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Economy of Cape Verde vs San Marino compared: GDP & Debt

Updated on by Georank team

Cape Verde has a GDP of $2.73B compared to $2.03B for San Marino, ranking 172/197 and 180/197 by economy size, respectively.

Cape Verde has $3.03B in government debt (111.2% of GDP), compared to $1.39B (63.9% of GDP) in San Marino.

Cape Verde vs San Marino GDP by year

Cape Verde
San Marino
1x
Year GDP, current $
Cape Verde San Marino
2024 $2,725,414,151 -
2023 $2,504,525,549 $2,027,527,228
2022 $2,247,003,344 $1,829,211,864
2021 $2,051,842,619 $1,855,652,786
2020 $1,821,565,614 $1,541,248,249
2019 $2,252,177,124 $1,616,340,692
2018 $2,205,099,507 $1,655,353,653
2017 $1,996,741,540 $1,528,620,346
2016 $1,849,789,986 $1,468,343,140
2015 $1,749,857,620 $1,419,401,071
2014 $2,041,930,125 $1,673,911,426
2013 $2,028,910,915 $1,678,741,475
2012 $1,913,081,210 $1,604,701,299
2011 $2,046,817,987 $1,813,717,439
2010 $1,824,751,468 $1,881,191,925
2009 $1,852,334,575 $2,064,277,126
2008 $1,959,620,648 $2,403,213,305
2007 $1,649,621,739 $2,188,654,628
2006 $1,107,571,458 $1,909,765,165
2005 $972,241,677 $1,786,514,058
2004 $924,940,012 $1,715,340,543
2003 $813,260,469 $1,462,590,267
2002 $620,507,387 $1,148,872,072
2001 $563,090,490 $1,059,529,812
2000 $539,227,278 $1,007,661,367
1999 $592,416,703 $1,109,473,368
1998 $521,910,561 $1,048,316,226
1997 $490,608,658 $976,606,911
1996 $501,979,270 -
1995 $487,148,994 -
1994 $406,580,652 -
1993 $490,417,390 -
1992 $357,160,985 -
1991 $319,827,059 -
1990 $306,890,963 -
1989 $267,448,571 -
1988 $264,308,140 -
1987 $235,253,065 -
1986 $190,651,168 -
1985 $137,728,205 -
1984 $132,019,039 -
1983 $138,476,176 -
1982 $140,630,679 -
1981 $139,468,209 -
1980 $142,246,815 -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/cape-verde/san-marino | CC BY

GDP per capita in Cape Verde vs San Marino by year

Cape Verde
GDP per capita

GDP per capita, PPP
San Marino
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde San Marino
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,192 $11,195 - -
2023 $4,795 $10,242 $59,880 $78,745
2022 $4,323 $9,481 $54,191 $75,941
2021 $3,971 $7,685 $54,176 $64,745
2020 $3,539 $6,853 $44,327 $55,207
2019 $4,381 $8,646 $46,630 $57,444
2018 $4,295 $7,916 $47,951 $54,461
2017 $3,893 $7,936 $45,192 $52,463
2016 $3,609 $7,351 $44,359 $53,033
2015 $3,415 $6,773 $43,147 $52,247
2014 $3,986 $6,417 $51,260 $52,909
2013 $3,961 $6,367 $50,808 $50,770
2012 $3,737 $6,318 $47,946 $51,274
2011 $4,002 $6,384 $55,601 $56,240
2010 $3,579 $6,039 $56,543 $58,926
2009 $3,660 $5,901 $62,429 $61,970
2008 $3,909 $6,011 $75,902 $71,724
2007 $3,325 $5,567 $70,124 $71,744
2006 $2,257 $4,758 $63,271 $67,434
2005 $2,004 $4,324 $59,878 $63,739
2004 $1,929 $3,969 $58,232 $61,114
2003 $1,718 $3,551 $52,530 $60,224
2002 $1,329 $3,388 $41,791 $57,584
2001 $1,223 $3,217 $39,035 $57,252
2000 $1,190 $3,124 $37,601 $53,713
1999 $1,327 $2,714 $41,932 $52,064
1998 $1,187 $2,443 $40,127 $47,679
1997 $1,134 $2,182 $37,853 $44,426
1996 $1,180 $1,963 - -
1995 $1,165 $1,762 - -
1994 $991 $1,540 - -
1993 $1,220 $1,291 - -
1992 $908 $1,186 - -
1991 $832 $1,069 - -
1990 $817 $1,044 - -
1989 $727 - - -
1988 $729 - - -
1987 $658 - - -
1986 $541 - - -
1985 $396 - - -
1984 $385 - - -
1983 $410 - - -
1982 $423 - - -
1981 $425 - - -
1980 $440 - - -

Data sources: World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06).

