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Economy of Cape Verde vs Morocco compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.73B compared to $161B for Morocco, ranking 172/197 and 58/197 by economy size, respectively.

Cape Verde has $3.03B in government debt (111.2% of GDP), compared to $109B (67.7% of GDP) in Morocco.

Cape Verde vs Morocco GDP by year

Cape Verde
Morocco
1x
Year GDP, current $
Cape Verde Morocco
2024 $2,725,414,151 $160,610,994,055
2023 $2,504,525,549 $146,036,093,667
2022 $2,247,003,344 $131,245,312,804
2021 $2,051,842,619 $142,022,058,447
2020 $1,821,565,614 $121,353,645,057
2019 $2,252,177,124 $128,920,266,409
2018 $2,205,099,507 $127,341,147,582
2017 $1,996,741,540 $118,540,573,368
2016 $1,849,789,986 $111,572,947,005
2015 $1,749,857,620 $110,413,823,842
2014 $2,041,930,125 $119,130,841,412
2013 $2,028,910,915 $115,739,287,305
2012 $1,913,081,210 $106,937,392,311
2011 $2,046,817,987 $110,080,631,332
2010 $1,824,751,468 $100,865,329,473
2009 $1,852,334,575 $101,154,952,241
2008 $1,959,620,648 $101,822,906,949
2007 $1,649,621,739 $86,947,913,287
2006 $1,107,571,458 $75,883,823,301
2005 $972,241,677 $68,852,658,069
2004 $924,940,012 $66,114,145,451
2003 $813,260,469 $58,029,363,354
2002 $620,507,387 $47,077,192,188
2001 $563,090,490 $43,831,480,208
2000 $539,227,278 $43,017,455,402
1999 $592,416,703 $46,266,428,648
1998 $521,910,561 $46,497,608,725
1997 $490,608,658 $39,147,844,526
1996 $501,979,270 $43,161,571,528
1995 $487,148,994 $39,030,285,468
1994 $406,580,652 $35,604,137,423
1993 $490,417,390 $31,655,473,664
1992 $357,160,985 $33,711,069,431
1991 $319,827,059 $32,285,573,574
1990 $306,890,963 $30,179,954,775
1989 $267,448,571 $26,314,313,191
1988 $264,308,140 $25,705,296,184
1987 $235,253,065 $21,765,195,948
1986 $190,651,168 $19,462,085,540
1985 $137,728,205 $14,991,283,216
1984 $132,019,039 $14,824,667,954
1983 $138,476,176 $16,251,408,128
1982 $140,630,679 $17,692,276,734
1981 $139,468,209 $17,788,185,479
1980 $142,246,815 $21,728,516,153
1979 - $15,911,994,817
1978 - $13,236,946,234
1977 - $11,049,783,872
1976 - $9,584,297,284
1975 - $8,984,853,005
1974 - $7,675,466,449
1973 - $6,242,145,880
1972 - $5,074,117,545
1971 - $4,356,669,034
1970 - $3,956,336,244
1969 - $3,651,622,669
1968 - $3,271,422,333
1967 - $3,046,345,314
1966 - $2,876,401,297
1965 - $2,948,331,090
1964 - $2,798,345,299
1963 - $2,657,252,578
1962 - $2,379,611,125
1961 - $2,025,693,540
1960 - $2,037,154,742

