to only four islands for most of the year. With tourism on the rise and a stable economy, investors saw the chance to get in on the ground floor and Cape Verde proved a wise choice – occupancy is at an encouraging average of 76% since launch and consistently high Cabo Verde’s economic freedom score is 63.6, making its economy the 76th freest in the 2020 Index. Cape Verde's economy is very much service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. The average value for Cape Verde during that period was 6.48 percent with a minimum of -1.27 percent in 2009 and a maximum of 19.18 percent in 1994. 25. But now — because of the coronavirus spread — tourists are staying away, hurting the local economy. Foreign aid finances the country’s traditionally high trade deficit. GDP(PPP) year to date: Connecting . Cape Verde World Economy Ranking: 61 stats. This week in Mindelo, Cabo Verde is being dedicated to sharing experiences and sparking discussion about how to promote Blue Growth policies and investment strategies across Africa. Cape Verde or Cabo Verde, officially the Republic of Cabo Verde, is an island country in the central Atlantic Ocean. . Conversely, growth picked up in construction (17% vs 14.8%); food & accommodation services (10.5% vs 8.7%); finance & insurance (11.8% vs 3.6%); public administration (9.6% vs 7.6%) and mining (13.1% vs 11%). ... About people, economy, government, military, food. Related categories 2. Tax Burden 77.7 Create a Graph using this measurement, Government Spending 71.7 Create a Graph using this measurement, Fiscal Health 66.2 Create a Graph using this measurement. The Gross Domestic Product (GDP) in Cape Verde was worth 1.98 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. The hotel industry contributed 2.0% to GDP in 1997, which increased to 6.8% in 2001. The share of nonbank financial institutions is negligible except for the state-owned pension fund. Various data can be downloaded and output in csv format for use in EXCEL free of charge. The all-important tourism sector was the most affected (-96.1% vs -8.5% in Q1), due to travel restrictions as the archipelago has been closed to international flights since March 19th. During the last five reported years the exports of Cape Verde have changed by … The financial system is dominated by banking. Cabo Verde Jump to. A Conference Dialogue on Blue Growth and Economy: Sharing perspectives and experiences for Africa is taking place 3-5 May 2017. Being a Freedom indexes by The Heritage and Cato Institute. Majority of Cape Verdeans have both African and Portuguese antecedents. The top services exported by Cape Verde in 2017 were Personal travel ($417M), Air transport ($88M), Miscellaneous business, professional, and technical services ($52.9M), Telecommunications services ($24.5M), and Government services, n.i.e. See more from the 2020 Index. Cabo Verde’s economy depends on development aid, foreign investment, remittances, and tourism. In this blog, UN Resident Coordinator Ana Patricia Graça, explains how the UN is supporting the small island country to rebound from the impact of the virus. Cape Verde's economy has been steadily growing since the late 1990s, and it is now officially considered a country of average development, being only the second country to have achieved such transition, after Botswana in 1994. Economy. Between 2011 and 2012 alone, tourism in the country grew 28%, which was more than the world's average of 4%. Cape Verde culture. Death Rate for Cape Verde from The World Bank for the World Development Indicators (WDI) release. This page provides forecast and historical data, charts, statistics, news and updates for Cape Verde … Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. 22. In contrast, public administration continued to rise (5.8% vs 5.9%). Private investment – especially external private investment – played a key role in the process by replacing public investment, which dominated until then. Cape Verde has 10,000 kilometers of roadways of which 5,000 kilometrs are paved with cobblestones, 360 kilometers are asphalted. The most important sector of Cape Verde’s economy is services and accounts for 72 percent of total GDP, of which public administration (18 percent); real estate and other services (13 percent); wholesale and retail trade (12 percent); transport (11 percent) and hotels and restaurants (7 percent). The nation’s economic success is largely due to proper management of its natural resources. The latest value from 2019 is 5.67 percent. Business Freedom 58.5 Create a Graph using this measurement, Labor Freedom 55.6 Create a Graph using this measurement, Monetary Freedom 83.1 Create a Graph using this measurement. Tailwinds and headwinds. The physical map illustrates the physical characteristics of the country of Cape Verde. Cape Verde is classed as a poor country however, the quality of life ranks highest in the United Nations index of West Africa. A resort in Sal. Although the government no longer plays a dominant role in the economic functioning of Cape Verde, it performs—and will have to continue performing—a key role, especially as regulator and as promoter of the country’s development strategy. 