GeoRank.org/economy/cape-verde/san-marino | CC BY

Cape Verde's GDP per capita is $5,192, ranking 118/197, compared to $59,880 in San Marino, ranking 15/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while San Marino ranks 17th at $78,745.

Economic indicators

Cape Verde San Marino
Gross domestic product
$2.73B
2024
$2.03B
2023
GDP rank
172/197
2024
180/197
2023
GDP growth
7.24%
2023-2024
0.4%
2022-2023
GDP per capita
$5,192
2024
$59,880
2023
GDP per capita rank
118/197
2024
15/197
2023
GDP per capita, PPP
$11,195
2024
$78,745
2023
GDP per capita PPP rank
129/197
2024
17/197
2023
Government debt
$3.03B
2024
$1.39B
2023
Debt-to-GDP ratio
111.2%
2024
63.9%
2024
Government debt per person
$5,776
2024
$40,919
2023
Government debt per person rank
76/185
2024
13/185
2023
Average annual personal income after taxes
$2,576
2026
$45,474
2026
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
21%
2024
Consumer prices inflation
1%
2023-2024
1.2%
2023-2024
Central bank interest rate
1.5%
2024
n/a
Unemployment rate
11.3%
2019
4.91%
2022
Population
530391
33967

Spending and national debt comparison by year

Cape Verde
Spending

Debt
San Marino
Spending

Debt
1x
Year % of GDP
Cape Verde San Marino
Government spending Government debt Government spending Government debt
2024 26.1% 111.2% 21% 63.9%
2023 25.7% 117.5% 21.7% 68.3%
2022 26.6% 127.6% 21.7% 70.6%
2021 30.8% 149.5% 37.1% 77.2%
2020 34.5% 144.3% 59.2% 69.8%
2019 27.5% 109.8% 22.4% 56.2%
2018 27.5% 112.3% 24.5% 56.7%
2017 28% 113% 25.6% 56.6%
2016 26.6% 115.6% 23.4% 21.4%
2015 28.7% 115.7% 26.3% 19.3%
2014 27.8% 105.7% 23.7% 21%
2013 30.9% 93.5% 30.2% 23.2%
2012 31.6% 82.9% 30.6% 17.2%
2011 30.3% 71.6% 25.4% 16.6%
2010 35.7% 73.5% 24.4% 20%
2009 30.6% 58.8% 24.8% 20.1%
2008 27.6% 57.5% 22% 15.5%
2007 27.1% 59.6% 20.7% 12.6%
2006 28.4% 66.2% 19.7% 14.2%
2005 26.2% 66.7% 19.3% 14.5%
2004 26.3% 67.8% 19% 16.9%
2003 23.4% 65.6% - 16.1%
2002 28.5% 64.7% - 17.2%
2001 24.2% 62.2% - 11.6%
2000 36.7% 71.9% - -
1999 35% 66.4% - -
1998 29.8% 72.9% - -
1997 34.8% 79.3% - -
1996 38.9% 85.7% - -
1995 44.5% 74.3% - -
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 (1994–1996, retrieved 2026-02-20).

GeoRank.org/economy/cape-verde/san-marino | CC BY

In 2024, Cape Verde's government spending was $711M, accounting for 26.1% of its GDP, while San Marino spent $440M, or 21% of GDP.

Debt-to-GDP ratio is 111.2% in Cape Verde and 63.9% in San Marino, ranking 16/185 and 71/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

San Marino
1x
Year Deficit/surplus, % of GDP
Cape Verde San Marino
2024 -1.07% -0.53%
2023 -0.28% -0.72%
2022 -4.25% 0.42%
2021 -7.51% -16.4%
2020 -9.29% -37.6%
2019 -1.62% -0.11%
2018 -2.36% -1.56%
2017 -2.63% -3.49%
2016 -2.73% -0.19%
2015 -4.16% -3.32%
2014 -6.93% 1.06%
2013 -8.49% -7.74%
2012 -9.36% -7.08%
2011 -6.98% -4.05%
2010 -9.6% -2.24%
2009 -5.32% -2.46%
2008 -1.42% 0.18%
2007 -0.86% 1.83%
2006 -4.32% 1.51%
2005 -4.69% 3.58%
2004 -2.98% 2.44%
2003 -3.63% -
2002 -6.14% -
2001 -5.03% -
2000 -15.5% -
1999 -10.9% -
1998 -3.16% -
1997 -10.2% -
1996 -11.2% -
1995 -11.1% -
1994 -12.8% -

