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Economy of Cape Verde vs Jamaica compared: GDP & Debt

Updated on by Georank

Cape Verde has a GDP of $3.06B compared to $22.7B for Jamaica, ranking 172/197 and 125/197 by economy size, respectively.

Cape Verde has $3.09B in government debt (101% of GDP), compared to $15.4B (67.7% of GDP) in Jamaica.

Cape Verde vs Jamaica GDP by year

Cape Verde
Jamaica
1x
Year GDP, current $
Cape Verde Jamaica
2025 $3,056,630,435 $22,704,903,218
2024 $2,713,721,857 $22,014,429,051
2023 $2,504,525,538 $21,418,797,833
2022 $2,247,003,344 $18,813,516,805
2021 $2,051,842,619 $15,963,885,376
2020 $1,821,565,614 $15,000,214,216
2019 $2,252,177,124 $17,026,269,263
2018 $2,205,099,507 $16,855,447,986
2017 $1,996,741,540 $15,783,583,237
2016 $1,849,789,986 $14,898,999,754
2015 $1,749,857,620 $14,963,589,916
2014 $2,041,930,125 $13,899,217,680
2013 $2,028,910,915 $14,264,205,153
2012 $1,913,081,210 $14,807,086,556
2011 $2,046,817,987 $14,444,661,522
2010 $1,824,751,468 $13,220,549,908
2009 $1,852,334,575 $12,120,458,115
2008 $1,959,620,648 $13,709,401,520
2007 $1,649,621,739 $12,799,600,047
2006 $1,107,571,458 $11,930,179,090
2005 $972,241,677 $11,243,865,778
2004 $924,940,012 $10,174,664,854
2003 $813,260,469 $9,430,234,811
2002 $620,507,387 $9,719,009,495
2001 $563,090,490 $9,194,727,831
2000 $539,227,278 $9,005,064,475
1999 $592,416,703 $8,887,057,997
1998 $521,910,561 $8,787,195,622
1997 $490,608,658 $8,400,041,724
1996 $501,979,270 $7,393,891,921
1995 $487,148,994 $6,577,520,643
1994 $406,580,652 $5,452,558,947
1993 $490,417,390 $5,440,075,676
1992 $357,160,985 $3,535,460,090
1991 $319,827,059 $4,106,207,649
1990 $306,890,963 $4,592,208,087
1989 $267,448,571 $4,404,937,853
1988 $264,308,140 $3,828,342,820
1987 $235,253,065 $3,287,007,322
1986 $190,651,168 $2,754,549,582
1985 $137,728,205 $2,100,239,019
1984 $132,019,039 $2,373,564,549
1983 $138,476,176 $3,619,262,277
1982 $140,630,679 $3,293,496,312
1981 $139,468,209 $2,979,027,966
1980 $142,246,815 $2,679,379,372
1979 - $2,425,064,229
1978 - $2,644,527,822
1977 - $3,249,733,140
1976 - $2,966,042,856
1975 - $2,860,442,750
1974 - $2,375,122,375
1973 - $1,905,917,553
1972 - $1,875,146,587
1971 - $1,539,861,816
1970 - $1,404,720,442
1969 - $1,191,239,047
1968 - $1,083,839,133
1967 - $1,148,014,311
1966 - $1,096,759,561
1965 - $972,159,611
1964 - $897,949,001
1963 - $826,706,669
1962 - $777,727,689
1961 - $748,043,501
1960 - $699,064,380

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Cape Verde vs Jamaica by year

