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Economy of Cape Verde vs Chad compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.77B compared to $20.6B for Chad, ranking 170/197 and 127/197 by economy size, respectively.

Cape Verde has $3.15B in government debt (109.6% of GDP), compared to $6.97B (33.9% of GDP) in Chad.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Cape Verde
GDP, current $

GDP, constant 2015 $
Chad
GDP, current $

GDP, constant 2015 $
Year GDP
Cape Verde Chad
Current $ Constant $ Current $ Constant $
1960 - - $313,582,728 $2,436,524,901
1961 - - $333,975,336 $2,470,581,274
1962 - - $357,635,713 $2,603,007,299
1963 - - $371,767,002 $2,561,373,394
1964 - - $392,247,518 $2,497,058,855
1965 - - $416,926,303 $2,512,196,720
1966 - - $432,794,922 $2,466,799,004
1967 - - $449,826,323 $2,485,724,320
1968 - - $453,980,096 $2,474,359,119
1969 - - $471,635,622 $2,644,627,446
1970 - - $469,266,737 $2,693,808,432
1971 - - $501,866,730 $2,633,261,683
1972 - - $585,427,547 $2,663,534,083
1973 - - $647,199,483 $2,440,306,408
1974 - - $652,532,795 $2,561,390,814
1975 - - $864,602,105 $2,792,178,974
1976 - - $866,044,962 $2,875,407,275
1977 - - $935,360,465 $2,939,661,840
1978 - - $1,113,920,124 $2,925,856,183
1979 - - $1,004,316,496 $2,298,520,793
1980 $142,246,815 $188,081,995 $1,033,002,404 $2,159,513,824
1981 $139,468,209 $203,977,862 $876,937,558 $2,182,035,784
1982 $140,630,679 $209,740,298 $834,369,860 $2,298,700,706
1983 $138,476,176 $229,709,147 $832,415,806 $2,659,107,502
1984 $132,019,039 $238,399,665 $919,103,735 $2,713,589,927
1985 $137,728,205 $259,002,371 $1,033,069,709 $3,304,956,434
1986 $190,651,168 $266,439,508 $1,067,828,246 $3,170,059,101
1987 $235,253,065 $277,920,557 $1,163,426,852 $3,094,332,460
1988 $264,308,140 $294,587,049 $1,482,597,298 $3,573,408,122
1989 $267,448,571 $311,372,470 $1,433,686,312 $3,747,959,643
1990 $306,890,963 $313,527,703 $1,738,605,558 $3,591,352,184
1991 $319,827,059 $317,930,093 $1,877,137,982 $3,897,879,020
1992 $357,160,985 $352,704,164 $1,881,847,670 $4,209,765,601
1993 $490,417,390 $383,418,741 $1,463,251,164 $3,548,418,285
1994 $406,580,652 $456,968,584 $1,179,837,963 $3,908,117,459
1995 $487,148,994 $521,911,297 $1,445,919,895 $3,956,443,259
1996 $501,979,270 $581,130,092 $1,607,345,356 $4,044,057,628
1997 $490,608,658 $645,742,612 $1,544,689,577 $4,272,684,072
1998 $521,910,561 $726,572,060 $1,744,794,531 $4,569,703,120
1999 $592,416,703 $808,112,688 $1,534,673,583 $4,538,498,892
2000 $539,227,278 $923,550,525 $1,388,506,772 $4,498,574,578
2001 $563,090,490 $944,160,983 $1,710,843,377 $5,023,024,460
2002 $620,507,387 $993,737,848 $1,997,005,709 $5,449,540,006
2003 $813,260,469 $1,035,238,918 $2,742,815,072 $6,251,803,140
2004 $924,940,012 $1,140,802,982 $4,422,855,661 $8,354,245,265
2005 $972,241,677 $1,219,660,509 $8,655,892,393 $9,802,247,644
2006 $1,107,571,458 $1,317,035,160 $9,709,626,596 $9,751,126,740
2007 $1,649,621,739 $1,516,838,455 $10,865,385,132 $10,175,906,505
2008 $1,959,620,648 $1,623,608,885 $13,385,593,990 $10,492,210,538
2009 $1,852,334,575 $1,599,196,517 $12,317,614,054 $10,351,773,940
2010 $1,824,751,468 $1,628,564,468 $14,058,506,664 $11,779,737,898
2011 $2,046,817,987 $1,692,481,035 $16,685,349,674 $12,316,138,912
2012 $1,913,081,210 $1,710,821,580 $17,892,228,570 $13,431,079,587
2013 $2,028,910,915 $1,721,636,311 $17,865,316,886 $13,808,137,253
2014 $2,041,930,125 $1,733,630,380 $18,144,336,904 $14,092,996,497
2015 $1,749,857,620 $1,749,857,620 $14,559,599,500 $14,559,599,500
2016 $1,849,789,986 $1,824,764,035 $13,026,289,836 $13,958,298,469
2017 $1,996,741,540 $1,907,814,791 $13,349,041,409 $13,731,058,253
2018 $2,205,099,507 $1,978,536,809 $15,327,000,249 $14,519,374,209
2019 $2,252,177,124 $2,116,002,111 $14,905,517,743 $15,301,773,407
2020 $1,821,565,614 $1,675,762,034 $14,932,897,821 $15,239,205,318
2021 $2,051,842,619 $1,793,627,261 $16,871,937,698 $15,284,005,406
2022 $2,247,003,344 $2,077,803,747 $17,828,508,290 $17,255,124,959
2023 $2,539,203,429 $2,189,821,145 $19,107,685,021 $17,965,596,410
2024 $2,767,599,017 $2,349,062,343 $20,625,711,665 $18,622,140,347

