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Economy of Cape Verde vs Oman compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.73B compared to $107B for Oman, ranking 172/197 and 70/197 by economy size, respectively.

Cape Verde has $3.03B in government debt (111.2% of GDP), compared to $38B (35.5% of GDP) in Oman.

Cape Verde vs Oman GDP by year

Cape Verde
Oman
1x
Year GDP, current $
Cape Verde Oman
2024 $2,725,414,151 $107,137,198,769
2023 $2,504,525,549 $106,174,708,037
2022 $2,247,003,344 $109,852,795,839
2021 $2,051,842,619 $87,323,797,139
2020 $1,821,565,614 $75,909,492,848
2019 $2,252,177,124 $88,060,858,257
2018 $2,205,099,507 $91,505,851,756
2017 $1,996,741,540 $80,856,697,009
2016 $1,849,789,986 $75,128,738,622
2015 $1,749,857,620 $78,710,793,238
2014 $2,041,930,125 $92,699,089,727
2013 $2,028,910,915 $89,936,020,806
2012 $1,913,081,210 $87,408,842,653
2011 $2,046,817,987 $77,497,529,259
2010 $1,824,751,468 $64,993,498,049
2009 $1,852,334,575 $55,454,096,229
2008 $1,959,620,648 $69,804,681,404
2007 $1,649,621,739 $48,300,390,117
2006 $1,107,571,458 $42,577,633,290
2005 $972,241,677 $35,506,892,068
2004 $924,940,012 $28,378,933,680
2003 $813,260,469 $24,733,680,104
2002 $620,507,387 $23,065,539,662
2001 $563,090,490 $22,205,721,717
2000 $539,227,278 $22,259,557,867
1999 $592,416,703 $17,832,769,831
1998 $521,910,561 $16,044,213,264
1997 $490,608,658 $18,039,791,938
1996 $501,979,270 $17,402,080,624
1995 $487,148,994 $15,722,236,671
1994 $406,580,652 $14,715,214,564
1993 $490,417,390 $14,230,429,129
1992 $357,160,985 $14,183,615,085
1991 $319,827,059 $12,918,335,501
1990 $306,890,963 $13,310,273,082
1989 $267,448,571 $9,372,171,651
1988 $264,308,140 $8,386,215,865
1987 $235,253,065 $7,811,183,095
1986 $190,651,168 $7,324,167,369
1985 $137,728,205 $10,005,645,420
1984 $132,019,039 $8,821,443,151
1983 $138,476,176 $7,932,541,691
1982 $140,630,679 $7,554,719,456
1981 $139,468,209 $7,259,120,151
1980 $142,246,815 $5,981,760,278
1979 - $3,733,352,635
1978 - $2,740,301,390
1977 - $2,741,169,948
1976 - $2,560,220,035
1975 - $2,096,699,189
1974 - $1,645,917,776
1973 - $483,066,991
1972 - $366,883,548
1971 - $301,010,587
1970 - $256,319,795
1969 - $239,999,808
1968 - $188,879,849
1967 - $107,151,832
1966 - $67,759,973
1965 - $63,279,975
1964 - $61,872,526
1963 - $59,912,763
1962 - $56,273,202
1961 - $45,634,487
1960 - $44,234,656

