Cape Verde ranked 172/197 by economy size with a GDP of $2.73B and 118/197 by GDP per capita at $5,192. Cape Verde has $3.03B in government debt, with a debt-to-GDP ratio of 111.2%.
In 2024, Cape Verde made up 0.002% of the world's economy, compared to 0.001% in 1980.
Cape Verde GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $2,725,414,151 | 7.24% |
| 2023 | $2,504,525,549 | 4.79% |
| 2022 | $2,247,003,344 | 15.8% |
| 2021 | $2,051,842,619 | 7.03% |
| 2020 | $1,821,565,614 | -20.8% |
| 2019 | $2,252,177,124 | 6.95% |
| 2018 | $2,205,099,507 | 3.71% |
| 2017 | $1,996,741,540 | 4.55% |
| 2016 | $1,849,789,986 | 4.28% |
| 2015 | $1,749,857,620 | 0.94% |
| 2014 | $2,041,930,125 | 0.7% |
| 2013 | $2,028,910,915 | 0.63% |
| 2012 | $1,913,081,210 | 1.08% |
| 2011 | $2,046,817,987 | 3.92% |
| 2010 | $1,824,751,468 | 1.84% |
| 2009 | $1,852,334,575 | -1.5% |
| 2008 | $1,959,620,648 | 7.04% |
| 2007 | $1,649,621,739 | 15.2% |
| 2006 | $1,107,571,458 | 7.98% |
| 2005 | $972,241,677 | 6.91% |
| 2004 | $924,940,012 | 10.2% |
| 2003 | $813,260,469 | 4.18% |
| 2002 | $620,507,387 | 5.25% |
| 2001 | $563,090,490 | 2.23% |
| 2000 | $539,227,278 | 14.3% |
| 1999 | $592,416,703 | 11.2% |
| 1998 | $521,910,561 | 12.5% |
| 1997 | $490,608,658 | 11.1% |
| 1996 | $501,979,270 | 11.3% |
| 1995 | $487,148,994 | 14.2% |
| 1994 | $406,580,652 | 19.2% |
| 1993 | $490,417,390 | 8.71% |
| 1992 | $357,160,985 | 10.9% |
| 1991 | $319,827,059 | 1.4% |
| 1990 | $306,890,963 | 0.69% |
| 1989 | $267,448,571 | 5.7% |
| 1988 | $264,308,140 | 6% |
| 1987 | $235,253,065 | 4.31% |
| 1986 | $190,651,168 | 2.87% |
| 1985 | $137,728,205 | 8.64% |
| 1984 | $132,019,039 | 3.78% |
| 1983 | $138,476,176 | 9.52% |
| 1982 | $140,630,679 | 2.83% |
| 1981 | $139,468,209 | 8.45% |
| 1980 | $142,246,815 | - |
Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).
GeoRank.org/economy/cape-verde | CC BY 
Cape Verde GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $5,192 | $11,195 |
| 2023 | $4,795 | $10,242 |
| 2022 | $4,323 | $9,481 |
| 2021 | $3,971 | $7,685 |
| 2020 | $3,539 | $6,853 |
| 2019 | $4,381 | $8,646 |
| 2018 | $4,295 | $7,916 |
| 2017 | $3,893 | $7,936 |
| 2016 | $3,609 | $7,351 |
| 2015 | $3,415 | $6,773 |
| 2014 | $3,986 | $6,417 |
| 2013 | $3,961 | $6,367 |
| 2012 | $3,737 | $6,318 |
| 2011 | $4,002 | $6,384 |
| 2010 | $3,579 | $6,039 |
| 2009 | $3,660 | $5,901 |
| 2008 | $3,909 | $6,011 |
| 2007 | $3,325 | $5,567 |
| 2006 | $2,257 | $4,758 |
| 2005 | $2,004 | $4,324 |
| 2004 | $1,929 | $3,969 |
| 2003 | $1,718 | $3,551 |
| 2002 | $1,329 | $3,388 |
| 2001 | $1,223 | $3,217 |
| 2000 | $1,190 | $3,124 |
| 1999 | $1,327 | $2,714 |
| 1998 | $1,187 | $2,443 |
| 1997 | $1,134 | $2,182 |
| 1996 | $1,180 | $1,963 |
| 1995 | $1,165 | $1,762 |
| 1994 | $991 | $1,540 |
| 1993 | $1,220 | $1,291 |
| 1992 | $908 | $1,186 |
| 1991 | $832 | $1,069 |
| 1990 | $817 | $1,044 |
| 1989 | $727 | - |
| 1988 | $729 | - |
| 1987 | $658 | - |
| 1986 | $541 | - |
| 1985 | $396 | - |
| 1984 | $385 | - |
| 1983 | $410 | - |
| 1982 | $423 | - |
| 1981 | $425 | - |
| 1980 | $440 | - |
Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).