Economic indicators

Cape Verde Chad
Gross domestic product
$2.77B
2024
$20.6B
2024
GDP rank
170/197
2024
127/197
2024
GDP growth
8.99%
2023-2024
7.94%
2023-2024
GDP per capita
$5,273
2024
$1,016
2024
GDP per capita rank
117/197
2024
175/197
2024
GDP per capita, PPP
$11,262
2024
$2,962
2024
Government debt
$3.15B
2024
$6.97B
2024
Debt-to-GDP ratio
109.6%
2025
33.9%
2025
Government debt per person
$5,998
2024
$343
2024
Government debt per person rank
75/185
2024
175/185
2024
Average annual personal income after taxes
$2,527
2025
$1,511
2025
Income share by richest 10%
32.3%
2015
29.5%
2022
Income share by poorest 10%
2.2%
2015
2.8%
2022
Government expenditure, % of GDP
29.5%
2025
18.3%
2025
Consumer prices inflation
1.5%
2024-2025
4%
2024-2025
Central bank interest rate
1.5%
2024
n/a
Unemployment rate
11.3%
2019
1.14%
2018
Population
529186
21450865

GDP per capita in Cape Verde vs Chad

Cape Verde's GDP per capita is $5,273, ranking 117/197, compared to $1,016 in Chad, ranking 175/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 128th at $11,262, while Chad ranks 181st at $2,962.

Cape Verde
GDP per capita

GDP per capita, PPP
Chad
GDP per capita

GDP per capita, PPP
Year Current $
Cape Verde Chad
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $102.8 -
1961 - - $107.3 -
1962 - - $112.6 -
1963 - - $114.7 -
1964 - - $118.6 -
1965 - - $123.6 -
1966 - - $125.8 -
1967 - - $128.2 -
1968 - - $126.9 -
1969 - - $129.2 -
1970 - - $125.9 -
1971 - - $131.8 -
1972 - - $150.4 -
1973 - - $162.4 -
1974 - - $160 -
1975 - - $207.5 -
1976 - - $203.7 -
1977 - - $215.9 -
1978 - - $252.5 -
1979 - - $222.9 -
1980 $440 - $228.8 -
1981 $425 - $194 -
1982 $423 - $176.1 -
1983 $410 - $167.2 -
1984 $385 - $182.2 -
1985 $396 - $202.7 -
1986 $541 - $203.4 -
1987 $658 - $213.9 -
1988 $729 - $263.5 -
1989 $727 - $246.4 -
1990 $817 $1,044 $290.6 $962
1991 $832 $1,069 $302 $1,041
1992 $908 $1,186 $290.6 $1,102
1993 $1,220 $1,291 $220.7 $929
1994 $991 $1,540 $173.9 $1,021
1995 $1,165 $1,762 $204 $1,010
1996 $1,180 $1,963 $216.9 $1,006
1997 $1,134 $2,182 $201.4 $1,044
1998 $1,187 $2,443 $219.8 $1,091
1999 $1,327 $2,714 $186.6 $1,061
2000 $1,190 $3,124 $163.1 $1,039
2001 $1,223 $3,217 $194.3 $1,147
2002 $1,329 $3,388 $219.1 $1,220
2003 $1,718 $3,551 $289.1 $1,372
2004 $1,929 $3,969 $446 $1,800
2005 $2,004 $4,324 $838 $2,093
2006 $2,257 $4,758 $907 $2,070
2007 $3,325 $5,567 $980 $2,144
2008 $3,909 $6,011 $1,166 $2,175
2009 $3,660 $5,901 $1,036 $2,084
2010 $3,579 $6,039 $1,142 $2,318
2011 $4,002 $6,384 $1,308 $2,388
2012 $3,737 $6,318 $1,354 $2,435
2013 $3,961 $6,367 $1,305 $2,110
2014 $3,986 $6,417 $1,279 $2,133
2015 $3,415 $6,773 $994 $2,378
2016 $3,609 $7,351 $862 $2,120
2017 $3,893 $7,936 $854 $2,097
2018 $4,295 $7,916 $949 $2,228
2019 $4,381 $8,646 $893 $2,352
2020 $3,539 $6,853 $867 $2,186
2021 $3,971 $7,685 $946 $2,435
2022 $4,323 $9,481 $966 $2,845
2023 $4,861 $10,300 $989 $2,932
2024 $5,273 $11,262 $1,016 $2,962

