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Economy of Cape Verde vs Singapore compared: GDP & Debt

Updated on by Georank

Cape Verde has a GDP of $3.06B compared to $604B for Singapore, ranking 172/197 and 28/197 by economy size, respectively.

Cape Verde has $3.09B in government debt (101% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

Cape Verde vs Singapore GDP by year

Cape Verde
Singapore
1x
Year GDP, current $
Cape Verde Singapore
2025 $3,056,630,435 $603,869,516,999
2024 $2,713,721,857 $572,877,260,178
2023 $2,504,525,538 $511,181,761,244
2022 $2,247,003,344 $514,252,535,239
2021 $2,051,842,619 $441,110,903,525
2020 $1,821,565,614 $351,226,533,656
2019 $2,252,177,124 $376,827,390,962
2018 $2,205,099,507 $377,976,367,877
2017 $1,996,741,540 $344,795,119,214
2016 $1,849,789,986 $320,759,207,439
2015 $1,749,857,620 $307,998,545,269
2014 $2,041,930,125 $314,863,580,758
2013 $2,028,910,915 $307,576,360,585
2012 $1,913,081,210 $295,092,888,077
2011 $2,046,817,987 $279,356,499,090
2010 $1,824,751,468 $239,807,980,591
2009 $1,852,334,575 $194,150,283,772
2008 $1,959,620,648 $193,617,323,539
2007 $1,649,621,739 $180,941,701,358
2006 $1,107,571,458 $148,627,286,361
2005 $972,241,677 $127,807,848,728
2004 $924,940,012 $115,033,593,101
2003 $813,260,469 $97,646,401,096
2002 $620,507,387 $92,538,372,870
2001 $563,090,490 $89,793,790,670
2000 $539,227,278 $96,076,539,926
1999 $592,416,703 $86,286,849,755
1998 $521,910,561 $85,728,207,782
1997 $490,608,658 $100,123,787,215
1996 $501,979,270 $96,293,086,513
1995 $487,148,994 $87,812,540,788
1994 $406,580,652 $73,688,724,431
1993 $490,417,390 $60,603,815,716
1992 $357,160,985 $52,131,320,033
1991 $319,827,059 $45,466,164,978
1990 $306,890,963 $36,144,336,769
1989 $267,448,571 $30,465,364,739
1988 $264,308,140 $25,371,462,488
1987 $235,253,065 $20,919,215,578
1986 $190,651,168 $18,586,746,057
1985 $137,728,205 $19,156,532,746
1984 $132,019,039 $19,749,361,098
1983 $138,476,176 $17,784,112,150
1982 $140,630,679 $16,084,252,378
1981 $139,468,209 $14,175,228,844
1980 $142,246,815 $11,896,256,783
1979 - $9,296,921,724
1978 - $7,517,176,355
1977 - $6,618,585,074
1976 - $6,327,077,974
1975 - $5,633,673,930
1974 - $5,221,534,956
1973 - $3,696,213,333
1972 - $2,721,440,981
1971 - $2,263,785,444
1970 - $1,920,574,150
1969 - $1,659,893,768
1968 - $1,425,706,091
1967 - $1,238,035,816
1966 - $1,096,425,608
1965 - $974,644,096
1964 - $894,153,311
1963 - $917,608,012
1962 - $826,239,212
1961 - $764,629,788
1960 - $704,751,700

