Cape Verde ranked 170/197 by economy size with a GDP of $2.77B and 117/197 by GDP per capita at $5,273. Cape Verde has $3.15B in government debt, with a debt-to-GDP ratio of 109.6%.
In 2025, Cape Verde made up 0.002% of the world's economy, compared to 0.001% in 1980.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1980 | $142,246,815 | $188,081,995 | - |
| 1981 | $139,468,209 | $203,977,862 | -1.95% |
| 1982 | $140,630,679 | $209,740,298 | 0.83% |
| 1983 | $138,476,176 | $229,709,147 | -1.53% |
| 1984 | $132,019,039 | $238,399,665 | -4.66% |
| 1985 | $137,728,205 | $259,002,371 | 4.32% |
| 1986 | $190,651,168 | $266,439,508 | 38.4% |
| 1987 | $235,253,065 | $277,920,557 | 23.4% |
| 1988 | $264,308,140 | $294,587,049 | 12.4% |
| 1989 | $267,448,571 | $311,372,470 | 1.19% |
| 1990 | $306,890,963 | $313,527,703 | 14.7% |
| 1991 | $319,827,059 | $317,930,093 | 4.22% |
| 1992 | $357,160,985 | $352,704,164 | 11.7% |
| 1993 | $490,417,390 | $383,418,741 | 37.3% |
| 1994 | $406,580,652 | $456,968,584 | -17.1% |
| 1995 | $487,148,994 | $521,911,297 | 19.8% |
| 1996 | $501,979,270 | $581,130,092 | 3.04% |
| 1997 | $490,608,658 | $645,742,612 | -2.27% |
| 1998 | $521,910,561 | $726,572,060 | 6.38% |
| 1999 | $592,416,703 | $808,112,688 | 13.5% |
| 2000 | $539,227,278 | $923,550,525 | -8.98% |
| 2001 | $563,090,490 | $944,160,983 | 4.43% |
| 2002 | $620,507,387 | $993,737,848 | 10.2% |
| 2003 | $813,260,469 | $1,035,238,918 | 31.1% |
| 2004 | $924,940,012 | $1,140,802,982 | 13.7% |
| 2005 | $972,241,677 | $1,219,660,509 | 5.11% |
| 2006 | $1,107,571,458 | $1,317,035,160 | 13.9% |
| 2007 | $1,649,621,739 | $1,516,838,455 | 48.9% |
| 2008 | $1,959,620,648 | $1,623,608,885 | 18.8% |
| 2009 | $1,852,334,575 | $1,599,196,517 | -5.47% |
| 2010 | $1,824,751,468 | $1,628,564,468 | -1.49% |
| 2011 | $2,046,817,987 | $1,692,481,035 | 12.2% |
| 2012 | $1,913,081,210 | $1,710,821,580 | -6.53% |
| 2013 | $2,028,910,915 | $1,721,636,311 | 6.05% |
| 2014 | $2,041,930,125 | $1,733,630,380 | 0.64% |
| 2015 | $1,749,857,620 | $1,749,857,620 | -14.3% |
| 2016 | $1,849,789,986 | $1,824,764,035 | 5.71% |
| 2017 | $1,996,741,540 | $1,907,814,791 | 7.94% |
| 2018 | $2,205,099,507 | $1,978,536,809 | 10.4% |
| 2019 | $2,252,177,124 | $2,116,002,111 | 2.13% |
| 2020 | $1,821,565,614 | $1,675,762,034 | -19.1% |
| 2021 | $2,051,842,619 | $1,793,627,261 | 12.6% |
| 2022 | $2,247,003,344 | $2,077,803,747 | 9.51% |
| 2023 | $2,539,203,429 | $2,189,821,145 | 13% |
| 2024 | $2,767,599,017 | $2,349,062,343 | 8.99% |
Economic Statistics of Cape Verde
Cape Verde
|
Rank | |
|---|---|---|
| Gross domestic product |
$2.77B
2024 |
170/197 |
| GDP growth |
8.99%
2023-2024 |
50/196 |
| GDP per capita |
$5,273
2024 |
117/197 |
| GDP per capita, PPP |
$11,262
2024 |
128/197 |
| Government debt |
$3.15B
2024 |
154/185 |
| Debt-to-GDP ratio |
109.6%
2025 |
16/185 |
| Government debt per person |
$5,998
2024 |
75/185 |
| Average annual personal income after taxes |
$2,527
2025 |
153/197 |
| Income share by richest 10% |
32.3%
2015 |
34/169 |
| Income share by poorest 10% |
2.2%
2015 |
119/169 |
| Government expenditure, % of GDP |
29.5%
2025 |
102/195 |
| Consumer prices inflation |
1.5%
2024-2025 |
159/195 |
| Central bank interest rate |
