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Economy of Cape Verde vs China compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.73B compared to $18.7T for China, ranking 172/197 and 2/197 by economy size, respectively.

Cape Verde has $3.03B in government debt (111.2% of GDP), compared to $16.6T (88.3% of GDP) in China.

Cape Verde vs China GDP by year

Cape Verde
China
1x
Year GDP, current $
Cape Verde China
2024 $2,725,414,151 $18,743,803,170,827
2023 $2,504,525,549 $18,270,356,654,533
2022 $2,247,003,344 $18,316,765,021,690
2021 $2,051,842,619 $18,201,698,719,564
2020 $1,821,565,614 $14,996,414,166,715
2019 $2,252,177,124 $14,560,167,101,283
2018 $2,205,099,507 $14,147,765,772,964
2017 $1,996,741,540 $12,537,559,062,283
2016 $1,849,789,986 $11,456,024,084,962
2015 $1,749,857,620 $11,280,814,787,469
2014 $2,041,930,125 $10,674,533,168,257
2013 $2,028,910,915 $9,743,124,247,267
2012 $1,913,081,210 $8,673,664,713,189
2011 $2,046,817,987 $7,671,757,207,851
2010 $1,824,751,468 $6,192,564,874,453
2009 $1,852,334,575 $5,189,577,094,998
2008 $1,959,620,648 $4,667,346,414,522
2007 $1,649,621,739 $3,604,055,822,572
2006 $1,107,571,458 $2,791,498,472,804
2005 $972,241,677 $2,317,551,298,052
2004 $924,940,012 $1,984,196,551,300
2003 $813,260,469 $1,683,903,309,844
2002 $620,507,387 $1,489,821,682,051
2001 $563,090,490 $1,355,036,590,252
2000 $539,227,278 $1,223,754,919,971
1999 $592,416,703 $1,103,843,203,576
1998 $521,910,561 $1,037,134,141,760
1997 $490,608,658 $967,753,570,435
1996 $501,979,270 $868,523,936,530
1995 $487,148,994 $738,190,896,228
1994 $406,580,652 $566,929,539,493
1993 $490,417,390 $446,557,291,212
1992 $357,160,985 $428,502,354,788
1991 $319,827,059 $384,510,452,962
1990 $306,890,963 $361,560,229,446
1989 $267,448,571 $348,380,566,802
1988 $264,308,140 $312,888,888,889
1987 $235,253,065 $273,455,156,951
1986 $190,651,168 $301,310,144,928
1985 $137,728,205 $310,064,625,850
1984 $132,019,039 $260,442,857,143
1983 $138,476,176 $231,130,268,199
1982 $140,630,679 $205,480,916,031
1981 $139,468,209 $196,218,253,968
1980 $142,246,815 $191,487,500,000
1979 - $178,573,913,043
1978 - $149,788,617,886
1977 - $175,226,595,860
1976 - $154,196,810,059
1975 - $163,687,619,736
1974 - $144,418,433,058
1973 - $138,764,340,892
1972 - $113,871,930,714
1971 - $99,959,013,880
1970 - $92,752,930,873
1969 - $79,847,786,729
1968 - $70,980,323,819
1967 - $73,011,350,596
1966 - $76,854,053,259
1965 - $70,565,994,356
1964 - $59,821,862,703
1963 - $50,812,227,919
1962 - $47,310,737,754
1961 - $50,162,299,350
1960 - $59,846,235,025

