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Economy of Cape Verde vs Hungary compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.73B compared to $223B for Hungary, ranking 172/197 and 55/197 by economy size, respectively.

Cape Verde has $3.03B in government debt (111.2% of GDP), compared to $164B (73.5% of GDP) in Hungary.

Cape Verde vs Hungary GDP by year

Cape Verde
Hungary
1x
Year GDP, current $
Cape Verde Hungary
2024 $2,725,414,151 $222,722,738,926
2023 $2,504,525,549 $213,240,316,635
2022 $2,247,003,344 $177,002,580,544
2021 $2,051,842,619 $183,282,685,440
2020 $1,821,565,614 $158,468,487,754
2019 $2,252,177,124 $164,936,682,034
2018 $2,205,099,507 $161,184,691,014
2017 $1,996,741,540 $143,335,098,992
2016 $1,849,789,986 $128,983,560,865
2015 $1,749,857,620 $125,244,126,623
2014 $2,041,930,125 $141,128,696,412
2013 $2,028,910,915 $135,646,053,779
2012 $1,913,081,210 $128,470,269,690
2011 $2,046,817,987 $141,712,804,954
2010 $1,824,751,468 $131,898,737,241
2009 $1,852,334,575 $130,807,441,076
2008 $1,959,620,648 $158,228,265,916
2007 $1,649,621,739 $140,123,326,896
2006 $1,107,571,458 $115,604,111,412
2005 $972,241,677 $113,098,237,571
2004 $924,940,012 $104,015,363,080
2003 $813,260,469 $85,190,469,121
2002 $620,507,387 $67,636,468,625
2001 $563,090,490 $53,800,068,066
2000 $539,227,278 $47,275,954,429
1999 $592,416,703 $49,160,204,397
1998 $521,910,561 $48,784,412,624
1997 $490,608,658 $47,398,564,799
1996 $501,979,270 $46,833,767,124
1995 $487,148,994 $46,577,614,589
1994 $406,580,652 $43,307,949,890
1993 $490,417,390 $40,256,233,360
1992 $357,160,985 $38,857,339,125
1991 $319,827,059 $34,867,307,353
1990 $306,890,963 $34,478,360,679
1989 $267,448,571 $30,422,508,938
1988 $264,308,140 $29,799,838,597
1987 $235,253,065 $27,232,016,527
1986 $190,651,168 $24,778,163,812
1985 $137,728,205 $21,510,643,750
1984 $132,019,039 $21,242,726,264
1983 $138,476,176 $21,910,365,258
1982 $140,630,679 $24,141,667,188
1981 $139,468,209 $23,705,883,892
1980 $142,246,815 $23,116,977,148
1979 - $19,959,731,325
1978 - $17,286,744,154
1977 - $14,783,674,055
1976 - $13,235,612,079
1975 - $11,420,392,515
1974 - $10,016,338,179
1973 - $9,138,292,402
1972 - $7,379,313,742
1971 - $6,291,568,221
1970 - $5,780,929,203
1969 - $5,429,812,387
1968 - $4,886,222,555