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

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

GDP per capita in Cape Verde vs Singapore by year

Cape Verde
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cape Verde Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $5,796 - $98,814 -
2024 $5,170 $11,195 $94,897 $150,689
2023 $4,795 $10,242 $86,383 $143,786
2022 $4,323 $9,481 $91,228 $143,095
2021 $3,971 $7,685 $80,885 $132,617
2020 $3,539 $6,853 $61,773 $101,518
2019 $4,381 $8,646 $66,069 $105,335
2018 $4,295 $7,916 $67,033 $103,963
2017 $3,893 $7,936 $61,436 $95,744
2016 $3,609 $7,351 $57,204 $89,902
2015 $3,415 $6,773 $55,646 $87,156
2014 $3,986 $6,417 $57,565 $84,555
2013 $3,961 $6,367 $56,967 $83,088
2012 $3,737 $6,318 $55,548 $82,108
2011 $4,002 $6,384 $53,891 $80,052
2010 $3,579 $6,039 $47,237 $75,401
2009 $3,660 $5,901 $38,927 $66,213
2008 $3,909 $6,011 $40,009 $67,735
2007 $3,325 $5,567 $39,433 $68,805
2006 $2,257 $4,758 $33,768 $64,061
2005 $2,004 $4,324 $29,961 $58,822
2004 $1,929 $3,969 $27,608 $54,384
2003 $1,718 $3,551 $23,730 $48,778
2002 $1,329 $3,388 $22,160 $45,083
2001 $1,223 $3,217 $21,700 $43,109
2000 $1,190 $3,124 $23,853 $43,781
1999 $1,327 $2,714 $21,797 $39,949
1998 $1,187 $2,443 $21,829 $37,560
1997 $1,134 $2,182 $26,376 $39,286
1996 $1,180 $1,963 $26,233 $36,873
1995 $1,165 $1,762 $24,915 $35,090
1994 $991 $1,540 $21,552 $33,058
1993 $1,220 $1,291 $18,290 $30,062
1992 $908 $1,186 $16,136 $27,022
1991 $832 $1,069 $14,502 $25,530
1990 $817 $1,044 $11,862 $23,815
1989 $727 - $10,395 -
1988 $729 - $8,914 -
1987 $658 - $7,539 -
1986 $541 - $6,800 -
1985 $396 - $7,002 -
1984 $385 - $7,228 -
1983 $410 - $6,633 -
1982 $423 - $6,078 -
1981 $425 - $5,597 -
1980 $440 - $4,928 -
1979 - - $3,901 -
1978 - - $3,194 -
1977 - - $2,846 -
1976 - - $2,759 -
1975 - - $2,490 -
1974 - - $2,342 -
1973 - - $1,685 -
1972 - - $1,264 -
1971 - - $1,071 -
1970 - - $926 -
1969 - - $813 -
1968 - - $709 -
1967 - - $626 -
1966 - - $567 -
1965 - - $517 -
1964 - - $486 -
1963 - - $511 -
1962 - - $472 -
1961 - - $449 -
1960 - - $428 -

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

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

Cape Verde's GDP per capita is $5,796, ranking 116/197, compared to $98,814 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 129th at $11,195, while Singapore ranks 2nd at $150,689.

Economic indicators

Cape Verde Singapore
Gross domestic product
$3.06B
2025
$604B
2025
GDP rank
172/197
2025
28/197
2025
GDP growth
6.3%
2024-2025
5.03%
2024-2025
GDP per capita
$5,796
2025
$98,814
2025
GDP per capita rank
116/197
2025
7/197
2025
GDP per capita, PPP
$11,195
2024
$150,689
2024
GDP per capita PPP rank
129/197
2024
2/197
2024
Government debt
$3.09B
2025
$1.03T
2025
Debt-to-GDP ratio
101%
2025
171.3%
2025
Government debt per person
$5,854
2025
$169,228
2025
Government debt per person rank
77/185
2025
1/185
2025
Average annual personal income after taxes
$2,506
2026
$51,296
2026
Market capitalization of domestic companies n/a
$824B
2025
Number of millionaires n/a
244,000
2026
Number of billionaires n/a
55
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
27%
2025
15.5%
2025
Consumer prices inflation
2.3%
2024-2025
0.9%
2024-2025
Central bank interest rate
1.5%
2024
n/a
Unemployment rate
11.3%
2019
3.26%
2025
Population
530853
6167445

