Cabo Verde pool with palm trees

Cabo Verde Economy

Cabo Verde's economy in numbers:

Nominal GDP of USD 2.2 billion in 2022.

GDP per capita of USD 3,936 compared to the global average of USD 10,589.

Average real GDP growth of 2.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

GDP by economic sector
GDP by type of expenditure

Economic growth:

The economy recorded average annual growth of 2.3% in the decade to 2022. To read more about GDP growth in Cabo Verde, go to our dedicated page.

Fiscal policy:

Cabo Verde's fiscal deficit averaged 3.6% of GDP in the decade to 2021. Find out more on our dedicated page.

Inflation:

Inflation averaged 1.5% in the decade to 2022. Go to our Cabo Verde inflation page for extra insight.

Monetary Policy:

Cabo Verde's monetary policy rate ended 2022 at 7.83%, down from 9.90% a decade earlier. See our Cabo Verde monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the escudo weakened by 19.9% vs the U.S. dollar. For more info on the escudo, click here.
Projections out to 2033.

26 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 6 expert analysts.

Want to get insight on the economic outlook for Cabo Verde in the coming years? FocusEconomics collects projections out to 2033 on 26 economic indicators for Cabo Verde from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Cabo Verde economy. To download a sample report on the Cabo Verde's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Cabo Verde Economic Data

2018 2019 2020 2021 2022
Population (million) 0.5 0.6 0.6 0.6 0.6
GDP (USD bn) 2.2 2.2 1.8 2.0 2.2
GDP per Capita (USD) 4,052 4,090 3,268 3,636 3,936
GDP (LCU bn) 206 222 176 191 235
Economic Growth (Nominal GDP, ann. var. %) 5.5 7.7 -20.5 8.5 22.9
Economic Growth (GDP, ann. var. %) 3.7 6.9 -20.8 5.6 17.1
Fiscal Balance (% of GDP) -0.1 0.6 -6.5 -5.3 -
Public Debt (% of GDP) 112 110 145 148 -
Inflation (CPI, ann. var. %, eop) 1.0 1.9 -0.9 5.4 7.6
Inflation (CPI, ann. var. %, aop) 1.3 1.1 0.6 1.9 7.9
Policy Rate (%, eop) 8.97 9.14 8.19 7.62 7.83
Exchange Rate (CVE per USD, eop) 96.40 99.18 90.44 97.35 103.85
Exchange Rate (LCU per USD, aop) 93.44 98.61 96.88 93.43 104.75
Current Account Balance (USD bn) -0.1 0.0 -0.3 -0.3 -
Current Account Balance (% of GDP) -4.4 -1.0 -16.3 -12.9 -
Merchandise Trade Balance (USD bn) -0.7 -0.7 -0.7 -0.7 -0.8
Merchandise Exports (USD bn) 0.3 0.3 0.1 0.2 0.3
Merchandise Imports (USD bn) 1.0 0.9 0.8 0.9 1.1
Merchandise Exports (ann. var. %) 44.4 -2.9 -51.6 38.4 58.0
Merchandise Imports (ann. var. %) 12.7 -2.7 -15.3 12.6 18.7
Foreign Direct Investment (USD bn) 0.1 0.1 0.1 0.1 0.1
International Reserves (USD bn) 0.6 0.7 0.7 0.7 0.6
International Reserves (months of imports) 7.6 9.5 10.3 9.6 7.4
External Debt (USD bn) 1.8 1.8 2.1 2.1 2.0
External Debt (% of GDP) 80.2 81.0 113.9 100.6 89.7

Free Sample Report

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