Cape Verde
GDP per capita

GDP per capita, PPP
Jamaica
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde Jamaica
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $5,796 - $8,003 -
2024 $5,170 $11,195 $7,754 $12,890
2023 $4,795 $10,242 $7,542 $12,651
2022 $4,323 $9,481 $6,626 $11,888
2021 $3,971 $7,685 $5,626 $10,431
2020 $3,539 $6,853 $5,299 $9,764
2019 $4,381 $8,646 $6,031 $10,845
2018 $4,295 $7,916 $5,977 $10,753
2017 $3,893 $7,936 $5,605 $10,466
2016 $3,609 $7,351 $5,302 $9,948
2015 $3,415 $6,773 $5,339 $9,476
2014 $3,986 $6,417 $4,975 $9,210
2013 $3,961 $6,367 $5,124 $9,101
2012 $3,737 $6,318 $5,341 $8,831
2011 $4,002 $6,384 $5,233 $8,809
2010 $3,579 $6,039 $4,810 $8,521
2009 $3,660 $5,901 $4,428 $8,580
2008 $3,909 $6,011 $5,030 $8,952
2007 $3,325 $5,567 $4,716 $8,893
2006 $2,257 $4,758 $4,417 $8,577
2005 $2,004 $4,324 $4,184 $8,127
2004 $1,929 $3,969 $3,808 $7,854
2003 $1,718 $3,551 $3,550 $7,593
2002 $1,329 $3,388 $3,681 $7,226
2001 $1,223 $3,217 $3,504 $7,019
2000 $1,190 $3,124 $3,453 $6,816
1999 $1,327 $2,714 $3,432 $6,653
1998 $1,187 $2,443 $3,419 $6,543
1997 $1,134 $2,182 $3,297 $6,682
1996 $1,180 $1,963 $2,929 $6,706
1995 $1,165 $1,762 $2,631 $6,657
1994 $991 $1,540 $2,203 $6,435
1993 $1,220 $1,291 $2,221 $6,279
1992 $908 $1,186 $1,458 $5,664
1991 $832 $1,069 $1,710 $5,485
1990 $817 $1,044 $1,930 $5,106
1989 $727 - $1,865 -
1988 $729 - $1,632 -
1987 $658 - $1,411 -
1986 $541 - $1,191 -
1985 $396 - $917 -
1984 $385 - $1,048 -
1983 $410 - $1,619 -
1982 $423 - $1,494 -
1981 $425 - $1,370 -
1980 $440 - $1,249 -
1979 - - $1,144 -
1978 - - $1,262 -
1977 - - $1,569 -
1976 - - $1,450 -
1975 - - $1,417 -
1974 - - $1,193 -
1973 - - $972 -
1972 - - $971 -
1971 - - $809 -
1970 - - $748 -
1969 - - $642 -
1968 - - $591 -
1967 - - $633 -
1966 - - $612 -
1965 - - $549 -
1964 - - $514 -
1963 - - $480 -
1962 - - $458 -
1961 - - $447 -
1960 - - $424 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Cape Verde's GDP per capita is $5,796, ranking 116/197, compared to $8,003 in Jamaica, ranking 98/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while Jamaica ranks 121st at $12,890.

Economic indicators

Cape Verde Jamaica
Gross domestic product
$3.06B
2025
$22.7B
2025
GDP rank
172/197
2025
125/197
2025
GDP growth
6.3%
2024-2025
0.08%
2024-2025
GDP per capita
$5,796
2025
$8,003
2025
GDP per capita rank
116/197
2025
98/197
2025
GDP per capita, PPP
$11,195
2024
$12,890
2024
GDP per capita PPP rank
129/197
2024
121/197
2024
Government debt
$3.09B
2025
$15.4B
2025
Debt-to-GDP ratio
101%
2025
67.7%
2025
Government debt per person
$5,854
2025
$5,419
2025
Government debt per person rank
77/185
2025
80/185
2025
Average annual personal income after taxes
$2,506
2026
$8,390
2026
Market capitalization of domestic companies n/a
$11.6B
2025
Income share by richest 10%
32.3%
2015
29.6%
2021
Income share by poorest 10%
2.2%
2015
2.2%
2021
Government expenditure, % of GDP
27%
2025
33.8%
2025
Consumer prices inflation
2.3%
2024-2025
4%
2024-2025
Central bank interest rate
1.5%
2024
5.75%
2025
Unemployment rate
11.3%
2019
3.02%
2023
Population
530853
2834177