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

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

GDP per capita in Cape Verde vs Hungary by year

Cape Verde
GDP per capita

GDP per capita, PPP
Hungary
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde Hungary
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,192 $11,195 $23,292 $48,552
2023 $4,795 $10,242 $22,231 $46,592
2022 $4,323 $9,481 $18,428 $44,366
2021 $3,971 $7,685 $19,031 $38,887
2020 $3,539 $6,853 $16,387 $35,584
2019 $4,381 $8,646 $17,013 $35,627
2018 $4,295 $7,916 $16,605 $32,258
2017 $3,893 $7,936 $14,736 $29,728
2016 $3,609 $7,351 $13,216 $28,179
2015 $3,415 $6,773 $12,783 $26,938
2014 $3,986 $6,417 $14,353 $25,796
2013 $3,961 $6,367 $13,739 $24,592
2012 $3,737 $6,318 $12,950 $23,205
2011 $4,002 $6,384 $14,211 $22,992
2010 $3,579 $6,039 $13,190 $21,691
2009 $3,660 $5,901 $13,051 $20,691
2008 $3,909 $6,011 $15,763 $20,709
2007 $3,325 $5,567 $13,935 $19,089
2006 $2,257 $4,758 $11,478 $18,362
2005 $2,004 $4,324 $11,212 $17,091
2004 $1,929 $3,969 $10,291 $16,251
2003 $1,718 $3,551 $8,410 $15,460
2002 $1,329 $3,388 $6,658 $14,532
2001 $1,223 $3,217 $5,281 $13,223
2000 $1,190 $3,124 $4,630 $11,872
1999 $1,327 $2,714 $4,802 $10,892
1998 $1,187 $2,443 $4,752 $10,415
1997 $1,134 $2,182 $4,606 $9,846
1996 $1,180 $1,963 $4,542 $9,388
1995 $1,165 $1,762 $4,509 $9,222
1994 $991 $1,540 $4,187 $8,888
1993 $1,220 $1,291 $3,887 $8,441
1992 $908 $1,186 $3,747 $8,284
1991 $832 $1,069 $3,361 $8,352
1990 $817 $1,044 $3,324 $9,169
1989 $727 - $2,902 -
1988 $729 - $2,812 -
1987 $658 - $2,566 -
1986 $541 - $2,331 -
1985 $396 - $2,020 -
1984 $385 - $1,991 -
1983 $410 - $2,050 -
1982 $423 - $2,255 -
1981 $425 - $2,213 -
1980 $440 - $2,158 -
1979 - - $1,865 -
1978 - - $1,618 -
1977 - - $1,388 -
1976 - - $1,249 -
1975 - - $1,083 -
1974 - - $956 -
1973 - - $876 -
1972 - - $710 -
1971 - - $607 -
1970 - - $559 -
1969 - - $527 -
1968 - - $476 -

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

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

Cape Verde's GDP per capita is $5,192, ranking 118/197, compared to $23,292 in Hungary, ranking 55/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while Hungary ranks 48th at $48,552.

Economic indicators

Cape Verde Hungary
Gross domestic product
$2.73B
2024
$223B
2024
GDP rank
172/197
2024
55/197
2024
GDP growth
7.24%
2023-2024
0.56%
2023-2024
GDP per capita
$5,192
2024
$23,292
2024
GDP per capita rank
118/197
2024
55/197
2024
GDP per capita, PPP
$11,195
2024
$48,552
2024
GDP per capita PPP rank
129/197
2024
48/197
2024
Government debt
$3.03B
2024
$164B
2024
Debt-to-GDP ratio
111.2%
2024
73.5%
2024
Government debt per person
$5,776
2024
$17,109
2024
Government debt per person rank
76/185
2024
37/185
2024
Average annual personal income after taxes
$2,576
2026
$16,996
2026
Market capitalization of domestic companies n/a
$41.5B
2024
Number of millionaires n/a
24,692
2025
Number of billionaires n/a
4
2025
Income share by richest 10%
32.3%
2015
24.4%
2022
Income share by poorest 10%
2.2%
2015
2.8%
2022
Government expenditure, % of GDP
26.1%
2024
46.9%
2024
Consumer prices inflation
1%
2023-2024
3.7%
2023-2024
Central bank interest rate
1.5%
2024
6.5%
2024
Unemployment rate
11.3%
2019
4.47%
2024
Population
530391
9475525