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/cape-verde/china | CC BY

GDP per capita in Cape Verde vs China by year

Cape Verde
GDP per capita

GDP per capita, PPP
China
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde China
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,192 $11,195 $13,303 $27,105
2023 $4,795 $10,242 $12,951 $25,179
2022 $4,323 $9,481 $12,971 $23,032
2021 $3,971 $7,685 $12,887 $20,843
2020 $3,539 $6,853 $10,627 $18,267
2019 $4,381 $8,646 $10,343 $17,601
2018 $4,295 $7,916 $10,086 $16,298
2017 $3,893 $7,936 $8,980 $15,022
2016 $3,609 $7,351 $8,255 $14,157
2015 $3,415 $6,773 $8,175 $13,463
2014 $3,986 $6,417 $7,781 $12,942
2013 $3,961 $6,367 $7,147 $12,228
2012 $3,737 $6,318 $6,405 $11,420
2011 $4,002 $6,384 $5,704 $10,457
2010 $3,579 $6,039 $4,629 $9,411
2009 $3,660 $5,901 $3,898 $8,448
2008 $3,909 $6,011 $3,523 $7,713
2007 $3,325 $5,567 $2,735 $6,935
2006 $2,257 $4,758 $2,129 $5,946
2005 $2,004 $4,324 $1,778 $5,148
2004 $1,929 $3,969 $1,531 $4,505
2003 $1,718 $3,551 $1,307 $4,007
2002 $1,329 $3,388 $1,164 $3,591
2001 $1,223 $3,217 $1,065 $3,258
2000 $1,190 $3,124 $969 $2,964
1999 $1,327 $2,714 $881 $2,690
1998 $1,187 $2,443 $835 $2,483
1997 $1,134 $2,182 $787 $2,297
1996 $1,180 $1,963 $713 $2,088
1995 $1,165 $1,762 $613 $1,884
1994 $991 $1,540 $476 $1,680
1993 $1,220 $1,291 $379 $1,471
1992 $908 $1,186 $368 $1,276
1991 $832 $1,069 $334 $1,105
1990 $817 $1,044 $319 $991
1989 $727 - $311 -
1988 $729 - $284 -
1987 $658 - $252.3 -
1986 $541 - $282.4 -
1985 $396 - $295 -
1984 $385 - $251.2 -
1983 $410 - $225.9 -
1982 $423 - $203.7 -
1981 $425 - $197.4 -
1980 $440 - $195.1 -
1979 - - $184.3 -
1978 - - $156.7 -
1977 - - $185.7 -
1976 - - $165.7 -
1975 - - $178.6 -
1974 - - $160.4 -
1973 - - $157.3 -
1972 - - $132.1 -
1971 - - $118.8 -
1970 - - $113.3 -
1969 - - $100.3 -
1968 - - $91.6 -
1967 - - $96.8 -
1966 - - $104.5 -
1965 - - $98.7 -
1964 - - $85.7 -
1963 - - $74.5 -
1962 - - $71.1 -
1961 - - $76 -
1960 - - $89.7 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/cape-verde/china | CC BY

Cape Verde's GDP per capita is $5,192, ranking 118/197, compared to $13,303 in China, ranking 76/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while China ranks 77th at $27,105.

Economic indicators

Cape Verde China
Gross domestic product
$2.73B
2024
$18.7T
2024
GDP rank
172/197
2024
2/197
2024
GDP growth
7.24%
2023-2024
4.98%
2023-2024
GDP per capita
$5,192
2024
$13,303
2024
GDP per capita rank
118/197
2024
76/197
2024
GDP per capita, PPP
$11,195
2024
$27,105
2024
GDP per capita PPP rank
129/197
2024
77/197
2024
Government debt
$3.03B
2024
$16.6T
2024
Debt-to-GDP ratio
111.2%
2024
88.3%
2024
Government debt per person
$5,776
2024
$11,749
2024
Government debt per person rank
76/185
2024
47/185
2024
Average annual personal income after taxes
$2,576
2026
$9,826
2026
Market capitalization of domestic companies n/a
$11.8T
2024
Number of millionaires n/a
6,327,000
2025
Number of billionaires n/a
450
2025
Income share by richest 10%
32.3%
2015
28.4%
2022
Income share by poorest 10%
2.2%
2015
3.1%
2022
Government expenditure, % of GDP
26.1%
2024
32.9%
2024
Consumer prices inflation
1%
2023-2024
0.2%
2023-2024
Central bank interest rate
1.5%
2024
3.1%
2024
Unemployment rate
11.3%
2019
5.11%
2021
Population
530391
1402578808