1. The judicial system is widely seen as transparent and independent, but long delays are typical. Cape Verde's growth over the last few years has been fueled by tourism and a stable economy. Cape Verde is expected to continue its steady … After independence, the government played a central role in Cabo Verde’s economy and created several state-owned businesses, which ultimately was a limiting factor in the country’s economic growth. In 2017, Cape Verde exported $639M worth of services. Public investment’s impact on growth underperformed its potential due to inefficiencies in the large parastatal sector, which resulted in high public debt. The total value of exports and imports of goods and services equals 116.6 percent of GDP. But now — because of the coronavirus spread — tourists are staying away, hurting the local economy. Also, activity rebounded in post & telecommunications (5% vs -0.7%) and agriculture (2.8% vs -5.7%). Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. There are regular flights to and from the major islands (Santiago, Sal and São Vicente), with less frequent flights to the other islands. With the pandemic crisis striking a hard blow to the country’s economy, the UN Country Team in Cape Verde rapidly shifted to emergency development mode, advising the government and reprogramming more than half of its annual joint work plan of $17 million and mobilizing an additional $6 million for immediate response, to save lives and sustain the economy. Cape Verde's economy has been steadily growing since the late 1990s, and it is now officially considered a country of average development, being only the second country to have achieved such transition, after Botswana in 1994. Other taxes include a value-added tax. The economy of Cape Verde plunged 31.7% year-on-year in the second quarter of 2020, following an upwardly revised 5.9% expansion in the previous period. The expansion was mainly boosted by construction (18.5% vs 17.5% in Q4); manufacturing (12.5% vs -4.1%); transportation services (8.5% vs 5.4%); finance & insurance (9.7% vs 13%); mining (15% vs 13.1%) and agriculture (10.9% vs 2%). source: World Bank 10Y 25Y Also, output plunged in agriculture (-18.6% vs 2.4%). Government spending has amounted to 30.7 percent of the country’s output (GDP) over the past three years, and budget deficits have averaged 2.9 percent of GDP. The economy remains moderately free, and the country, while an economic freedom leader in sub-Saharan Africa, needs further reforms to bolster property rights, judicial effectiveness, and government integrity. The GDP in Cape Verde reached 3.604 US Dollar per capita. This page provides forecast and historical data, charts, statistics, news and updates for Cape Verde Unemployment Rate. There is no mass tourism and due to the great diversity between the islands there is something for every traveler. The government wants to generate all energy through renewables by 2020. Cape Verde: Economic growth: the rate of change of real GDP: For that indicator, we provide data for Cape Verde from 1981 to 2019. Current GDP (estimated data for 2021) and national debt. Connecting . The cousins created a profitable business from a hobby. Cape Verde's "Gross savings (current)" is US$694,415,637 which is the 107th highest in the world ranking. Tunisia with a GDP of $39.9B ranked the 97th largest economy in the world, while Cape Verde ranked 174th with $2B. For many years, the Cape Verde Islands profited from investments in tourism. km in the central Atlantic Ocean. Progress made towards sustainable development by the Atlantic Ocean nation, Cape Verde, is under serious threat due to the COVID-19 pandemic according to the United Nations’ most senior official in the country. 21. Also, internal trade grew much less (1.6% vs 3.4%). Ports and harbors: Mindelo on São Vicente is the main port for cruise liners and the terminus for the ferry service to Santo Antão. Cape Verde is a member of the Organization for African Unity (OAU), the Economic Community of West African States (ECOWAS), and the Lomé Convention. . Climate Change . Gross Domestic Product & Income. Cabo Verde’s economic freedom score is 63.6, making its economy the 76th freest in the 2020 Index. Transition graphs on "Gross savings (current)" in Cape Verde and comparison bar charts (USA vs. China vs. Cape Verde), (Luxembourg vs. Maldives vs. Cape Verde) are used for easy understanding.
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