Spending and national debt comparison by year

Cape Verde
Spending

Debt
Hungary
Spending

Debt
1x
Year % of GDP
Cape Verde Hungary
Government spending Government debt Government spending Government debt
2024 26.1% 111.2% 46.9% 73.5%
2023 25.7% 117.5% 49.2% 73%
2022 26.6% 127.6% 48.7% 73.9%
2021 30.8% 149.5% 48.1% 76.2%
2020 34.5% 144.3% 51% 78.7%
2019 27.5% 109.8% 45.8% 65%
2018 27.5% 112.3% 45.9% 68.8%
2017 28% 113% 46.6% 72%
2016 26.6% 115.6% 46.7% 74.6%
2015 28.7% 115.7% 50.4% 75.7%
2014 27.8% 105.7% 50% 76.5%
2013 30.9% 93.5% 50.1% 77.2%
2012 31.6% 82.9% 49.2% 78.4%
2011 30.3% 71.6% 49.1% 80.5%
2010 35.7% 73.5% 48.9% 80.2%
2009 30.6% 58.8% 50.7% 78.2%
2008 27.6% 57.5% 48.8% 71.8%
2007 27.1% 59.6% 49.9% 65.6%
2006 28.4% 66.2% 51.4% 64.5%
2005 26.2% 66.7% 49.4% 60.6%
2004 26.3% 67.8% 48.8% 58.9%
2003 23.4% 65.6% 49.2% 58.2%
2002 28.5% 64.7% 51% 55.6%
2001 24.2% 62.2% 47.2% 52.2%
2000 36.7% 71.9% 47.3% 55.6%
1999 35% 66.4% 48.9% 60.3%
1998 29.8% 72.9% 50.7% 60.4%
1997 34.8% 79.3% 49.5% 62.2%
1996 38.9% 85.7% 50.9% 71.2%
1995 44.5% 74.3% 55% 83.9%
1994 48.1% 73.4% - 86.2%
1993 - - - 87.2%
1992 - - - 76.5%
1991 - - - 74.2%
1990 - - - 63.7%
1989 - - - 70.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1996, retrieved 2026-02-20).

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

In 2024, Cape Verde's government spending was $711M, accounting for 26.1% of its GDP, while Hungary spent $104B, or 46.9% of GDP.

Debt-to-GDP ratio is 111.2% in Cape Verde and 73.5% in Hungary, ranking 16/185 and 49/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

Hungary
1x
Year Deficit/surplus, % of GDP
Cape Verde Hungary
2024 -1.07% -4.92%
2023 -0.28% -6.75%
2022 -4.25% -6.17%
2021 -7.51% -7.11%
2020 -9.29% -7.49%
2019 -1.62% -2.02%
2018 -2.36% -2.05%
2017 -2.63% -2.45%
2016 -2.73% -1.79%
2015 -4.16% -2%
2014 -6.93% -2.77%
2013 -8.49% -2.6%
2012 -9.36% -2.33%
2011 -6.98% -5.22%
2010 -9.6% -4.44%
2009 -5.32% -4.76%
2008 -1.42% -3.78%
2007 -0.86% -5.09%
2006 -4.32% -9.27%
2005 -4.69% -7.79%
2004 -2.98% -6.6%
2003 -3.63% -7.19%
2002 -6.14% -8.79%
2001 -5.03% -4%
2000 -15.5% -3.04%
1999 -10.9% -5.27%
1998 -3.16% -7.41%
1997 -10.2% -5.54%
1996 -11.2% -4.36%
1995 -11.1% -8.57%
1994 -12.8% -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -0.17%
1942 - 0.31%
1941 - 0.2%
1940 - -0.07%
1939 - 0.19%
1938 - -0.11%
1937 - -0.01%
1936 - 0.08%
1935 - 0.03%
1934 - 0.04%
1933 - -0.03%
1932 - -0.22%
1931 - -0.32%
1930 - -0.26%
1929 - 0.02%
1928 - 0.12%
1927 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1927–1943, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/hungary | 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 Hungary's deficit of $10.9B, or 4.92% of GDP.

Over the past 30 years, Cape Verde recorded a fiscal deficit in 30 of those years, while Hungary ran a deficit in 30 years. On average, Cape Verde posted an annual deficit equal to 5.79% of GDP, compared to deficit of 5.05% of GDP for Hungary.

Inflation comparison by year

Inflation
Cape Verde

Hungary
1x
Year Consumer prices inflation
Cape Verde Hungary
2024 1% 3.7%
2023 3.7% 17.1%
2022 7.9% 14.6%
2021 1.9% 5.11%
2020 0.6% 3.33%
2019 1.1% 3.34%
2018 1.3% 2.85%
2017 0.8% 2.35%
2016 -1.4% 0.39%
2015 0.1% -0.06%
2014 -0.2% -0.23%
2013 1.5% 1.73%
2012 2.5% 5.65%
2011 4.5% 3.93%
2010 2.1% 4.86%
2009 1% 4.21%
2008 6.8% 6.04%
2007 4.4% 7.96%
2006 4.8% 3.93%
2005 0.4% 3.56%
2004 -1.9% 6.74%
2003 1.2% 4.66%
2002 1.9% 5.27%
2001 3.7% 9.12%
2000 -2.4% 9.8%
1999 4.3% 10%
1998 4.4% 14.2%
1997 8.6% 18.3%

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/hungary | CC BY

Over the past 28 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 6.16% in Hungary. In 2024, inflation was 1% in Cape Verde and 3.7% in Hungary.