1.5%
2024 |
100/105 |
| Unemployment rate |
11.3%
2019 |
31/196 |
| Population |
529186
|
169/197 |
Cape Verde's GDP per capita
Cape Verde has a GDP per capita of $5,273, ranking 117/197, a GDP per capita based on purchasing power parity (PPP) of $11,262, ranking 128/197, and a median annual after tax income of $2,527, ranking 153/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1980 | $440 | - |
| 1981 | $425 | - |
| 1982 | $423 | - |
| 1983 | $410 | - |
| 1984 | $385 | - |
| 1985 | $396 | - |
| 1986 | $541 | - |
| 1987 | $658 | - |
| 1988 | $729 | - |
| 1989 | $727 | - |
| 1990 | $817 | $1,044 |
| 1991 | $832 | $1,069 |
| 1992 | $908 | $1,186 |
| 1993 | $1,220 | $1,291 |
| 1994 | $991 | $1,540 |
| 1995 | $1,165 | $1,762 |
| 1996 | $1,180 | $1,963 |
| 1997 | $1,134 | $2,182 |
| 1998 | $1,187 | $2,443 |
| 1999 | $1,327 | $2,714 |
| 2000 | $1,190 | $3,124 |
| 2001 | $1,223 | $3,217 |
| 2002 | $1,329 | $3,388 |
| 2003 | $1,718 | $3,551 |
| 2004 | $1,929 | $3,969 |
| 2005 | $2,004 | $4,324 |
| 2006 | $2,257 | $4,758 |
| 2007 | $3,325 | $5,567 |
| 2008 | $3,909 | $6,011 |
| 2009 | $3,660 | $5,901 |
| 2010 | $3,579 | $6,039 |
| 2011 | $4,002 | $6,384 |
| 2012 | $3,737 | $6,318 |
| 2013 | $3,961 | $6,367 |
| 2014 | $3,986 | $6,417 |
| 2015 | $3,415 | $6,773 |
| 2016 | $3,609 | $7,351 |
| 2017 | $3,893 | $7,936 |
| 2018 | $4,295 | $7,916 |
| 2019 | $4,381 | $8,646 |
| 2020 | $3,539 | $6,853 |
| 2021 | $3,971 | $7,685 |
| 2022 | $4,323 | $9,481 |
| 2023 | $4,861 | $10,300 |
| 2024 | $5,273 | $11,262 |
Cape Verde's government spending, deficit, and chart
This chart shows Cape Verde's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 32 years, Cape Verde recorded a fiscal deficit in 32 years — average annual deficit equal to -5.92% of GDP. In 2024, government spending reached $733M (29.5% of GDP), with a deficit of -1.77%.
The national debt reached $3.15B, ranking 154th out of 185 countries by total size, with a debt-to-GDP ratio of 109.6%, ranking 16th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1994 | 48.1% | 73.4% | -12.8% |
| 1995 | 44.5% | 74.3% | -11.1% |
| 1996 | 38.9% | 85.7% | -11.2% |
| 1997 | 34.8% | 79.3% | -10.2% |
| 1998 | 29.8% | 72.9% | -3.16% |
| 1999 | 35% | 66.4% | -10.9% |
| 2000 | 36.7% | 71.9% | -15.5% |
| 2001 | 24.2% | 62.2% | -5.03% |
| 2002 | 28.5% | 64.7% | -6.14% |
| 2003 | 23.4% | 65.6% | -3.63% |
| 2004 | 26.3% | 67.8% | -2.98% |
| 2005 | 26.2% | 66.7% | -4.69% |
| 2006 | 28.4% | 66.2% | -4.32% |
| 2007 | 27.1% | 59.6% | -0.86% |
| 2008 | 27.6% | 57.5% | -1.42% |
| 2009 | 30.6% | 58.8% | -5.32% |
| 2010 | 35.7% | 73.5% | -9.6% |
| 2011 | 30.3% | 71.6% | -6.98% |
| 2012 | 31.6% | 82.9% | -9.36% |
| 2013 | 30.9% | 93.5% | -8.49% |
| 2014 | 27.8% | 105.6% | -6.93% |
| 2015 | 28.7% | 115.6% | -4.16% |
| 2016 | 26.6% | 115.4% | -2.73% |
| 2017 | 28% | 112.8% | -2.63% |
| 2018 | 27.5% | 112% | -2.36% |
| 2019 | 27.5% | 109.4% | -1.62% |
| 2020 | 34.5% | 143.8% | -9.29% |
| 2021 | 30.8% | 149.1% | -7.51% |
| 2022 | 25.9% | 124% | -4.15% |
| 2023 | 24.8% | 114% | -0.27% |
| 2024 | 26.5% | 113.7% | -2.36% |
| 2025 | 29.5% | 109.6% | -1.77% |
Inflation rate by year
Over the past 20 years, Cape Verde has had an average annual inflation rate of 2.3%. In 2025, inflation was 1.5%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1980 | 15.1% |