Spending and national debt comparison by year

Cape Verde
Spending

Debt
Jamaica
Spending

Debt
1x
Year % of GDP
Cape Verde Jamaica
Government spending Government debt Government spending Government debt
2025 27% 101% 33.8% 67.7%
2024 26.1% 112.8% 30.1% 62.5%
2023 25.7% 117.5% 27.7% 66.5%
2022 26.6% 127.6% 27.1% 70.2%
2021 30.8% 149.5% 27.6% 86.3%
2020 34.5% 149.1% 30.1% 101.3%
2019 27.5% 109.8% 27.5% 87.7%
2018 27.5% 112.3% 27.5% 88.3%
2017 28% 113% 26.9% 95.1%
2016 26.6% 115.6% 26.5% 106.9%
2015 28.7% 115.7% 25.9% 115.9%
2014 27.8% 105.7% 26.1% 134.4%
2013 30.9% 93.5% 26.3% 135.2%
2012 31.6% 82.9% 29.1% 140.3%
2011 30.3% 71.6% 31.2% 135.9%
2010 35.7% 66.2% 32.3% 137.8%
2009 30.6% 58.8% 37.7% 138.3%
2008 27.6% 57.5% 33.9% 123.8%
2007 27.1% 59.6% 30.6% 111.6%
2006 28.4% 66.2% 30.1% 114.2%
2005 26.2% 66.7% 28.6% 121.5%
2004 26.3% 67.8% 30.7% 116.9%
2003 23.4% 65.6% 31.1% 120.1%
2002 28.5% 64.7% 30.1% 115.4%
2001 24.2% 62.2% 27.8% 105.3%
2000 36.7% 71.9% 25.7% 89.5%
1999 35% 66.4% 27.9% 80.7%
1998 29.8% 72.9% 27.9% 75.6%
1997 34.8% 79.3% 27.6% 74.4%
1996 38.9% 85.7% 27.4% 70.2%
1995 44.5% 74.3% 22.1% 85.2%
1994 48.1% 73.4% 19.9% 90.4%
1993 - - 19.6% 106.2%
1992 - - 18.2% 100.4%
1991 - - 19.9% 175.1%
1990 - - 22.6% 128.8%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-07-08).

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

In 2025, Cape Verde's government spending was $827M, accounting for 27% of its GDP, while Jamaica spent $7.68B, or 33.8% of GDP.

Debt-to-GDP ratio is 101% in Cape Verde and 67.7% in Jamaica, ranking 23/185 and 62/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

Jamaica
1x
Year Deficit/surplus, % of GDP
Cape Verde Jamaica
2025 1.06% -3.77%
2024 -1.07% 0.22%
2023 -0.28% 0.04%
2022 -4.25% 0.26%
2021 -7.51% 0.84%
2020 -9.29% -2.87%
2019 -1.62% 0.85%
2018 -2.36% 1.1%
2017 -2.63% 0.42%
2016 -2.73% -0.18%
2015 -4.16% -0.28%
2014 -6.93% -0.48%
2013 -8.49% 0.12%
2012 -9.36% -3.97%
2011 -6.98% -6.24%
2010 -9.6% -6.17%
2009 -5.32% -10.8%
2008 -1.42% -7.32%
2007 -0.86% -3.7%
2006 -4.32% -4.74%
2005 -4.69% -3.22%
2004 -2.98% -4.56%
2003 -3.63% -5.42%
2002 -6.14% -6.55%
2001 -5.03% -4.77%
2000 -15.5% -0.78%
1999 -10.9% -3.41%
1998 -3.16% -5.73%
1997 -10.2% -6.39%
1996 -11.2% -5.25%
1995 -11.1% 1.53%
1994 -12.8% 2.4%
1993 - 2.37%
1992 - 2.83%
1991 - 3.14%
1990 - 2.06%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Cape Verde's government surplus, the difference between spending and revenue, was $32.3M, equivalent to 1.06% of GDP. This compares to Jamaica's deficit of $856M, or 3.77% of GDP.

Over the past 32 years, Cape Verde recorded a fiscal deficit in 31 of those years, while Jamaica ran a deficit in 22 years. On average, Cape Verde posted an annual deficit equal to 5.8% of GDP, compared to deficit of 2.78% of GDP for Jamaica.