Top exports between countries

Cape Verde
Export category Export value
Hungary
Export category Export value
Machinery & equipment $2.12M
Chemicals & pharma $224K
Raw materials & minerals $11K
Processed food, beverages & tobacco $9K
Textiles & consumer goods $8K
Metals $5K
Wood & paper products $3K

Balance of trade

Cape Verde Hungary
Current account balance
$107M
2024
$3.52B
2024
Current account balance ranking
67/190
2024
36/190
2024
Current account balance, % of GDP
+3.91%
2024
+1.58%
2024
Goods imports
$1.17B
2024
$130B
2024
Goods exports
$328M
2024
$129B
2024
Service imports
$298M
2024
$27.9B
2024
Service exports
$830M
2024
$38.9B
2024
Imports of goods and services, % of GDP
54%
2024
71.1%
2024
Exports of goods and services, % of GDP
42.5%
2024
75.4%
2024

Economic freedom indices

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

Cape Verde Hungary
Economic freedom 71.4 62.5
Economic freedom ranking 32/197 86/197
Property rights 72.7 67.3
Government integrity 63.3 44
Judicial effectiveness 77.1 61.9
Tax burden 84.4 85.1
Government spending 79.5 30.2
Fiscal health 74.4 32.7
Business freedom 78.9 70.8
Labor freedom 59.5 56.5
Monetary freedom 80.4 72.1
Trade freedom 66.6 79.4
Investment freedom 60 80
Financial freedom 60 70

Economic freedom comparison by year

Cape Verde
Hungary
1x
Year Economic freedom index
Cape Verde Hungary
2026 71.4 62.5
2025 68.7 61.4
2024 62.9 61.2
2023 65.8 64.1
2022 66.7 66.9
2021 63.8 67.2
2020 63.6 66.4
2019 63.1 65
2018 60 66.7
2017 56.9 65.8
2016 66.5 66
2015 66.4 66.8
2014 66.1 67
2013 63.7 67.3
2012 63.5 67.1
2011 64.6 66.6
2010 61.8 66.1
2009 61.3 66.8
2008 57.9 67.6
2007 56.5 64.8
2006 58.6 65
2005 57.8 63.5
2004 58.1 62.7
2003 56.1 63
2002 57.6 64.5
2001 56.3 65.6
2000 51.9 64.4
1999 50.7 59.6
1998 48 56.9
1997 47.7 55.3
1996 49.7 56.8
1995 - 55.2

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

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

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 62.5 for Hungary, ranking 86/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde Hungary
Services, % of GDP
68.7%
2024
59.5%
2024
Industry, % of GDP
10.7%
2024
23.7%
2024
Agriculture, forestry, and fishing, % of GDP
4.92%
2024
2.71%
2024
GNI, Atlas method
$2.6B
2024
$199B
2024
GNI per capita, PPP
$11,000
2024
$47,290
2024
Total reserves including gold
$783M
2024
$46.4B
2024
Total reserves ranking
144/177
2024
42/177
2024
Net foreign direct investment
-$89.2M
2024
-$15.8B
2024
Net inflows of foreign direct investment
$110M
2024
-$62.2B
2024
Net outflows of foreign direct investment
$20.8M
2024
-$78B
2024
Servicing debt to the IMF, % of GNI
5.69%
2024
n/a
Poverty at national poverty lines
24.8%
2023
12.1%
2021
Gross capital formation, % of GDP
16.4%
2024
23.5%
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/hungary | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1968–2024, 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. International Monetary Fund (IMF) | Public Finances in Modern History (1927–1996, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, 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.