GeoRank.org/economy/cape-verde | CC BY
Cape Verde has a GDP per capita of $5,192, ranking 118/197, a GDP per capita based on purchasing power parity (PPP) of $11,195, ranking 129/197, and a median annual after tax income of $2,576, ranking 151/197.
Cape Verde GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 163 | 110 | 118 |
| 2023 | 169 | 119 | 125 |
| 2022 | 172 | 119 | 125 |
| 2021 | 171 | 125 | 128 |
| 2020 | 172 | 124 | 129 |
| 2019 | 170 | 116 | 123 |
| 2018 | 172 | 116 | 125 |
| 2017 | 173 | 120 | 126 |
| 2016 | 172 | 122 | 127 |
| 2015 | 173 | 124 | 130 |
| 2014 | 172 | 117 | 130 |
| 2013 | 171 | 119 | 130 |
| 2012 | 172 | 120 | 128 |
| 2011 | 171 | 115 | 128 |
| 2010 | 171 | 114 | 127 |
| 2009 | 169 | 111 | 127 |
| 2008 | 167 | 110 | 126 |
| 2007 | 168 | 108 | 126 |
| 2006 | 173 | 120 | 128 |
| 2005 | 172 | 115 | 128 |
| 2004 | 170 | 113 | 131 |
| 2003 | 169 | 114 | 131 |
| 2002 | 173 | 115 | 130 |
| 2001 | 175 | 119 | 131 |
| 2000 | 175 | 116 | 127 |
| 1999 | 170 | 112 | 131 |
| 1998 | 171 | 115 | 132 |
| 1997 | 173 | 117 | 139 |
| 1996 | 169 | 114 | 139 |
| 1995 | 169 | 114 | 142 |
| 1994 | 166 | 113 | 144 |
| 1993 | 161 | 103 | 151 |
| 1992 | 165 | 116 | 152 |
| 1991 | 165 | 122 | 155 |
| 1990 | 164 | 124 | 152 |
| 1989 | 149 | 118 | - |
| 1988 | 150 | 116 | - |
| 1987 | 147 | 116 | - |
| 1986 | 142 | 117 | - |
| 1985 | 146 | 124 | - |
| 1984 | 145 | 127 | - |
| 1983 | 141 | 124 | - |
| 1982 | 141 | 125 | - |
| 1981 | 140 | 127 | - |
| 1980 | 139 | 127 | - |
Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).
GeoRank.org/economy/cape-verde | CC BY
Compared with 2000, in 2024 Cape Verde is ranked 163rd out of 182 by GDP (up from 175th), 110th by GDP per capita (up from 116th), and 118th by GDP per capita PPP (up from 127th).
Economic indicators
Cape Verde
|
Rank | |
|---|---|---|
| Gross domestic product |
$2.73B
2024 |
172/197 |
| GDP growth |
7.24%
2023-2024 |
11/194 |
| GDP per capita |
$5,192
2024 |
118/197 |
| GDP per capita, PPP |
$11,195
2024 |
129/197 |
| Government debt |
$3.03B
2024 |
153/185 |
| Debt-to-GDP ratio |
111.2%
2024 |
16/185 |
| Government debt per person |
$5,776
2024 |
76/185 |
| Average annual personal income after taxes |
$2,576
2026 |
151/197 |
| Income share by richest 10% |
32.3%
2015 |
34/169 |
| Income share by poorest 10% |
2.2%
2015 |
119/169 |
| Government expenditure, % of GDP |
26.1%
2024 |
117/195 |
| Consumer prices inflation |
1%
2023-2024 |
170/195 |
| Central bank interest rate |
1.5%
2024 |
101/106 |
| Unemployment rate |