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

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

GDP per capita in Cape Verde vs Oman by year

Cape Verde
GDP per capita

GDP per capita, PPP
Oman
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde Oman
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,192 $11,195 $20,285 $41,740
2023 $4,795 $10,242 $21,028 $41,945
2022 $4,323 $9,481 $23,224 $42,616
2021 $3,971 $7,685 $19,403 $38,719
2020 $3,539 $6,853 $16,785 $35,163
2019 $4,381 $8,646 $19,180 $37,251
2018 $4,295 $7,916 $19,902 $37,780
2017 $3,893 $7,936 $17,820 $33,619
2016 $3,609 $7,351 $17,110 $33,334
2015 $3,415 $6,773 $18,808 $36,058
2014 $3,986 $6,417 $23,161 $44,236
2013 $3,961 $6,367 $23,458 $47,013
2012 $3,737 $6,318 $24,642 $49,989
2011 $4,002 $6,384 $25,188 $52,393
2010 $3,579 $6,039 $23,570 $55,667
2009 $3,660 $5,901 $20,656 $55,127
2008 $3,909 $6,011 $26,577 $52,841
2007 $3,325 $5,567 $18,793 $48,627
2006 $2,257 $4,758 $16,931 $46,091
2005 $2,004 $4,324 $14,435 $43,673
2004 $1,929 $3,969 $11,801 $42,142
2003 $1,718 $3,551 $10,464 $40,935
2002 $1,329 $3,388 $9,869 $41,511
2001 $1,223 $3,217 $9,612 $41,679
2000 $1,190 $3,124 $9,754 $39,443
1999 $1,327 $2,714 $7,915 $36,792
1998 $1,187 $2,443 $7,219 $36,666
1997 $1,134 $2,182 $8,235 $36,809
1996 $1,180 $1,963 $8,068 $34,661
1995 $1,165 $1,762 $7,414 $33,598
1994 $991 $1,540 $7,068 $31,925
1993 $1,220 $1,291 $7,039 $30,987
1992 $908 $1,186 $7,318 $29,773
1991 $832 $1,069 $6,977 $28,109
1990 $817 $1,044 $7,546 $26,904
1989 $727 - $5,591 -
1988 $729 - $5,279 -
1987 $658 - $5,204 -
1986 $541 - $5,182 -
1985 $396 - $7,549 -
1984 $385 - $7,070 -
1983 $410 - $6,714 -
1982 $423 - $6,759 -
1981 $425 - $6,866 -
1980 $440 - $5,974 -
1979 - - $3,934 -
1978 - - $3,044 -
1977 - - $3,205 -
1976 - - $3,143 -
1975 - - $2,692 -
1974 - - $2,203 -
1973 - - $670 -
1972 - - $524 -
1971 - - $442 -
1970 - - $387 -
1969 - - $372 -
1968 - - $300 -
1967 - - $174.7 -
1966 - - $113.2 -
1965 - - $108.1 -
1964 - - $108.1 -
1963 - - $106.8 -
1962 - - $102.3 -
1961 - - $84.5 -
1960 - - $83.4 -

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

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

Cape Verde's GDP per capita is $5,192, ranking 118/197, compared to $20,285 in Oman, ranking 57/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while Oman ranks 55th at $41,740.

Economic indicators

Cape Verde Oman
Gross domestic product
$2.73B
2024
$107B
2024
GDP rank
172/197
2024
70/197
2024
GDP growth
7.24%
2023-2024
1.63%
2023-2024
GDP per capita
$5,192
2024
$20,285
2024
GDP per capita rank
118/197
2024
57/197
2024
GDP per capita, PPP
$11,195
2024
$41,740
2024
GDP per capita PPP rank
129/197
2024
55/197
2024
Government debt
$3.03B
2024
$38B
2024
Debt-to-GDP ratio
111.2%
2024
35.5%
2024
Government debt per person
$5,776
2024
$7,204
2024
Government debt per person rank
76/185
2024
67/185
2024
Average annual personal income after taxes
$2,576
2026
$20,894
2026
Market capitalization of domestic companies n/a
$22.3B
2022
Number of billionaires n/a
2
2025
Income share by richest 10%
32.3%
2015
n/a
Income share by poorest 10%
2.2%
2015
n/a
Government expenditure, % of GDP
26.1%
2024
28.7%
2024
Consumer prices inflation
1%
2023-2024
0.6%
2023-2024
Central bank interest rate
1.5%
2024
4.5%
2025
Unemployment rate
11.3%
2019
3.3%
2024
Population
530391
5761708