| 1981 | 20.7% |
| 1982 | 21.1% |
| 1983 | 20.2% |
| 1984 | 9.7% |
| 1985 | 5.9% |
| 1986 | 11.1% |
| 1987 | 3.8% |
| 1988 | 3.6% |
| 1989 | 4.7% |
| 1990 | 11.1% |
| 1991 | 7.6% |
| 1992 | 13.4% |
| 1993 | 5.8% |
| 1994 | 3.3% |
| 1995 | 8.4% |
| 1996 | 6% |
| 1997 | 8.6% |
| 1998 | 4.4% |
| 1999 | 4.3% |
| 2000 | -2.4% |
| 2001 | 3.7% |
| 2002 | 1.9% |
| 2003 | 1.2% |
| 2004 | -1.9% |
| 2005 | 0.4% |
| 2006 | 4.8% |
| 2007 | 4.4% |
| 2008 | 6.8% |
| 2009 | 1% |
| 2010 | 2.1% |
| 2011 | 4.5% |
| 2012 | 2.5% |
| 2013 | 1.5% |
| 2014 | -0.2% |
| 2015 | 0.1% |
| 2016 | -1.4% |
| 2017 | 0.8% |
| 2018 | 1.3% |
| 2019 | 1.1% |
| 2020 | 0.6% |
| 2021 | 1.9% |
| 2022 | 7.9% |
| 2023 | 3.7% |
| 2024 | 1% |
| 2025 | 1.5% |
Balance of trade
|
Cape Verde
|
Rank | |
|---|---|---|
Current account balance
|
$107M
2024 |
66/189 |
| Current account balance, % of GDP |
+3.85%
2024 |
39/189 |
| Goods imports |
$1.17B
2024 |
164/188 |
| Goods exports |
$328M
2024 |
163/188 |
| Service imports |
$298M
2024 |
167/188 |
| Service exports |
$830M
2024 |
136/188 |
| Imports of goods and services, % of GDP |
53.2%
2024 |
66/180 |
| Exports of goods and services, % of GDP |
41.9%
2024 |
74/193 |
Cape Verde's top 10 trading partners
Cape Verde's biggest trading partner accounting for 45.9%% of all exports and imports is Portugal, with a trade balance between the two of -$427M — Cape Verde exports $8.17M worth of goods and services to Portugal and imports $435M.
Below is the list of the top 10 trade partners of Cape Verde.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
Portugal
|
$443M | 45.9% | $8.17M | $435M | Textiles & consumer goods | Machinery & equipment |
| 2 |
Spain
|
$141M | 14.6% | $47.5M | $93.5M | Processed food, beverages & tobacco | Animal & marine products |
| 3 |
Netherlands
|
$49.3M | 5.1% | $104K | $49.1M | Processed food, beverages & tobacco | Raw materials & minerals |
| 4 |
China
|
$47.7M | 4.93% | $0 | $47.7M | Animal & marine products | Machinery & equipment |
| 5 |
Brazil
|
$42.8M | 4.43% | $0 | $42.8M | Animal & marine products | Animal & marine products |
| 6 |
Italy
|
$35.4M | 3.67% | $10.9M | $24.5M | Processed food, beverages & tobacco | Raw materials & minerals |
| 7 |
Morocco
|
$20.2M | 2.09% | $26K | $20.2M | Animal & marine products | Machinery & equipment |
| 8 |
Togo
|
$18M | 1.86% | $0 | $18M | Animal & marine products | Raw materials & minerals |
| 9 |
United States
|
$16.6M | 1.71% | $1.39M | $15.2M | Processed food, beverages & tobacco | Machinery & equipment |
| 10 |
France
|
$16.2M | 1.68% | $79K | $16.1M | Processed food, beverages & tobacco | Machinery & equipment |
Cape Verde's top 8 exports
|
Cape Verde
|
Rank | |
|---|---|---|
| Transport & tourism services | $611M | 132/188 |
| Processed food, beverages & tobacco | $58.6M | 141/192 |
| Business & finance services | $37.2M | 143/188 |
| Government & miscellaneous services | $31.7M | 115/180 |
| IT & IP services | $10.1M | 155/183 |
| Textiles & consumer goods | $9.29M | 146/193 |
| Manufacturing & construction services | $7.42M | 129/164 |
| Animal & marine products | $385K | 180/192 |
Cape Verde's top 10 imports
|
Cape Verde
|
Rank | |