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

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

GDP per capita in Cape Verde vs Morocco by year

Cape Verde
GDP per capita

GDP per capita, PPP
Morocco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde Morocco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,192 $11,195 $4,218 $10,415
2023 $4,795 $10,242 $3,872 $9,895
2022 $4,323 $9,481 $3,516 $9,310
2021 $3,971 $7,685 $3,843 $8,623
2020 $3,539 $6,853 $3,317 $7,705
2019 $4,381 $8,646 $3,560 $8,046
2018 $4,295 $7,916 $3,553 $7,801
2017 $3,893 $7,936 $3,344 $8,115
2016 $3,609 $7,351 $3,186 $7,853
2015 $3,415 $6,773 $3,190 $7,799
2014 $3,986 $6,417 $3,483 $7,237
2013 $3,961 $6,367 $3,425 $7,542
2012 $3,737 $6,318 $3,206 $7,308
2011 $4,002 $6,384 $3,345 $7,274
2010 $3,579 $6,039 $3,107 $6,849
2009 $3,660 $5,901 $3,158 $6,629
2008 $3,909 $6,011 $3,222 $6,437
2007 $3,325 $5,567 $2,788 $6,058
2006 $2,257 $4,758 $2,466 $5,781
2005 $2,004 $4,324 $2,268 $5,275
2004 $1,929 $3,969 $2,207 $5,025
2003 $1,718 $3,551 $1,962 $4,741
2002 $1,329 $3,388 $1,612 $4,436
2001 $1,223 $3,217 $1,521 $4,269
2000 $1,190 $3,124 $1,513 $3,930
1999 $1,327 $2,714 $1,651 $3,801
1998 $1,187 $2,443 $1,683 $3,740
1997 $1,134 $2,182 $1,439 $3,502
1996 $1,180 $1,963 $1,610 $3,551
1995 $1,165 $1,762 $1,478 $3,152
1994 $991 $1,540 $1,369 $3,315
1993 $1,220 $1,291 $1,236 $2,979
1992 $908 $1,186 $1,337 $2,979
1991 $832 $1,069 $1,302 $3,025
1990 $817 $1,044 $1,238 $2,777
1989 $727 - $1,099 -
1988 $729 - $1,094 -
1987 $658 - $944 -
1986 $541 - $861 -
1985 $396 - $678 -
1984 $385 - $687 -
1983 $410 - $772 -
1982 $423 - $862 -
1981 $425 - $890 -
1980 $440 - $1,117 -
1979 - - $839 -
1978 - - $716 -
1977 - - $613 -
1976 - - $545 -
1975 - - $524 -
1974 - - $459 -
1973 - - $382 -
1972 - - $319 -
1971 - - $280.6 -
1970 - - $261.5 -
1969 - - $247.8 -
1968 - - $228 -
1967 - - $218.1 -
1966 - - $211.5 -
1965 - - $222.7 -
1964 - - $216.9 -
1963 - - $211.3 -
1962 - - $194.2 -
1961 - - $169.8 -
1960 - - $175.2 -

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

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

Cape Verde's GDP per capita is $5,192, ranking 118/197, compared to $4,218 in Morocco, ranking 127/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while Morocco ranks 132nd at $10,415.

Economic indicators

Cape Verde Morocco
Gross domestic product
$2.73B
2024
$161B
2024
GDP rank
172/197
2024
58/197
2024
GDP growth
7.24%
2023-2024
3.79%
2023-2024
GDP per capita
$5,192
2024
$4,218
2024
GDP per capita rank
118/197
2024
127/197
2024
GDP per capita, PPP
$11,195
2024
$10,415
2024
GDP per capita PPP rank
129/197
2024
132/197
2024
Government debt
$3.03B
2024
$109B
2024
Debt-to-GDP ratio
111.2%
2024
67.7%
2024
Government debt per person
$5,776
2024
$2,857
2024
Government debt per person rank
76/185
2024
104/185
2024
Average annual personal income after taxes
$2,576
2026
$5,678
2026
Market capitalization of domestic companies n/a
$74.5B
2024
Number of billionaires n/a
3
2025
Income share by richest 10%
32.3%
2015
31.9%
2013
Income share by poorest 10%
2.2%
2015
2.7%
2013
Government expenditure, % of GDP
26.1%
2024
33%
2024
Consumer prices inflation
1%
2023-2024
0.99%
2023-2024
Central bank interest rate
1.5%
2024
2.25%
2025
Unemployment rate
11.3%
2019
11.8%
2022
Population
530391
38871720