11.3%
2019 |
31/196 |
| Population |
530391
|
169/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2024 | 26.1% | 111.2% | -1.07% |
| 2023 | 25.7% | 117.5% | -0.28% |
| 2022 | 26.6% | 127.6% | -4.25% |
| 2021 | 30.8% | 149.5% | -7.51% |
| 2020 | 34.5% | 144.3% | -9.29% |
| 2019 | 27.5% | 109.8% | -1.62% |
| 2018 | 27.5% | 112.3% | -2.36% |
| 2017 | 28% | 113% | -2.63% |
| 2016 | 26.6% | 115.6% | -2.73% |
| 2015 | 28.7% | 115.7% | -4.16% |
| 2014 | 27.8% | 105.7% | -6.93% |
| 2013 | 30.9% | 93.5% | -8.49% |
| 2012 | 31.6% | 82.9% | -9.36% |
| 2011 | 30.3% | 71.6% | -6.98% |
| 2010 | 35.7% | 73.5% | -9.6% |
| 2009 | 30.6% | 58.8% | -5.32% |
| 2008 | 27.6% | 57.5% | -1.42% |
| 2007 | 27.1% | 59.6% | -0.86% |
| 2006 | 28.4% | 66.2% | -4.32% |
| 2005 | 26.2% | 66.7% | -4.69% |
| 2004 | 26.3% | 67.8% | -2.98% |
| 2003 | 23.4% | 65.6% | -3.63% |
| 2002 | 28.5% | 64.7% | -6.14% |
| 2001 | 24.2% | 62.2% | -5.03% |
| 2000 | 36.7% | 71.9% | -15.5% |
| 1999 | 35% | 66.4% | -10.9% |
| 1998 | 29.8% | 72.9% | -3.16% |
| 1997 | 34.8% | 79.3% | -10.2% |
| 1996 | 38.9% | 85.7% | -11.2% |
| 1995 | 44.5% | 74.3% | -11.1% |
| 1994 | 48.1% | 73.4% | -12.8% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-02-20).
GeoRank.org/economy/cape-verde | CC BY
This chart shows Cape Verde's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 31 years, Cape Verde recorded a fiscal deficit in 31 of them, with an average annual deficit equal to 6.02% of GDP. In 2024, government spending reached $711M (26.1% of GDP), with a deficit of 1.07%.
The national debt reached $3.03B, ranking 153rd out of 185 countries by total size, with a debt-to-GDP ratio of 111.2%, ranking 16th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 1% |
| 2023 | 3.7% |
| 2022 | 7.9% |
| 2021 | 1.9% |
| 2020 | 0.6% |
| 2019 | 1.1% |
| 2018 | 1.3% |
| 2017 | 0.8% |
| 2016 | -1.4% |
| 2015 | 0.1% |
| 2014 | -0.2% |
| 2013 | 1.5% |
| 2012 | 2.5% |
| 2011 | 4.5% |
| 2010 | 2.1% |
| 2009 | 1% |
| 2008 | 6.8% |
| 2007 | 4.4% |
| 2006 | 4.8% |
| 2005 | 0.4% |
| 2004 | -1.9% |
| 2003 | 1.2% |
| 2002 | 1.9% |
| 2001 | 3.7% |
| 2000 | -2.4% |
| 1999 | 4.3% |
| 1998 | 4.4% |
| 1997 | 8.6% |
| 1996 | 6% |
| 1995 | 8.4% |
| 1994 | 3.3% |
| 1993 | 5.8% |
| 1992 | 13.4% |
| 1991 | 7.6% |
| 1990 | 11.1% |
| 1989 | 4.7% |
| 1988 | 3.6% |
| 1987 | 3.8% |
| 1986 | 11.1% |
| 1985 | 5.9% |
| 1984 | 9.7% |
| 1983 | 20.2% |
| 1982 | 21.1% |
| 1981 | 20.7% |
| 1980 | 15.1% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1980–2024, retrieved 2026-02-20).
