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Economy of Cape Verde vs Ecuador compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.73B compared to $125B for Ecuador, ranking 172/197 and 62/197 by economy size, respectively.

Cape Verde has $3.03B in government debt (111.2% of GDP), compared to $67B (53.8% of GDP) in Ecuador.

Cape Verde vs Ecuador GDP by year

Cape Verde
Ecuador
1x
Year GDP, current $
Cape Verde Ecuador
2024 $2,725,414,151 $124,676,074,700
2023 $2,504,525,549 $121,147,057,000
2022 $2,247,003,344 $116,133,121,000
2021 $2,051,842,619 $107,179,074,000
2020 $1,821,565,614 $95,865,473,000
2019 $2,252,177,124 $107,595,830,000
2018 $2,205,099,507 $107,478,961,000
2017 $1,996,741,540 $104,467,486,000
2016 $1,849,789,986 $97,671,433,000
2015 $1,749,857,620 $97,209,558,000
2014 $2,041,930,125 $102,717,794,000
2013 $2,028,910,915 $96,570,334,000
2012 $1,913,081,210 $87,735,048,000
2011 $2,046,817,987 $78,986,648,000
2010 $1,824,751,468 $68,151,329,000
2009 $1,852,334,575 $60,094,978,000
2008 $1,959,620,648 $61,139,438,000
2007 $1,649,621,739 $49,848,725,000
2006 $1,107,571,458 $45,690,762,000
2005 $972,241,677 $40,278,849,000
2004 $924,940,012 $35,194,947,000
2003 $813,260,469 $30,965,208,000
2002 $620,507,387 $27,054,197,000
2001 $563,090,490 $23,127,055,000
2000 $539,227,278 $17,539,454,727
1999 $592,416,703 $19,645,272,636
1998 $521,910,561 $27,981,896,948
1997 $490,608,658 $28,162,053,027
1996 $501,979,270 $25,226,393,197
1995 $487,148,994 $24,432,884,442
1994 $406,580,652 $22,708,673,337
1993 $490,417,390 $18,938,717,359
1992 $357,160,985 $18,094,238,119
1991 $319,827,059 $16,988,535,268
1990 $306,890,963 $15,239,272,612
1989 $267,448,571 $13,890,823,705
1988 $264,308,140 $13,051,881,851
1987 $235,253,065 $13,945,426,859
1986 $190,651,168 $15,314,138,472
1985 $137,728,205 $17,149,088,413
1984 $132,019,039 $16,912,509,092
1983 $138,476,176 $17,152,477,037
1982 $140,630,679 $19,929,846,396
1981 $139,468,209 $21,810,759,354
1980 $142,246,815 $17,881,508,242
1979 - $14,175,160,902
1978 - $11,922,497,876
1977 - $11,026,342,618
1976 - $9,091,921,030
1975 - $7,731,674,472
1974 - $6,599,257,044
1973 - $3,891,754,150
1972 - $3,185,986,087
1971 - $2,754,219,271
1970 - $2,862,503,139
1969 - $3,112,165,727
1968 - $2,582,179,864
1967 - $2,553,595,172
1966 - $2,429,308,639
1965 - $2,387,047,396
1964 - $2,244,146,103
1963 - $1,824,343,871
1962 - $1,518,207,703
1961 - $1,753,850,955
1960 - $2,069,464,937