Spending and national debt comparison by year

Cape Verde
Spending

Debt
Morocco
Spending

Debt
1x
Year % of GDP
Cape Verde Morocco
Government spending Government debt Government spending Government debt
2024 26.1% 111.2% 33% 67.7%
2023 25.7% 117.5% 32% 68.7%
2022 26.6% 127.6% 33.7% 71.4%
2021 30.8% 149.5% 31% 69.4%
2020 34.5% 144.3% 34.1% 72.2%
2019 27.5% 109.8% 27.6% 60.3%
2018 27.5% 112.3% 27.8% 60.5%
2017 28% 113% 27.9% 60.3%
2016 26.6% 115.6% 28.6% 60.1%
2015 28.7% 115.7% 28.5% 58.4%
2014 27.8% 105.7% 30.7% 58.6%
2013 30.9% 93.5% 30.4% 57.1%
2012 31.6% 82.9% 32.5% 52.3%
2011 30.3% 71.6% 31.2% 48.6%
2010 35.7% 73.5% 28.7% 45.3%
2009 30.6% 58.8% 28.1% 42.6%
2008 27.6% 57.5% 28.3% 42%
2007 27.1% 59.6% 26.4% 47.1%
2006 28.4% 66.2% 26% 50.6%
2005 26.2% 66.7% 28.6% 54.8%
2004 26.3% 67.8% 24.5% 54.4%
2003 23.4% 65.6% 24.1% 56.9%
2002 28.5% 64.7% 25.8% 59.4%
2001 24.2% 62.2% 23.7% 60.4%
2000 36.7% 71.9% 22.8% 64.9%
1999 35% 66.4% 18.4% 63.4%
1998 29.8% 72.9% 18.7% 64.5%
1997 34.8% 79.3% 18.6% 68%
1996 38.9% 85.7% 17.6% 65.3%
1995 44.5% 74.3% 21.3% 72.2%
1994 48.1% 73.4% 21.7% 69.3%
1993 - - 23.1% 74.7%
1992 - - 22.3% 67%
1991 - - 20.8% 59.1%
1990 - - 22.6% 70.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-02-20).

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

In 2024, Cape Verde's government spending was $711M, accounting for 26.1% of its GDP, while Morocco spent $53.1B, or 33% of GDP.

Debt-to-GDP ratio is 111.2% in Cape Verde and 67.7% in Morocco, ranking 16/185 and 60/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

Morocco
1x
Year Deficit/surplus, % of GDP
Cape Verde Morocco
2024 -1.07% -3.92%
2023 -0.28% -4.41%
2022 -4.25% -5.37%
2021 -7.51% -5.92%
2020 -9.29% -7.15%
2019 -1.62% -3.8%
2018 -2.36% -3.52%
2017 -2.63% -3.3%
2016 -2.73% -4.49%
2015 -4.16% -4.59%
2014 -6.93% -4.78%
2013 -8.49% -4.7%
2012 -9.36% -6.63%
2011 -6.98% -6.08%
2010 -9.6% -3.93%
2009 -5.32% -1.63%
2008 -1.42% 0.63%
2007 -0.86% -0.12%
2006 -4.32% -1.8%
2005 -4.69% -5.46%
2004 -2.98% -3.31%
2003 -3.63% -3.74%
2002 -6.14% -4.37%
2001 -5.03% -3.79%
2000 -15.5% -1.97%
1999 -10.9% 3.21%
1998 -3.16% 1.47%
1997 -10.2% 1.5%
1996 -11.2% 0.87%
1995 -11.1% -2.54%
1994 -12.8% -2.51%
1993 - -2%
1992 - -1.84%
1991 - -0.9%
1990 - -1.32%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/morocco | 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 Morocco's deficit of $6.3B, or 3.92% of GDP.

Over the past 31 years, Cape Verde recorded a fiscal deficit in 31 of those years, while Morocco ran a deficit in 26 years. On average, Cape Verde posted an annual deficit equal to 6.02% of GDP, compared to deficit of 3.1% of GDP for Morocco.

Inflation comparison by year

Inflation
Cape Verde

Morocco
1x
Year Consumer prices inflation
Cape Verde Morocco
2024 1% 0.99%
2023 3.7% 6.09%
2022 7.9% 6.66%
2021 1.9% 1.4%
2020 0.6% 0.71%
2019 1.1% 0.3%
2018 1.3% 1.8%
2017 0.8% 0.75%
2016 -1.4% 1.64%
2015 0.1% 1.56%
2014 -0.2% 0.44%
2013 1.5% 1.88%
2012 2.5% 1.29%
2011 4.5% 0.91%
2010 2.1% 0.99%
2009 1% 0.97%
2008 6.8% 3.71%
2007 4.4% 2.04%
2006 4.8% 3.28%
2005 0.4% 0.98%
2004 -1.9% 1.49%
2003 1.2% 1.17%
2002 1.9% 2.8%
2001 3.7% 0.62%
2000 -2.4% 1.89%
1999 4.3% 0.68%
1998 4.4% 2.75%
1997 8.6% 1.04%

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/morocco | CC BY

Over the past 28 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 1.82% in Morocco. In 2024, inflation was 1% in Cape Verde and 0.99% in Morocco.