GeoRank.org/economy/cape-verde | CC BY
Over the past 20 years, Cape Verde has had an average annual inflation rate of 2.24%. In 2024, inflation was 1%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Cape Verde
|
Rank | |
|---|---|---|
|
Current account balance
|
$107M
2024 |
67/190 |
| Current account balance, % of GDP |
+3.91%
2024 |
42/190 |
| Goods imports |
$1.17B
2024 |
165/189 |
| Goods exports |
$328M
2024 |
164/189 |
| Service imports |
$298M
2024 |
168/189 |
| Service exports |
$830M
2024 |
137/189 |
| Imports of goods and services, % of GDP |
54%
2024 |
65/181 |
| Exports of goods and services, % of GDP |
42.5%
2024 |
70/193 |
Cape Verde 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 |
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 |
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 | 71.4 | 32/197 |
| Property rights | 72.7 | 45/182 |
| Government integrity | 63.3 | 41/182 |
| Judicial effectiveness | 77.1 | 37/182 |
| Tax burden | 84.4 | 59/182 |
| Government spending | 79.5 | 68/180 |
| Fiscal health | 74.4 | 95/181 |
| Business freedom | 78.9 | 33/182 |
| Labor freedom | 59.5 | 55/182 |
| Monetary freedom | 80.4 | 15/180 |
| Trade freedom | 66.6 | 120/181 |
| Investment freedom | 60 | 62/181 |
| Financial freedom | 60 | 40/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | 71.4 | 77.1 | 84.4 | 79.5 | 74.4 |
| 2025 | 68.7 | 75.1 | 84.4 | 77.8 | 54.7 |
| 2024 | 62.9 | 75.4 | 84.6 | 72.8 | 3.8 |
| 2023 | 65.8 | 60.8 | 83.2 | 71.7 | 22 |
| 2022 | 66.7 | 77.4 | 77.5 | 68.1 | 48.3 |
| 2021 | 63.8 | 47.5 | 77.9 | 70.7 | 69.7 |
| 2020 | 63.6 | 48 | 77.7 | 71.7 | 66.2 |
| 2019 | 63.1 | 49 | 76.4 | 71.2 | 59.7 |
| 2018 | 60 | 52 | 74 | 71.5 | 40.2 |
| 2017 | 56.9 | 50.2 | 78.3 | 70.7 | 1.2 |
| 2016 | 66.5 | - | 78.1 | 66.9 | - |
| 2015 | 66.4 | - | 78.3 | 67.9 | - |
| 2014 | 66.1 | - | 77.4 | 68.6 | - |
| 2013 | 63.7 | - | 77.9 | 65.4 | - |
| 2012 | 63.5 | - | 77.3 | 61.8 | - |
| 2011 | 64.6 | - | 77.3 | 71 | - |
| 2010 | 61.8 | - | 65.6 | 65.3 | - |
| 2009 | 61.3 | - | 65.5 | 62.2 | - |
| 2008 | 57.9 | - | 66.2 | 60.5 | - |
| 2007 | 56.5 | - | 67 | 56.5 | - |
| 2006 | 58.6 | - | 77.1 | 71 | - |
| 2005 | 57.8 | - | 81.2 | 64.5 | - |
| 2004 | 58.1 | - | 64 | 69.7 | - |
| 2003 | 56.1 | - | 64.2 | 36.5 | - |
| 2002 | 57.6 | - | 64.5 | 49.6 | - |
| 2001 | 56.3 | - | 64.9 | 61.1 | - |
| 2000 | 51.9 | - | 65 | 52 | - |
| 1999 | 50.7 | - | 64.7 | 44.8 | - |
| 1998 | 48 | - | 63.5 | 19.8 | - |
| 1997 | 47.7 | - | 63.6 | 17 | - |
| 1996 | 49.7 | - | 64.3 | 30.9 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).
GeoRank.org/economy/cape-verde | CC BY
Cape Verde is ranked 26/174 for economic freedom with a score of 71.4, compared to 81/162 and a score of 58.6 in 2006.
Other economic metrics
|
Cape Verde
|
Rank | |
|---|---|---|
| Services, % of GDP |
68.7%
2024 |
31/191 |
| Industry, % of GDP |
10.7%
2024 |
180/194 |
| Agriculture, forestry, and fishing, % of GDP |
4.92%
2024 |
109/193 |
|
GNI, Atlas method
|
$2.6B
2024 |
171/194 |
| GNI per capita, PPP |
$11,000
2024 |
123/191 |
| Total reserves including gold |
$783M
2024 |
144/177 |
|
Net foreign direct investment
|
-$89.2M
2024 |
74/189 |
|
Net inflows of foreign direct investment
|
$110M
2024 |
145/193 |
|
Net outflows of foreign direct investment
|
$20.8M
2024 |
112/193 |
|
Servicing debt to the IMF, % of GNI
|
5.69%
2024 |
40/121 |
| Poverty at national poverty lines |
24.8%
2023 |
76/176 |
|
Gross capital formation, % of GDP
|
16.4%
2024 |
150/178 |
Compare Cape Verde vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/cape-verde | CC BY
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Data sources:
- World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2022–2024, retrieved 2026-02-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-02-20)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
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.