Spending and national debt comparison by year

Cape Verde
Spending

Debt
China
Spending

Debt
1x
Year % of GDP
Cape Verde China
Government spending Government debt Government spending Government debt
2024 26.1% 111.2% 32.9% 88.3%
2023 25.7% 117.5% 32.7% 82%
2022 26.6% 127.6% 32.6% 75.5%
2021 30.8% 149.5% 31.9% 70.1%
2020 34.5% 144.3% 34.8% 69%
2019 27.5% 109.8% 33.6% 59.4%
2018 27.5% 112.3% 32.6% 55.6%
2017 28% 113% 32% 53.9%
2016 26.6% 115.6% 31.7% 49.7%
2015 28.7% 115.7% 31% 40.8%
2014 27.8% 105.7% 28.4% 39.3%
2013 30.9% 93.5% 28.1% 36.4%
2012 31.6% 82.9% 27.7% 33.8%
2011 30.3% 71.6% 26.6% 33.2%
2010 35.7% 73.5% 24.7% 33.3%
2009 30.6% 58.8% 25.2% 34%
2008 27.6% 57.5% 22.2% 26.7%
2007 27.1% 59.6% 17.9% 28.7%
2006 28.4% 66.2% 18.1% 25.2%
2005 26.2% 66.7% 18% 25.9%
2004 26.3% 67.8% 17.6% 26%
2003 23.4% 65.6% 18% 26.4%
2002 28.5% 64.7% 18.2% 25.6%
2001 24.2% 62.2% 17.2% 24.3%
2000 36.7% 71.9% 16.1% 22.7%
1999 35% 66.4% 14.9% 21.6%
1998 29.8% 72.9% 12.6% 20.4%
1997 34.8% 79.3% 11.5% 20.4%
1996 38.9% 85.7% 11% 21.2%
1995 44.5% 74.3% 11.1% 21.4%
1994 48.1% 73.4% 12.4% -
1993 - - 13.4% -
1992 - - 14.6% -
1991 - - 16.5% -
1990 - - 18.2% -
1989 - - 18.6% -
1988 - - 20.9% 4.46%
1987 - - 23.4% 3.6%
1986 - - 25.6% 3.24%
1985 - - 25.8% 3.31%
1984 - - 26.9% 0.97%
1983 - - 28.3% -
1982 - - 27.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1996, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/china | CC BY

In 2024, Cape Verde's government spending was $711M, accounting for 26.1% of its GDP, while China spent $6.18T, or 32.9% of GDP.

Debt-to-GDP ratio is 111.2% in Cape Verde and 88.3% in China, ranking 16/185 and 34/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

China
1x
Year Deficit/surplus, % of GDP
Cape Verde China
2024 -1.07% -7.34%
2023 -0.28% -6.71%
2022 -4.25% -7.32%
2021 -7.51% -5.9%
2020 -9.29% -9.56%
2019 -1.62% -6%
2018 -2.36% -4.2%
2017 -2.63% -3.34%
2016 -2.73% -3.33%
2015 -4.16% -2.5%
2014 -6.93% -0.67%
2013 -8.49% -0.82%
2012 -9.36% -0.3%
2011 -6.98% -0.1%
2010 -9.6% -0.36%
2009 -5.32% -1.72%
2008 -1.42% -0.02%
2007 -0.86% 0.06%
2006 -4.32% -1.13%
2005 -4.69% -1.38%
2004 -2.98% -1.49%
2003 -3.63% -2.36%
2002 -6.14% -2.84%
2001 -5.03% -2.56%
2000 -15.5% -2.81%
1999 -10.9% -2.3%
1998 -3.16% -1.08%
1997 -10.2% -0.73%
1996 -11.2% -0.73%
1995 -11.1% -0.94%
1994 -12.8% -1.68%
1993 - -0.89%
1992 - -1.22%
1991 - -1.04%
1990 - -0.72%
1989 - -0.91%
1988 - -2.22%
1987 - -2.08%
1986 - -1.82%
1985 - -0.45%
1984 - -1.44%
1983 - -1.61%
1982 - -1.33%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/china | CC BY

In 2024, Cape Verde's government deficit, the difference between spending and revenue, was $29.1M, equivalent to 1.07% of GDP. This compares to China's deficit of $1.38T, or 7.34% of GDP.

Over the past 31 years, Cape Verde recorded a fiscal deficit in 31 of those years, while China ran a deficit in 30 years. On average, Cape Verde posted an annual deficit equal to 6.02% of GDP, compared to deficit of 2.65% of GDP for China.