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

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

GDP per capita in Cape Verde vs Ecuador by year

Cape Verde
GDP per capita

GDP per capita, PPP
Ecuador
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde Ecuador
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,192 $11,195 $6,875 $15,840
2023 $4,795 $10,242 $6,738 $15,919
2022 $4,323 $9,481 $6,516 $15,198
2021 $3,971 $7,685 $6,061 $13,507
2020 $3,539 $6,853 $5,464 $11,527
2019 $4,381 $8,646 $6,205 $12,543
2018 $4,295 $7,916 $6,304 $12,187
2017 $3,893 $7,936 $6,233 $11,793
2016 $3,609 $7,351 $5,918 $10,881
2015 $3,415 $6,773 $5,976 $10,878
2014 $3,986 $6,417 $6,406 $11,836
2013 $3,961 $6,367 $6,109 $11,296
2012 $3,737 $6,318 $5,634 $10,245
2011 $4,002 $6,384 $5,154 $9,769
2010 $3,579 $6,039 $4,520 $8,969
2009 $3,660 $5,901 $4,053 $8,662
2008 $3,909 $6,011 $4,195 $8,663
2007 $3,325 $5,567 $3,479 $8,112
2006 $2,257 $4,758 $3,244 $7,885
2005 $2,004 $4,324 $2,909 $7,457
2004 $1,929 $3,969 $2,586 $6,980
2003 $1,718 $3,551 $2,316 $6,475
2002 $1,329 $3,388 $2,059 $6,282
2001 $1,223 $3,217 $1,791 $5,999
2000 $1,190 $3,124 $1,382 $5,728
1999 $1,327 $2,714 $1,575 $5,638
1998 $1,187 $2,443 $2,284 $5,940
1997 $1,134 $2,182 $2,341 $5,793
1996 $1,180 $1,963 $2,136 $5,560
1995 $1,165 $1,762 $2,108 $5,469
1994 $991 $1,540 $1,997 $5,339
1993 $1,220 $1,291 $1,698 $5,112
1992 $908 $1,186 $1,655 $4,998
1991 $832 $1,069 $1,587 $4,887
1990 $817 $1,044 $1,455 $4,632
1989 $727 - $1,356 -
1988 $729 - $1,304 -
1987 $658 - $1,426 -
1986 $541 - $1,604 -
1985 $396 - $1,842 -
1984 $385 - $1,864 -
1983 $410 - $1,940 -
1982 $423 - $2,314 -
1981 $425 - $2,601 -
1980 $440 - $2,190 -
1979 - - $1,783 -
1978 - - $1,541 -
1977 - - $1,465 -
1976 - - $1,242 -
1975 - - $1,086 -
1974 - - $954 -
1973 - - $579 -
1972 - - $488 -
1971 - - $434 -
1970 - - $465 -
1969 - - $521 -
1968 - - $445 -
1967 - - $454 -
1966 - - $445 -
1965 - - $450 -
1964 - - $436 -
1963 - - $365 -
1962 - - $312 -
1961 - - $371 -
1960 - - $451 -

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

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

Cape Verde's GDP per capita is $5,192, ranking 118/197, compared to $6,875 in Ecuador, ranking 103/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while Ecuador ranks 110th at $15,840.

Economic indicators

Cape Verde Ecuador
Gross domestic product
$2.73B
2024
$125B
2024
GDP rank
172/197
2024
62/197
2024
GDP growth
7.24%
2023-2024
-2%
2023-2024
GDP per capita
$5,192
2024
$6,875
2024
GDP per capita rank
118/197
2024
103/197
2024
GDP per capita, PPP
$11,195
2024
$15,840
2024
GDP per capita PPP rank
129/197
2024
110/197
2024
Government debt
$3.03B
2024
$67B
2024
Debt-to-GDP ratio
111.2%
2024
53.8%
2024
Government debt per person
$5,776
2024
$3,695
2024
Government debt per person rank
76/185
2024
93/185
2024
Average annual personal income after taxes
$2,576
2026
$5,894
2026
Market capitalization of domestic companies n/a
$747M
2000
Income share by richest 10%
32.3%
2015
33.4%
2024
Income share by poorest 10%
2.2%
2015
1.5%
2024
Government expenditure, % of GDP
26.1%
2024
38.1%
2024
Consumer prices inflation
1%
2023-2024
1.55%
2023-2024
Central bank interest rate
1.5%
2024
n/a
Unemployment rate
11.3%
2019
3.39%
2024
Population
530391
18487749