|---|---|---|
| Machinery & equipment | $208M | 172/193 |
| Raw materials & minerals | $176M | 167/193 |
| Transport & tourism services | $161M | 170/188 |
| Processed food, beverages & tobacco | $140M | 166/193 |
| Animal & marine products | $83.6M | 140/193 |
| Chemicals & pharma | $81.4M | 171/193 |
| Raw agricultural goods | $75.5M | 167/193 |
| Textiles & consumer goods | $61.7M | 171/193 |
| Metals | $52.9M | 170/193 |
| Business & finance services | $47.1M | 167/188 |
Economic freedom indices
|
Cape Verde
|
Rank | |
|---|---|---|
| Economic freedom | 68.7 | 44/197 |
| Property rights | 64.6 | 64/182 |
| Government integrity | 64.4 | 64/182 |
| Judicial effectiveness | 75.1 | 64/182 |
| Tax burden | 84.4 | 63/181 |
| Government spending | 77.8 | 71/180 |
| Fiscal health | 54.7 | 116/181 |
| Business freedom | 80.2 | 33/182 |
| Labor freedom | 59.6 | 68/182 |
| Monetary freedom | 76.5 | 23/180 |
| Trade freedom | 67 | 121/181 |
| Investment freedom | 60 | 61/181 |
| Financial freedom | 60 | 39/181 |
Cape Verde's economic freedom by year
Cape Verde is ranked 38/180 for economic freedom with a score of 68.7, compared to 82/163 and a score of 57.8 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1996 | 49.7 | - | 64.3 | 30.9 | - |
| 1997 | 47.7 | - | 63.6 | 17 | - |
| 1998 | 48 | - | 63.5 | 19.8 | - |
| 1999 | 50.7 | - | 64.7 | 44.8 | - |
| 2000 | 51.9 | - | 65 | 52 | - |
| 2001 | 56.3 | - | 64.9 | 61.1 | - |
| 2002 | 57.6 | - | 64.5 | 49.6 | - |
| 2003 | 56.1 | - | 64.2 | 36.5 | - |
| 2004 | 58.1 | - | 64 | 69.7 | - |
| 2005 | 57.8 | - | 81.2 | 64.5 | - |
| 2006 | 58.6 | - | 77.1 | 71 | - |
| 2007 | 56.5 | - | 67 | 56.5 | - |
| 2008 | 57.9 | - | 66.2 | 60.5 | - |
| 2009 | 61.3 | - | 65.5 | 62.2 | - |
| 2010 | 61.8 | - | 65.6 | 65.3 | - |
| 2011 | 64.6 | - | 77.3 | 71 | - |
| 2012 | 63.5 | - | 77.3 | 61.8 | - |
| 2013 | 63.7 | - | 77.9 | 65.4 | - |
| 2014 | 66.1 | - | 77.4 | 68.6 | - |
| 2015 | 66.4 | - | 78.3 | 67.9 | - |
| 2016 | 66.5 | - | 78.1 | 66.9 | - |
| 2017 | 56.9 | 50.2 | 78.3 | 70.7 | 1.2 |
| 2018 | 60 | 52 | 74 | 71.5 | 40.2 |
| 2019 | 63.1 | 49 | 76.4 | 71.2 | 59.7 |
| 2020 | 63.6 | 48 | 77.7 | 71.7 | 66.2 |
| 2021 | 63.8 | 47.5 | 77.9 | 70.7 | 69.7 |
| 2022 | 66.7 | 77.4 | 77.5 | 68.1 | 48.3 |
| 2023 | 65.8 | 60.8 | 83.2 | 71.7 | 22 |
| 2024 | 62.9 | 75.4 | 84.6 | 72.8 | 3.8 |
| 2025 | 68.7 | 75.1 | 84.4 | 77.8 | 54.7 |
More economic indicators
|
Cape Verde
|
Rank | |
|---|---|---|
| Services, % of GDP |
69.4%
2024 |
27/191 |
| Industry, % of GDP |
10.5%
2024 |
179/194 |
| Agriculture, forestry, and fishing, % of GDP |
4.7%
2024 |
110/193 |
|
GNI, Atlas method
|
$2.63B
2024 |
171/194 |
| GNI per capita, PPP |
$11,050
2024 |
122/191 |
| Total reserves including gold |
$783M
2024 |
144/177 |
|
Net foreign direct investment
|
-$89.2M
2024 |
71/188 |
|
Net inflows of foreign direct investment
|
$110M
2024 |
146/193 |
|
Net outflows of foreign direct investment
|
$20.8M
2024 |
115/187 |
|
Servicing debt to the IMF, % of GNI
|
6.47%
2023 |
33/119 |
| Poverty at national poverty lines |
24.8%
2023 |
76/176 |
|
Gross capital formation, % of GDP
|
16%
2024 |
153/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Cape Verde topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.