Spending and national debt comparison

In 2024, Cape Verde's government spending was $733M, accounting for 29.5% of its GDP, while Chad's spent $3.84B, or 18.3% of GDP.

Debt-to-GDP ratio is 109.6% in Cape Verde and 33.9% in Chad, ranking 16/185 and 150/185, respectively.

Cape Verde
Government spending

Government debt
Chad
Government spending

Government debt
Year % of GDP
Cape Verde Chad
Government spending Government debt Government spending Government debt
1994 48.1% 73.4% - -
1995 44.5% 74.3% 12.3% 39.2%
1996 38.9% 85.7% 12% 38.6%
1997 34.8% 79.3% 12% 39.3%
1998 29.8% 72.9% 10.1% 33%
1999 35% 66.4% 12.9% 44.7%
2000 36.7% 71.9% 14% 52.4%
2001 24.2% 62.2% 12% 43.5%
2002 28.5% 64.7% 13.8% 42%
2003 23.4% 65.6% 14.9% 34.4%
2004 26.3% 67.8% 9.84% 25.2%
2005 26.2% 66.7% 8.87% 22%
2006 28.4% 66.2% 10.7% 20.1%
2007 27.1% 59.6% 13.6% 17.6%
2008 27.6% 57.5% 14.6% 15.7%
2009 30.6% 58.8% 19.8% 23.9%
2010 35.7% 73.5% 18.5% 22.9%
2011 30.3% 71.6% 16.3% 22.3%
2012 31.6% 82.9% 16.6% 19.9%
2013 30.9% 93.5% 16.6% 22.3%
2014 27.8% 105.6% 17% 29.5%
2015 28.7% 115.6% 13.8% 31.3%
2016 26.6% 115.4% 11.3% 40.3%
2017 28% 112.8% 11.2% 38.9%
2018 27.5% 112% 9.63% 33.4%
2019 27.5% 109.4% 10.6% 38.2%
2020 34.5% 143.8% 14% 41.1%
2021 30.8% 149.1% 13.1% 41.6%
2022 25.9% 124% 12.7% 32.2%
2023 24.8% 114% 17.4% 32.6%
2024 26.5% 113.7% 18.6% 33.8%
2025 29.5% 109.6% 18.3% 33.9%

Government deficit by year

In 2024, Cape Verde's government deficit, the difference between spending and revenue, was -$65.4M, equivalent to -2.36% of GDP. This compares to Chad's deficit of -$405M, or -1.96% of GDP.

Over the past 30 years, Cape Verde recorded a fiscal deficit in 30 of those years, while Chad ran a deficit in 22 years. On average, Cape Verde posted an annual deficit equal to -5.83% of GDP, compared to deficit of -1.46% of GDP for Chad.

Deficit/surplus
Cape Verde

Chad
Year Deficit/surplus, % of GDP
Cape Verde Chad
1994 -12.8% -
1995 -11.1% -3.12%
1996 -11.2% -2.86%
1997 -10.2% -2.58%
1998 -3.16% -1.73%
1999 -10.9% -4.07%
2000 -15.5% -4.68%
2001 -5.03% -3.53%
2002 -6.14% -4.08%
2003 -3.63% -4.32%
2004 -2.98% -1.84%
2005 -4.69% -0.05%
2006 -4.32% 1.7%
2007 -0.86% 2.02%
2008 -1.42% 2.82%
2009 -5.32% -8.44%
2010 -9.6% -3.16%
2011 -6.98% 1.75%
2012 -9.36% 0.33%
2013 -8.49% -1.5%
2014 -6.93% -3.23%
2015 -4.16% -3.29%
2016 -2.73% -1.52%
2017 -2.63% -0.17%
2018 -2.36% 1.37%
2019 -1.62% -0.11%
2020 -9.29% 1.22%
2021 -7.51% -1.3%
2022 -4.15% 3.83%
2023 -0.27% -1.28%
2024 -2.36% -1.96%
2025 -1.77% -0.54%

Inflation comparison by year

Over the past 30 years, Cape Verde has recorded an average annual inflation rate of 2.4%, compared with 2.7% in Chad. In 2025, inflation was 1.5% in Cape Verde and 4% in Chad.