Spending and national debt comparison by year

Cape Verde
Spending

Debt
Ecuador
Spending

Debt
1x
Year % of GDP
Cape Verde Ecuador
Government spending Government debt Government spending Government debt
2024 26.1% 111.2% 38.1% 53.8%
2023 25.7% 117.5% 39.5% 54.3%
2022 26.6% 127.6% 38.9% 57.2%
2021 30.8% 149.5% 37.5% 61.8%
2020 34.5% 144.3% 40.2% 63.6%
2019 27.5% 109.8% 39.8% 52.1%
2018 27.5% 112.3% 40.9% 49.5%
2017 28% 113% 40.5% 47.4%
2016 26.6% 115.6% 44.1% 46.1%
2015 28.7% 115.7% 44.1% 36.4%
2014 27.8% 105.7% 45.9% 28.2%
2013 30.9% 93.5% 46.7% 23.4%
2012 31.6% 82.9% 43.2% 19.3%
2011 30.3% 71.6% 39.6% 18.6%
2010 35.7% 73.5% 35.4% 18.4%
2009 30.6% 58.8% 34.3% 19.7%
2008 27.6% 57.5% 35.6% 24.9%
2007 27.1% 59.6% 24.7% 29.6%
2006 28.4% 66.2% 21.7% 33.1%
2005 26.2% 66.7% 22% 35.8%
2004 26.3% 67.8% 21.3% 40.2%
2003 23.4% 65.6% 21.3% 47.2%
2002 28.5% 64.7% 22.8% 55%
2001 24.2% 62.2% 21.4% 63.8%
2000 36.7% 71.9% 24.3% 92.2%
1999 35% 66.4% 24.1% 105.2%
1998 29.8% 72.9% 21.5% 70.3%
1997 34.8% 79.3% 22% 61.5%
1996 38.9% 85.7% 22.7% 69.3%
1995 44.5% 74.3% 22% 70.5%
1994 48.1% 73.4% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1994–2000, retrieved 2026-02-20).

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

In 2024, Cape Verde's government spending was $711M, accounting for 26.1% of its GDP, while Ecuador spent $47.5B, or 38.1% of GDP.

Debt-to-GDP ratio is 111.2% in Cape Verde and 53.8% in Ecuador, ranking 16/185 and 98/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

Ecuador
1x
Year Deficit/surplus, % of GDP
Cape Verde Ecuador
2024 -1.07% -1.28%
2023 -0.28% -3.48%
2022 -4.25% 0.04%
2021 -7.51% -1.59%
2020 -9.29% -7.38%
2019 -1.62% -3.47%
2018 -2.36% -2.8%
2017 -2.63% -5.77%
2016 -2.73% -10.3%
2015 -4.16% -6.87%
2014 -6.93% -8.11%
2013 -8.49% -8.17%
2012 -9.36% -2.83%
2011 -6.98% -0.13%
2010 -9.6% -1.39%
2009 -5.32% -3.71%
2008 -1.42% 0.57%
2007 -0.86% 2.66%
2006 -4.32% 2.92%
2005 -4.69% 0.66%
2004 -2.98% 1.94%
2003 -3.63% 1.05%
2002 -6.14% 0.74%
2001 -5.03% 0.03%
2000 -15.5% -0.32%
1999 -10.9% -4.82%
1998 -3.16% -5.1%
1997 -10.2% -2.83%
1996 -11.2% -3.44%
1995 -11.1% -2.02%
1994 -12.8% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/ecuador | 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 Ecuador's deficit of $1.59B, or 1.28% of GDP.

Over the past 30 years, Cape Verde recorded a fiscal deficit in 30 of those years, while Ecuador ran a deficit in 21 years. On average, Cape Verde posted an annual deficit equal to 5.79% of GDP, compared to deficit of 2.51% of GDP for Ecuador.

