Cape Verde has a GDP of $2.77B compared to $7.14B for the Cayman Islands, ranking 170/197 and 159/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Cape Verde
|
Cayman Islands
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1980 | $142,246,815 | $188,081,995 | - | - |
| 1981 | $139,468,209 | $203,977,862 | - | - |
| 1982 | $140,630,679 | $209,740,298 | - | - |
| 1983 | $138,476,176 | $229,709,147 | - | - |
| 1984 | $132,019,039 | $238,399,665 | - | - |
| 1985 | $137,728,205 | $259,002,371 | - | - |
| 1986 | $190,651,168 | $266,439,508 | - | - |
| 1987 | $235,253,065 | $277,920,557 | - | - |
| 1988 | $264,308,140 | $294,587,049 | - | - |
| 1989 | $267,448,571 | $311,372,470 | - | - |
| 1990 | $306,890,963 | $313,527,703 | - | - |
| 1991 | $319,827,059 | $317,930,093 | - | - |
| 1992 | $357,160,985 | $352,704,164 | - | - |
| 1993 | $490,417,390 | $383,418,741 | - | - |
| 1994 | $406,580,652 | $456,968,584 | - | - |
| 1995 | $487,148,994 | $521,911,297 | - | - |
| 1996 | $501,979,270 | $581,130,092 | - | - |
| 1997 | $490,608,658 | $645,742,612 | - | - |
| 1998 | $521,910,561 | $726,572,060 | - | - |
| 1999 | $592,416,703 | $808,112,688 | - | - |
| 2000 | $539,227,278 | $923,550,525 | - | - |
| 2001 | $563,090,490 | $944,160,983 | - | - |
| 2002 | $620,507,387 | $993,737,848 | - | - |
| 2003 | $813,260,469 | $1,035,238,918 | - | - |
| 2004 | $924,940,012 | $1,140,802,982 | - | - |
| 2005 | $972,241,677 | $1,219,660,509 | - | - |
| 2006 | $1,107,571,458 | $1,317,035,160 | $4,200,288,241 | $4,633,485,654 |
| 2007 | $1,649,621,739 | $1,516,838,455 | $4,466,278,065 | $4,780,025,440 |
| 2008 | $1,959,620,648 | $1,623,608,885 | $4,585,949,024 | $4,762,941,572 |
| 2009 | $1,852,334,575 | $1,599,196,517 | $4,281,714,567 | $4,419,986,800 |
| 2010 | $1,824,751,468 | $1,628,564,468 | $4,156,841,107 | $4,299,956,080 |
| 2011 | $2,046,817,987 | $1,692,481,035 | $4,186,073,104 | $4,350,225,241 |
| 2012 | $1,913,081,210 | $1,710,821,580 | $4,291,004,524 | $4,403,722,295 |
| 2013 | $2,028,910,915 | $1,721,636,311 | $4,405,796,023 | $4,460,060,480 |
| 2014 | $2,041,930,125 | $1,733,630,380 | $4,562,853,611 | $4,578,454,034 |
| 2015 | $1,749,857,620 | $1,749,857,620 | $4,708,167,233 | $4,708,167,233 |
| 2016 | $1,849,789,986 | $1,824,764,035 | $4,909,322,237 | $4,860,710,643 |
| 2017 | $1,996,741,540 | $1,907,814,791 | $5,166,281,305 | $5,015,477,902 |
| 2018 | $2,205,099,507 | $1,978,536,809 | $5,530,178,441 | $5,229,501,758 |
| 2019 | $2,252,177,124 | $2,116,002,111 | $5,941,896,608 | $5,434,269,977 |
| 2020 | $1,821,565,614 | $1,675,762,034 | $5,655,358,021 | $5,165,012,420 |
| 2021 | $2,051,842,619 | $1,793,627,261 | $6,060,026,520 | $5,418,352,633 |
| 2022 | $2,247,003,344 | $2,077,803,747 | $6,600,843,963 | $5,697,740,751 |
| 2023 | $2,539,203,429 | $2,189,821,145 | $7,139,428,558 | $5,946,143,785 |
| 2024 | $2,767,599,017 | $2,349,062,343 | - | - |
Economic indicators
|
Cape Verde
|
Cayman Islands
|
|
|---|---|---|
| Gross domestic product |
$2.77B
2024 |
$7.14B
2023 |
| GDP rank |
170/197
2024 |
159/197
2023 |
| GDP growth |
8.99%
2023-2024 |
8.16%
2022-2023 |
| GDP per capita |
$5,273
2024 |
$97,750
2023 |
| GDP per capita rank |
117/197
2024 |
6/197
2023 |
| GDP per capita, PPP |
$11,262
2024 |
$86,689
2023 |
| Government debt |
$3.15B
2024 |
n/a |
| Debt-to-GDP ratio |
109.6%
2025 |
n/a |
| Government debt per person |
$5,998
2024 |
n/a |
| Government debt per person rank |
75/185
2024 |
n/a |
| Average annual personal income after taxes |
$2,527
2025 |
$82,674
2025 |
| Market capitalization of domestic companies | n/a |
$644M
2020 |
| Income share by richest 10% |
32.3%
2015 |
n/a |
| Income share by poorest 10% |
2.2%
2015 |
n/a |
| Government expenditure, % of GDP |
29.5%
2025 |
14%
2025 |
| Consumer prices inflation |
1.5%
2024-2025 |
-0.63%
2015-2016 |
| Central bank interest rate |
1.5%
2024 |
n/a |
| Unemployment rate |
11.3%
2019 |
4.24%
2015 |
| Population |
529186
|
76930
|
GDP per capita in Cape Verde vs Cayman Islands
Cape Verde's GDP per capita is $5,273, ranking 117/197, compared to $97,750 in the Cayman Islands, ranking 6/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 128th at $11,262, while the Cayman Islands ranks 10th at $86,689.