Inflation comparison by year

Inflation
Cape Verde

Jamaica
1x
Year Consumer prices inflation
Cape Verde Jamaica
2025 2.3% 4%
2024 1.1% 5.41%
2023 3.7% 6.47%
2022 7.9% 10.3%
2021 1.9% 5.86%
2020 0.6% 5.23%
2019 1.1% 3.91%
2018 1.3% 3.74%
2017 0.8% 4.38%
2016 -1.4% 2.35%
2015 0.1% 3.69%
2014 -0.2% 8.27%
2013 1.5% 9.34%
2012 2.5% 6.87%
2011 4.5% 7.56%
2010 2.1% 12.6%
2009 1% 9.59%
2008 6.8% 22%
2007 4.4% 9.24%
2006 4.8% 8.56%
2005 0.4% 15.1%
2004 -1.9% 13.6%
2003 1.2% 10.1%
2002 1.9% 7.08%
2001 3.7% 6.8%
2000 -2.4% 8.17%
1999 4.3% 5.95%
1998 4.4% 8.63%
1997 8.6% 9.66%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 8.08% in Jamaica. In 2025, inflation was 2.3% in Cape Verde and 4% in Jamaica.

Balance of trade

Cape Verde Jamaica
Current account balance
$108M
2025
$679M
2024
Current account balance ranking
63/190
2025
53/190
2024
Current account balance, % of GDP
+3.53%
2025
+3.08%
2024
Goods imports
$1.29B
2025
$6.07B
2024
Goods exports
$344M
2025
$1.87B
2024
Service imports
$350M
2025
$3.46B
2024
Service exports
$940M
2025
$5.26B
2024
Imports of goods and services, % of GDP
53.4%
2025
52.1%
2019
Exports of goods and services, % of GDP
42%
2025
38%
2019

Economic freedom indices

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

Cape Verde Jamaica
Economic freedom 71.4 68.2
Economic freedom ranking 32/197 48/197
Property rights 72.7 66.8
Government integrity 63.3 49.4
Judicial effectiveness 77.1 75.6
Tax burden 84.4 76.3
Government spending 79.5 76
Fiscal health 74.4 92.2
Business freedom 78.9 68.5
Labor freedom 59.5 59.2
Monetary freedom 80.4 74.2
Trade freedom 66.6 70.4
Investment freedom 60 60
Financial freedom 60 50

Economic freedom comparison by year

Cape Verde
Jamaica
1x
Year Economic freedom index
Cape Verde Jamaica
2026 71.4 68.2
2025 68.7 68.7
2024 62.9 68.1
2023 65.8 68.1
2022 66.7 67.4
2021 63.8 69
2020 63.6 68.5
2019 63.1 68.6
2018 60 69.1
2017 56.9 69.5
2016 66.5 67.5
2015 66.4 67.7
2014 66.1 66.7
2013 63.7 66.8
2012 63.5 65.1
2011 64.6 65.7
2010 61.8 65.5
2009 61.3 65.2
2008 57.9 65.7
2007 56.5 65.5
2006 58.6 66.4
2005 57.8 67
2004 58.1 66.7
2003 56.1 67
2002 57.6 61.7
2001 56.3 63.7
2000 51.9 65.5
1999 50.7 64.7
1998 48 67.1
1997 47.7 67.7
1996 49.7 66.7
1995 - 64.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 68.2 for Jamaica, ranking 48/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde Jamaica
Services, % of GDP
67.9%
2025
59.8%
2025
Industry, % of GDP
10.7%
2025
16.3%
2025
Agriculture, forestry, and fishing, % of GDP
5.04%
2025
8.74%
2025
GNI, Atlas method
$2.95B
2025
$22.1B
2025
GNI per capita, PPP
$12,010
2025
$13,090
2025
Total reserves including gold
$1.26B
2025
$6.3B
2025
Total reserves ranking
138/177
2025
92/177
2025
Net foreign direct investment
-$130M
2025
-$304M
2024
Net inflows of foreign direct investment
$110M
2024
$305M
2024
Net outflows of foreign direct investment
$20.8M
2024
$1.07M
2024
Servicing debt to the IMF, % of GNI
5.72%
2024
11.3%
2024
Poverty at national poverty lines
24.8%
2023
8.2%
2023
Gross capital formation, % of GDP
17.4%
2025
22.6%
2019

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

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.