Inflation comparison by year

Inflation
Cape Verde

China
1x
Year Consumer prices inflation
Cape Verde China
2024 1% 0.2%
2023 3.7% 0.2%
2022 7.9% 2%
2021 1.9% 0.9%
2020 0.6% 2.5%
2019 1.1% 2.9%
2018 1.3% 2.1%
2017 0.8% 1.6%
2016 -1.4% 2%
2015 0.1% 1.5%
2014 -0.2% 2%
2013 1.5% 2.7%
2012 2.5% 2.6%
2011 4.5% 5.4%
2010 2.1% 3.3%
2009 1% -0.7%
2008 6.8% 5.9%
2007 4.4% 4.7%
2006 4.8% 1.5%
2005 0.4% 1.8%
2004 -1.9% 3.9%
2003 1.2% 1.1%
2002 1.9% -0.8%
2001 3.7% 0.7%
2000 -2.4% 0.4%
1999 4.3% -1.4%
1998 4.4% -0.8%
1997 8.6% 2.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/china | CC BY

Over the past 28 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 1.82% in China. In 2024, inflation was 1% in Cape Verde and 0.2% in China.

Top exports between countries

Cape Verde
Export category Export value
China
Export category Export value
Machinery & equipment $37.6M
Textiles & consumer goods $26.4M
Processed food, beverages & tobacco $15.3M
Metals $14.9M
Chemicals & pharma $9.82M
Raw materials & minerals $3.03M
Wood & paper products $2.89M
Miscellaneous $2.62M
Raw agricultural goods $1.99M
Precious metals & jewellery $147K

Balance of trade

Cape Verde China
Current account balance
$107M
2024
$424B
2024
Current account balance ranking
67/190
2024
1/190
2024
Current account balance, % of GDP
+3.91%
2024
+2.26%
2024
Goods imports
$1.17B
2024
$2.64T
2024
Goods exports
$328M
2024
$3.41T
2024
Service imports
$298M
2024
$613B
2024
Service exports
$830M
2024
$384B
2024
Imports of goods and services, % of GDP
54%
2024
17.2%
2024
Exports of goods and services, % of GDP
42.5%
2024
20%
2024

Economic freedom indices

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

Cape Verde China
Economic freedom 71.4 48.3
Economic freedom ranking 32/197 170/197
Property rights 72.7 40.9
Government integrity 63.3 42.3
Judicial effectiveness 77.1 38.6
Tax burden 84.4 69.3
Government spending 79.5 67.8
Fiscal health 74.4 4.4
Business freedom 78.9 68.7
Labor freedom 59.5 57.9
Monetary freedom 80.4 76.1
Trade freedom 66.6 73.4
Investment freedom 60 20
Financial freedom 60 20

Economic freedom comparison by year

Cape Verde
China
1x
Year Economic freedom index
Cape Verde China
2026 71.4 48.3
2025 68.7 49
2024 62.9 48.5
2023 65.8 48.3
2022 66.7 48
2021 63.8 58.4
2020 63.6 59.5
2019 63.1 58.4
2018 60 57.8
2017 56.9 57.4
2016 66.5 52
2015 66.4 52.7
2014 66.1 52.5
2013 63.7 51.9
2012 63.5 51.2
2011 64.6 52
2010 61.8 51
2009 61.3 53.2
2008 57.9 53.1
2007 56.5 52
2006 58.6 53.6
2005 57.8 53.7
2004 58.1 52.5
2003 56.1 52.6
2002 57.6 52.8
2001 56.3 52.6
2000 51.9 56.4
1999 50.7 54.8
1998 48 53.1
1997 47.7 51.7
1996 49.7 51.3
1995 - 52

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/cape-verde/china | CC BY

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 48.3 for China, ranking 170/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde China
Services, % of GDP
68.7%
2024
56.7%
2024
Industry, % of GDP
10.7%
2024
36.5%
2024
Agriculture, forestry, and fishing, % of GDP
4.92%
2024
6.78%
2024
GNI, Atlas method
$2.6B
2024
$19.3T
2024
GNI per capita, PPP
$11,000
2024
$26,920
2024
Total reserves including gold
$783M
2024
$3.46T
2024
Total reserves ranking
144/177
2024
1/177
2024
Net foreign direct investment
-$89.2M
2024
$154B
2024
Net inflows of foreign direct investment
$110M
2024
$18.6B
2024
Net outflows of foreign direct investment
$20.8M
2024
$172B
2024
Servicing debt to the IMF, % of GNI
5.69%
2024
1.89%
2024
Poverty at national poverty lines
24.8%
2023
0%
2020
Gross capital formation, % of GDP
16.4%
2024
40.6%
2024

GDP per capita map

1x

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/china | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1996, retrieved 2026-02-20)
  6. TradeMap (2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.