| Year | Current $ | |||
|---|---|---|---|---|
|
Cape Verde
|
Cayman Islands
|
|||
| GDP per capita | GDP per capita, PPP | 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 | $87,085 | $75,191 |
| 2007 | $3,325 | $5,567 | $89,888 | $77,337 |
| 2008 | $3,909 | $6,011 | $89,655 | $76,297 |
| 2009 | $3,660 | $5,901 | $81,374 | $69,254 |
| 2010 | $3,579 | $6,039 | $76,838 | $66,325 |
| 2011 | $4,002 | $6,384 | $75,281 | $66,629 |
| 2012 | $3,737 | $6,318 | $75,102 | $64,727 |
| 2013 | $3,961 | $6,367 | $75,114 | $63,648 |
| 2014 | $3,986 | $6,417 | $75,845 | $63,561 |
| 2015 | $3,415 | $6,773 | $76,379 | $64,009 |
| 2016 | $3,609 | $7,351 | $77,802 | $65,680 |
| 2017 | $3,893 | $7,936 | $80,054 | $68,018 |
| 2018 | $4,295 | $7,916 | $83,866 | $71,812 |
| 2019 | $4,381 | $8,646 | $88,254 | $72,697 |
| 2020 | $3,539 | $6,853 | $82,339 | $66,119 |
| 2021 | $3,971 | $7,685 | $86,438 | $74,151 |
| 2022 | $4,323 | $9,481 | $92,202 | $81,803 |
| 2023 | $4,861 | $10,300 | $97,750 | $86,689 |
| 2024 | $5,273 | $11,262 | - | - |
Inflation comparison by year
Over the past 7 years, Cape Verde has recorded an average annual inflation rate of 1.3%, compared with 0.46% in the Cayman Islands. In 2016, inflation was 1.5% in Cape Verde and -0.63% in the Cayman Islands.
| Year | Inflation | ||
|---|---|---|---|
|
Cape Verde
|
Cayman Islands
|
Cape Verde
|
Cayman Islands
|
| 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% | 0.28% | |
| 2011 | 4.5% | 1.33% | |
| 2012 | 2.5% | 1.19% | |
| 2013 | 1.5% | 2.16% | |
| 2014 | -0.2% | 1.27% | |
| 2015 | 0.1% | -2.35% | |
| 2016 | -1.4% | -0.63% | |
| 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
|
Cayman Islands
|
|
|---|---|---|
Current account balance
|
$107M
2024 |
-$713M
2023 |
| Current account balance ranking |
66/189
2024 |
114/189
2023 |
| Current account balance, % of GDP |
+3.85%
2024 |
-9.98%
2023 |
| Goods imports |
$1.17B
2024 |
$1.64B
2023 |
| Goods exports |
$328M
2024 |
$150M
2023 |
| Service imports |
$298M
2024 |
$1.8B
2023 |
| Service exports |
$830M
2024 |
$4.45B
2023 |
| Imports of goods and services, % of GDP |
53.2%
2024 |
45.8%
2020 |
| Exports of goods and services, % of GDP |
41.9%
2024 |
59.6%
2020 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Cape Verde
|
Cayman Islands
|
|
|---|---|---|
| Economic freedom | 68.7 | 74 |
| Economic freedom ranking | 44/197 | 20/197 |
| Property rights | 64.6 | n/a |
| Government integrity | 64.4 | n/a |
| Judicial effectiveness | 75.1 | n/a |
| Tax burden | 84.4 | n/a |
| Government spending | 77.8 | n/a |
| Fiscal health | 54.7 | n/a |
| Business freedom | 80.2 | n/a |
| Labor freedom | 59.6 | n/a |
| Monetary freedom | 76.5 | n/a |
| Trade freedom | 67 | n/a |
| Investment freedom | 60 | n/a |
| Financial freedom | 60 | n/a |
More economic indicators
|
Cape Verde
|
Cayman Islands
|
|
|---|---|---|
| Services, % of GDP |
69.4%
2024 |
85.4%
2022 |
| Industry, % of GDP |
10.5%
2024 |
8.19%
2022 |
| Agriculture, forestry, and fishing, % of GDP |
4.7%
2024 |
0.47%
2022 |
|
GNI, Atlas method
|
$2.63B
2024 |
$4.42B
2022 |
| GNI per capita, PPP |
$11,050
2024 |
$54,040
2022 |
| Total reserves including gold |
$783M
2024 |
$234M
2023 |
| Total reserves ranking |
144/177
2024 |
169/177
2023 |
|
Net foreign direct investment
|
-$89.2M
2024 |
-$5.52B
2023 |
|
Net inflows of foreign direct investment
|
$110M
2024 |
$35.9B
2024 |
|
Net outflows of foreign direct investment
|
$20.8M
2024 |
$27.2B
2024 |
|
Servicing debt to the IMF, % of GNI
|
6.47%
2023 |
n/a |
| Poverty at national poverty lines |
24.8%
2023 |
n/a |
|
Gross capital formation, % of GDP
|
16%
2024 |
n/a |
GDP per capita map
GDP per capita
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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.