Spending and national debt comparison by year

Cape Verde
Spending

Debt
Oman
Spending

Debt
1x
Year % of GDP
Cape Verde Oman
Government spending Government debt Government spending Government debt
2024 26.1% 111.2% 28.7% 35.5%
2023 25.7% 117.5% 27.5% 37.5%
2022 26.6% 127.6% 30.9% 41.7%
2021 30.8% 149.5% 36.5% 61.9%
2020 34.5% 144.3% 44.5% 67.9%
2019 27.5% 109.8% 38.8% 52.5%
2018 27.5% 112.3% 38.3% 44.7%
2017 28% 113% 39.4% 40.1%
2016 26.6% 115.6% 44.6% 29.3%
2015 28.7% 115.7% 44.5% 13.9%
2014 27.8% 105.7% 41.4% 4.04%
2013 30.9% 93.5% 39.3% 4.66%
2012 31.6% 82.9% 38.6% 4.59%
2011 30.3% 71.6% 34.5% 4.44%
2010 35.7% 73.5% 30.6% 5.46%
2009 30.6% 58.8% 33.4% 5.8%
2008 27.6% 57.5% 25.6% 3.2%
2007 27.1% 59.6% 30.7% 4.44%
2006 28.4% 66.2% 30.1% 7.56%
2005 26.2% 66.7% 30.6% 8.39%
2004 26.3% 67.8% 34.1% 14.5%
2003 23.4% 65.6% 34% 13%
2002 28.5% 64.7% 34.1% 15.9%
2001 24.2% 62.2% 33.3% 22.5%
2000 36.7% 71.9% 31.2% 21.7%
1999 35% 66.4% 34.2% 28.9%
1998 29.8% 72.9% 36.1% 30.9%
1997 34.8% 79.3% 32.1% 20.8%
1996 38.9% 85.7% 33.5% 21.2%
1995 44.5% 74.3% 38.2% 21.9%
1994 48.1% 73.4% 39.7% 23.6%
1993 - - 40.1% 22.2%
1992 - - 40.1% 23.1%
1991 - - 37.4% 22.6%
1990 - - 36.5% 17.8%

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/oman | CC BY

In 2024, Cape Verde's government spending was $711M, accounting for 26.1% of its GDP, while Oman spent $30.7B, or 28.7% of GDP.

Debt-to-GDP ratio is 111.2% in Cape Verde and 35.5% in Oman, ranking 16/185 and 145/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

Oman
1x
Year Deficit/surplus, % of GDP
Cape Verde Oman
2024 -1.07% 3.31%
2023 -0.28% 6.87%
2022 -4.25% 10.5%
2021 -7.51% -3.17%
2020 -9.29% -15.7%
2019 -1.62% -4.83%
2018 -2.36% -6.72%
2017 -2.63% -10.5%
2016 -2.73% -19.6%
2015 -4.16% -13.5%
2014 -6.93% -1.58%
2013 -8.49% 2.78%
2012 -9.36% 4.07%
2011 -6.98% 8.24%
2010 -9.6% 4.95%
2009 -5.32% -0.27%
2008 -1.42% 14.7%
2007 -0.86% 10.5%
2006 -4.32% 12.2%
2005 -4.69% 11.2%
2004 -2.98% 5.43%
2003 -3.63% 5.92%
2002 -6.14% 5.31%
2001 -5.03% 7.55%
2000 -15.5% 12.2%
1999 -10.9% 0.3%
1998 -3.16% -4.37%
1997 -10.2% 4.77%
1996 -11.2% 2.22%
1995 -11.1% -3.9%
1994 -12.8% -7.47%
1993 - -6.84%
1992 - -4.85%
1991 - 0.12%
1990 - 4.78%

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

GeoRank.org/economy/cape-verde/oman | 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 Oman's surplus of $3.54B, or 3.31% of GDP.

Over the past 31 years, Cape Verde recorded a fiscal deficit in 31 of those years, while Oman ran a deficit in 12 years. On average, Cape Verde posted an annual deficit equal to 6.02% of GDP, compared to surplus of 1.34% of GDP for Oman.