Inflation comparison by year

Inflation
Cape Verde

Ecuador
1x
Year Consumer prices inflation
Cape Verde Ecuador
2024 1% 1.55%
2023 3.7% 2.22%
2022 7.9% 3.47%
2021 1.9% 0.13%
2020 0.6% -0.34%
2019 1.1% 0.27%
2018 1.3% -0.22%
2017 0.8% 0.42%
2016 -1.4% 1.73%
2015 0.1% 3.97%
2014 -0.2% 3.59%
2013 1.5% 2.72%
2012 2.5% 5.1%
2011 4.5% 4.47%
2010 2.1% 3.55%
2009 1% 5.16%
2008 6.8% 8.4%
2007 4.4% 2.28%
2006 4.8% 3.3%
2005 0.4% 2.17%
2004 -1.9% 2.74%
2003 1.2% 7.93%
2002 1.9% 12.5%
2001 3.7% 37.7%
2000 -2.4% 96.1%
1999 4.3% 52.2%
1998 4.4% 36.1%
1997 8.6% 30.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 11.8% in Ecuador. In 2024, inflation was 1% in Cape Verde and 1.55% in Ecuador.

Top exports between countries

Cape Verde
Export category Export value
Animal & marine products $49K
Ecuador
Export category Export value
Animal & marine products $378K
Processed food, beverages & tobacco $41K

Balance of trade

Cape Verde Ecuador
Current account balance
$107M
2024
$7.06B
2024
Current account balance ranking
67/190
2024
27/190
2024
Current account balance, % of GDP
+3.91%
2024
+5.66%
2024
Goods imports
$1.17B
2024
$27.9B
2024
Goods exports
$328M
2024
$34.7B
2024
Service imports
$298M
2024
$6.18B
2024
Service exports
$830M
2024
$3.86B
2024
Imports of goods and services, % of GDP
54%
2024
26.9%
2024
Exports of goods and services, % of GDP
42.5%
2024
30.3%
2024

Economic freedom indices

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

Cape Verde Ecuador
Economic freedom 71.4 55.6
Economic freedom ranking 32/197 127/197
Property rights 72.7 33.2
Government integrity 63.3 33
Judicial effectiveness 77.1 48.1
Tax burden 84.4 74.2
Government spending 79.5 54.9
Fiscal health 74.4 90.3
Business freedom 78.9 64.3
Labor freedom 59.5 56.9
Monetary freedom 80.4 76.3
Trade freedom 66.6 66.4
Investment freedom 60 30
Financial freedom 60 40

Economic freedom comparison by year

Cape Verde
Ecuador
1x
Year Economic freedom index
Cape Verde Ecuador
2026 71.4 55.6
2025 68.7 55.8
2024 62.9 55
2023 65.8 55
2022 66.7 54.3
2021 63.8 52.4
2020 63.6 51.3
2019 63.1 46.9
2018 60 48.5
2017 56.9 49.3
2016 66.5 48.6
2015 66.4 49.2
2014 66.1 48
2013 63.7 46.9
2012 63.5 48.3
2011 64.6 47.1
2010 61.8 49.3
2009 61.3 52.5
2008 57.9 55.2
2007 56.5 55.3
2006 58.6 54.6
2005 57.8 52.9
2004 58.1 54.4
2003 56.1 54.1
2002 57.6 53.1
2001 56.3 55.1
2000 51.9 59.8
1999 50.7 62.9
1998 48 62.8
1997 47.7 61
1996 49.7 60.1
1995 - 57.7

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

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

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 55.6 for Ecuador, ranking 127/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde Ecuador
Services, % of GDP
68.7%
2024
57.2%
2024
Industry, % of GDP
10.7%
2024
26.5%
2024
Agriculture, forestry, and fishing, % of GDP
4.92%
2024
9.48%
2024
GNI, Atlas method
$2.6B
2024
$117B
2024
GNI per capita, PPP
$11,000
2024
$15,410
2024
Total reserves including gold
$783M
2024
$6.91B
2024
Total reserves ranking
144/177
2024
87/177
2024
Net foreign direct investment
-$89.2M
2024
-$438M
2024
Net inflows of foreign direct investment
$110M
2024
$443M
2024
Net outflows of foreign direct investment
$20.8M
2024
$0
2024
Servicing debt to the IMF, % of GNI
5.69%
2024
7%
2024
Poverty at national poverty lines
24.8%
2023
28%
2024
Gross capital formation, % of GDP
16.4%
2024
18.5%
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/ecuador | 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 (1994–2024, 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 (1994–2000, retrieved 2026-02-20)
  6. TradeMap (2023–2024, 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.