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

GeoRank.org/economy/cape-verde/san-marino | CC BY

In 2023, Cape Verde's government deficit, the difference between spending and revenue, was $6.95M, equivalent to 0.28% of GDP. This compares to San Marino's deficit of $14.7M, or 0.72% of GDP.

Over the past 20 years, Cape Verde recorded a fiscal deficit in 20 of those years, while San Marino ran a deficit in 13 years. On average, Cape Verde posted an annual deficit equal to 4.79% of GDP, compared to deficit of 3.8% of GDP for San Marino.

Inflation comparison by year

Inflation
Cape Verde

San Marino
1x
Year Consumer prices inflation
Cape Verde San Marino
2024 1% 1.2%
2023 3.7% 5.9%
2022 7.9% 5.3%
2021 1.9% 1.6%
2020 0.6% -0.1%
2019 1.1% 0.5%
2018 1.3% 1.2%
2017 0.8% 1%
2016 -1.4% 0.6%
2015 0.1% 0.1%
2014 -0.2% 1.1%
2013 1.5% 1.6%
2012 2.5% 2.8%
2011 4.5% 2.2%
2010 2.1% 2.4%
2009 1% 2.4%
2008 6.8% 4.1%
2007 4.4% 2.5%
2006 4.8% 2.1%
2005 0.4% 1.7%
2004 -1.9% 1.4%
2003 1.2% 1.3%
2002 1.9% -
2001 3.7% -
2000 -2.4% -
1999 4.3% -
1998 4.4% -
1997 8.6% -

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

GeoRank.org/economy/cape-verde/san-marino | CC BY

Over the past 22 years, Cape Verde has recorded an average annual inflation rate of 2%, compared with 1.95% in San Marino. In 2024, inflation was 1% in Cape Verde and 1.2% in San Marino.

Balance of trade

Cape Verde San Marino
Current account balance
$107M
2024
$446M
2023
Current account balance ranking
67/190
2024
64/190
2023
Current account balance, % of GDP
+3.91%
2024
+22%
2023
Goods imports
$1.17B
2024
$2.25B
2023
Goods exports
$328M
2024
$2.53B
2023
Service imports
$298M
2024
$894M
2023
Service exports
$830M
2024
$1.25B
2023
Imports of goods and services, % of GDP
54%
2024
155%
2023
Exports of goods and services, % of GDP
42.5%
2024
186%
2023

Economic freedom indices

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

Cape Verde San Marino
Economic freedom 71.4 76
Economic freedom ranking 32/197 16/197
Property rights 72.7 n/a
Government integrity 63.3 n/a
Judicial effectiveness 77.1 n/a
Tax burden 84.4 n/a
Government spending 79.5 n/a
Fiscal health 74.4 n/a
Business freedom 78.9 n/a
Labor freedom 59.5 n/a
Monetary freedom 80.4 n/a
Trade freedom 66.6 n/a
Investment freedom 60 n/a
Financial freedom 60 n/a

Other economic metrics

Cape Verde San Marino
Services, % of GDP
68.7%
2024
56.9%
2023
Industry, % of GDP
10.7%
2024
35.8%
2023
Agriculture, forestry, and fishing, % of GDP
4.92%
2024
0.02%
2023
GNI, Atlas method
$2.6B
2024
$1.82B
2023
GNI per capita, PPP
$11,000
2024
$71,860
2023
Total reserves including gold
$783M
2024
$759M
2024
Total reserves ranking
144/177
2024
146/177
2024
Net foreign direct investment
-$89.2M
2024
$52.7M
2023
Net inflows of foreign direct investment
$110M
2024
-$18.1M
2023
Net outflows of foreign direct investment
$20.8M
2024
$0
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
16.6%
2023

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/san-marino | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1980–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1994–2024, retrieved 2026-02-20)
  3. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  4. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  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)

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.