Top exports between countries

Cape Verde
Export category Export value
Animal & marine products $548K
Processed food, beverages & tobacco $26K
Morocco
Export category Export value
Raw materials & minerals $1.92M
Animal & marine products $1.32M
Processed food, beverages & tobacco $888K
Textiles & consumer goods $181K
Machinery & equipment $144K
Chemicals & pharma $127K
Raw agricultural goods $10K
Metals $4K
Miscellaneous $1K
Precious metals & jewellery $1K

Balance of trade

Cape Verde Morocco
Current account balance
$107M
2024
-$1.87B
2024
Current account balance ranking
67/190
2024
141/190
2024
Current account balance, % of GDP
+3.91%
2024
-1.16%
2024
Goods imports
$1.17B
2024
$66.5B
2024
Goods exports
$328M
2024
$39.3B
2024
Service imports
$298M
2024
$14.3B
2024
Service exports
$830M
2024
$28.2B
2024
Imports of goods and services, % of GDP
54%
2024
50.2%
2024
Exports of goods and services, % of GDP
42.5%
2024
42%
2024

Economic freedom indices

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

Cape Verde Morocco
Economic freedom 71.4 61.8
Economic freedom ranking 32/197 91/197
Property rights 72.7 55.2
Government integrity 63.3 35.6
Judicial effectiveness 77.1 32.5
Tax burden 84.4 65.5
Government spending 79.5 67.5
Fiscal health 74.4 57.5
Business freedom 78.9 72.1
Labor freedom 59.5 46.2
Monetary freedom 80.4 79.6
Trade freedom 66.6 69.8
Investment freedom 60 80
Financial freedom 60 80

Economic freedom comparison by year

Cape Verde
Morocco
1x
Year Economic freedom index
Cape Verde Morocco
2026 71.4 61.8
2025 68.7 60.3
2024 62.9 56.8
2023 65.8 58.4
2022 66.7 59.2
2021 63.8 63.3
2020 63.6 63.3
2019 63.1 62.9
2018 60 61.9
2017 56.9 61.5
2016 66.5 61.3
2015 66.4 60.1
2014 66.1 58.3
2013 63.7 59.6
2012 63.5 60.2
2011 64.6 59.6
2010 61.8 59.2
2009 61.3 57.7
2008 57.9 55.6
2007 56.5 56.4
2006 58.6 51.5
2005 57.8 52.2
2004 58.1 56.7
2003 56.1 57.8
2002 57.6 59
2001 56.3 63.9
2000 51.9 63.2
1999 50.7 63.8
1998 48 61.1
1997 47.7 64.7
1996 49.7 64.3
1995 - 62.8

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

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

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 61.8 for Morocco, ranking 91/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde Morocco
Services, % of GDP
68.7%
2024
52.7%
2024
Industry, % of GDP
10.7%
2024
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
4.92%
2024
10.6%
2024
GNI, Atlas method
$2.6B
2024
$149B
2024
GNI per capita, PPP
$11,000
2024
$10,260
2024
Total reserves including gold
$783M
2024
$37.1B
2024
Total reserves ranking
144/177
2024
52/177
2024
Net foreign direct investment
-$89.2M
2024
-$948M
2024
Net inflows of foreign direct investment
$110M
2024
$1.64B
2024
Net outflows of foreign direct investment
$20.8M
2024
$691M
2024
Servicing debt to the IMF, % of GNI
5.69%
2024
5.63%
2024
Poverty at national poverty lines
24.8%
2023
3.9%
2022
Gross capital formation, % of GDP
16.4%
2024
30.1%
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/morocco | 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. TradeMap (2020–2023, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-02-20)
  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.