Inflation
Cape Verde

Chad
Year Inflation
Cape Verde Chad Cape Verde Chad
1996 6% 11.3%
1997 8.6% 5.6%
1998 4.4% 4.3%
1999 4.3% -8.4%
2000 -2.4% 3.8%
2001 3.7% 12.4%
2002 1.9% 5.2%
2003 1.2% -1.8%
2004 -1.9% -4.8%
2005 0.4% 4.4%
2006 4.8% 9.6%
2007 4.4% -7.4%
2008 6.8% 8.3%
2009 1% 10.1%
2010 2.1% -2.1%
2011 4.5% 2%
2012 2.5% 7.5%
2013 1.5% 0.2%
2014 -0.2% -5.5%
2015 0.1% 4.8%
2016 -1.4% -1.6%
2017 0.8% -0.9%
2018 1.3% 4%
2019 1.1% -1%
2020 0.6% 4.5%
2021 1.9% -0.8%
2022 7.9% 5.8%
2023 3.7% 2.3%
2024 1% 5.1%
2025 1.5% 4%

Balance of trade

Cape Verde Chad
Current account balance
$107M
2024
-$37.7M
1994
Current account balance ranking
66/189
2024
79/189
1994
Current account balance, % of GDP
+3.85%
2024
-3.2%
1994
Goods imports
$1.17B
2024
$212M
1994
Goods exports
$328M
2024
$135M
1994
Service imports
$298M
2024
$199M
1994
Service exports
$830M
2024
$54.8M
1994
Imports of goods and services, % of GDP
53.2%
2024
17.2%
2024
Exports of goods and services, % of GDP
41.9%
2024
28.1%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Cape Verde Chad
Economic freedom 68.7 52.2
Economic freedom ranking 44/197 148/197
Property rights 64.6 27.4
Government integrity 64.4 14.1
Judicial effectiveness 75.1 14.5
Tax burden 84.4 78.5
Government spending 77.8 92.9
Fiscal health 54.7 97.9
Business freedom 80.2 28.7
Labor freedom 59.6 53.5
Monetary freedom 76.5 72
Trade freedom 67 47.2
Investment freedom 60 60
Financial freedom 60 40

Economic freedom by year comparison

The Economic Freedom Index for Cape Verde is 68.7, ranking 44/197, compared to 52.2 for Chad, ranking 148/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Cape Verde
Chad
Year Economic freedom index
Cape Verde Chad
1996 49.7 -
1997 47.7 45.1
1998 48 46.6
1999 50.7 47.2
2000 51.9 46.8
2001 56.3 46.4
2002 57.6 49.2
2003 56.1 52.6
2004 58.1 53.1
2005 57.8 52.1
2006 58.6 50
2007 56.5 50.1
2008 57.9 47.8
2009 61.3 47.5
2010 61.8 47.5
2011 64.6 45.3
2012 63.5 44.8
2013 63.7 45.2
2014 66.1 44.5
2015 66.4 45.9
2016 66.5 46.3
2017 56.9 49
2018 60 49.3
2019 63.1 49.9
2020 63.6 50.2
2021 63.8 50.4
2022 66.7 49.8
2023 65.8 52
2024 62.9 51.4
2025 68.7 52.2

More economic indicators

Cape Verde Chad
Services, % of GDP
69.4%
2024
31.6%
2024
Industry, % of GDP
10.5%
2024
29.7%
2024
Agriculture, forestry, and fishing, % of GDP
4.7%
2024
32.2%
2024
GNI, Atlas method
$2.63B
2024
$19.7B
2024
GNI per capita, PPP
$11,050
2024
$2,930
2024
Total reserves including gold
$783M
2024
$1.05B
2023
Total reserves ranking
144/177
2024
140/177
2023
Net foreign direct investment
-$89.2M
2024
-$26.5M
1994
Net inflows of foreign direct investment
$110M
2024
$1.02B
2024
Net outflows of foreign direct investment
$20.8M
2024
-$2.15M
1999
Servicing debt to the IMF, % of GNI
6.47%
2023
2.2%
2023
Poverty at national poverty lines
24.8%
2023
44.8%
2022
Gross capital formation, % of GDP
16%
2024
17.8%
2024

GDP per capita map

GDP per capita

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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.