Inflation comparison by year

Inflation
Cape Verde

Oman
1x
Year Consumer prices inflation
Cape Verde Oman
2024 1% 0.6%
2023 3.7% 1%
2022 7.9% 2.5%
2021 1.9% 1.7%
2020 0.6% -0.4%
2019 1.1% 0.5%
2018 1.3% 0.7%
2017 0.8% 1.5%
2016 -1.4% 0.9%
2015 0.1% 0.1%
2014 -0.2% 1.2%
2013 1.5% 1.3%
2012 2.5% 2.9%
2011 4.5% 4.1%
2010 2.1% 3.3%
2009 1% 3.5%
2008 6.8% 12.6%
2007 4.4% 5.9%
2006 4.8% 3.2%
2005 0.4% 1.9%
2004 -1.9% 0.8%
2003 1.2% 0.2%
2002 1.9% -0.3%
2001 3.7% -0.8%
2000 -2.4% -1.2%
1999 4.3% 0.5%
1998 4.4% 0.4%
1997 8.6% -0.4%

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

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

Over the past 28 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 1.72% in Oman. In 2024, inflation was 1% in Cape Verde and 0.6% in Oman.

Top exports between countries

Cape Verde
Export category Export value
Oman
Export category Export value
Animal & marine products $120K

Balance of trade

Cape Verde Oman
Current account balance
$107M
2024
$3.07B
2024
Current account balance ranking
67/190
2024
39/190
2024
Current account balance, % of GDP
+3.91%
2024
+2.86%
2024
Goods imports
$1.17B
2024
$39.5B
2024
Goods exports
$328M
2024
$65.2B
2024
Service imports
$298M
2024
$12.8B
2024
Service exports
$830M
2024
$5.64B
2024
Imports of goods and services, % of GDP
54%
2024
48.8%
2024
Exports of goods and services, % of GDP
42.5%
2024
66.1%
2024

Economic freedom indices

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

Cape Verde Oman
Economic freedom 71.4 68.5
Economic freedom ranking 32/197 45/197
Property rights 72.7 71.8
Government integrity 63.3 49.4
Judicial effectiveness 77.1 28
Tax burden 84.4 97.6
Government spending 79.5 74.7
Fiscal health 74.4 97.5
Business freedom 78.9 67.8
Labor freedom 59.5 47.7
Monetary freedom 80.4 79.2
Trade freedom 66.6 78.4
Investment freedom 60 70
Financial freedom 60 60

Economic freedom comparison by year

Cape Verde
Oman
1x
Year Economic freedom index
Cape Verde Oman
2026 71.4 68.5
2025 68.7 65.4
2024 62.9 62.9
2023 65.8 58.5
2022 66.7 56.6
2021 63.8 64.6
2020 63.6 63.6
2019 63.1 61
2018 60 61
2017 56.9 62.1
2016 66.5 67.1
2015 66.4 66.7
2014 66.1 67.4
2013 63.7 68.1
2012 63.5 67.9
2011 64.6 69.8
2010 61.8 67.7
2009 61.3 67
2008 57.9 67.3
2007 56.5 65.8
2006 58.6 63.7
2005 57.8 66.5
2004 58.1 66.9
2003 56.1 64.6
2002 57.6 64
2001 56.3 67.7
2000 51.9 64.1
1999 50.7 64.9
1998 48 64.9
1997 47.7 64.5
1996 49.7 65.4
1995 - 70.2

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

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

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 68.5 for Oman, ranking 45/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde Oman
Services, % of GDP
68.7%
2024
46%
2024
Industry, % of GDP
10.7%
2024
54.2%
2024
Agriculture, forestry, and fishing, % of GDP
4.92%
2024
2.6%
2024
GNI, Atlas method
$2.6B
2024
$103B
2024
GNI per capita, PPP
$11,000
2024
$39,340
2024
Total reserves including gold
$783M
2024
$18.3B
2024
Total reserves ranking
144/177
2024
64/177
2024
Net foreign direct investment
-$89.2M
2024
-$12.6B
2024
Net inflows of foreign direct investment
$110M
2024
$12.5B
2024
Net outflows of foreign direct investment
$20.8M
2024
-$143M
2024
Servicing debt to the IMF, % of GNI
5.69%
2024
n/a
Poverty at national poverty lines
24.8%
2023
n/a
Gross capital formation, % of GDP
16.4%
2024
24.8%
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/oman | 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 (1994–1996, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2023, retrieved 2026-02-08)

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.