Spending and national debt comparison by year

Cape Verde
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Cape Verde Singapore
Government spending Government debt Government spending Government debt
2025 27% 101% 15.5% 171.3%
2024 26.1% 112.8% 14.3% 166%
2023 25.7% 117.5% 14.6% 170.4%
2022 26.6% 127.6% 14.9% 153.3%
2021 30.8% 149.5% 15.4% 139.9%
2020 34.5% 149.1% 24% 147.1%
2019 27.5% 109.8% 14% 127.7%
2018 27.5% 112.3% 13.9% 109.2%
2017 28% 113% 13.6% 107.3%
2016 26.6% 115.6% 15.2% 105.9%
2015 28.7% 115.7% 14.4% 102.1%
2014 27.8% 105.7% 12.6% 97.7%
2013 30.9% 93.5% 10.9% 98.2%
2012 31.6% 82.9% 9.83% 106.7%
2011 30.3% 71.6% 9.66% 103.1%
2010 35.7% 66.2% 10.2% 98.7%
2009 30.6% 58.8% 15.9% 101.7%
2008 27.6% 57.5% 14% 97.9%
2007 27.1% 59.6% 9.01% 87.8%
2006 28.4% 66.2% 12.3% 86.5%
2005 26.2% 66.7% 12.4% 92.7%
2004 26.3% 67.8% 14.1% 95.7%
2003 23.4% 65.6% 15.6% 99.1%
2002 28.5% 64.7% 15.9% 96.3%
2001 24.2% 62.2% 18.2% 94.5%
2000 36.7% 71.9% 16.1% 82.3%
1999 35% 66.4% 15.9% 85.3%
1998 29.8% 72.9% 18.1% 84.6%
1997 34.8% 79.3% 14.5% 70.8%
1996 38.9% 85.7% 18.1% 71.3%
1995 44.5% 74.3% 13.8% 69.8%
1994 48.1% 73.4% 11.7% 70.7%
1993 - - 14.5% 71.2%
1992 - - 14.5% 79%
1991 - - 15.9% 76.4%
1990 - - 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-07-08).

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

In 2025, Cape Verde's government spending was $827M, accounting for 27% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 101% in Cape Verde and 171.3% in Singapore, ranking 23/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
Cape Verde

Singapore
1x
Year Deficit/surplus, % of GDP
Cape Verde Singapore
2025 1.06% 4.16%
2024 -1.07% 3.79%
2023 -0.28% 3.42%
2022 -4.25% 1.2%
2021 -7.51% 1.11%
2020 -9.29% -6.68%
2019 -1.62% 3.76%
2018 -2.36% 3.67%
2017 -2.63% 5.23%
2016 -2.73% 3.24%
2015 -4.16% 2.86%
2014 -6.93% 4.6%
2013 -8.49% 5.96%
2012 -9.36% 7.34%
2011 -6.98% 7.96%
2010 -9.6% 5.68%
2009 -5.32% -0.09%
2008 -1.42% 3.59%
2007 -0.86% 7.12%
2006 -4.32% 2.16%
2005 -4.69% 2.56%
2004 -2.98% 2.06%
2003 -3.63% 0.68%
2002 -6.14% 2.23%
2001 -5.03% 1.2%
2000 -15.5% 4.59%
1999 -10.9% 5.2%
1998 -3.16% 2.41%
1997 -10.2% 5.66%
1996 -11.2% 1.98%
1995 -11.1% 4.8%
1994 -12.8% 7.9%
1993 - 4.36%
1992 - 2.7%
1991 - 0.68%
1990 - 1.97%

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

GeoRank.org/economy/cape-verde/singapore | 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 Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 32 years, Cape Verde recorded a fiscal deficit in 31 of those years, while Singapore ran a deficit in 2 years. On average, Cape Verde posted an annual deficit equal to 5.8% of GDP, compared to surplus of 3.48% of GDP for Singapore.

Inflation comparison by year

Inflation
Cape Verde

Singapore
1x
Year Consumer prices inflation
Cape Verde Singapore
2025 2.3% 0.9%
2024 1.1% 2.39%
2023 3.7% 4.83%
2022 7.9% 6.13%
2021 1.9% 2.32%
2020 0.6% -0.17%
2019 1.1% 0.57%
2018 1.3% 0.44%
2017 0.8% 0.58%
2016 -1.4% -0.53%
2015 0.1% -0.52%
2014 -0.2% 1.03%
2013 1.5% 2.36%
2012 2.5% 4.58%
2011 4.5% 5.25%
2010 2.1% 2.83%
2009 1% 0.59%
2008 6.8% 6.64%
2007 4.4% 2.11%
2006 4.8% 0.97%
2005 0.4% 0.43%
2004 -1.9% 1.66%
2003 1.2% 0.51%
2002 1.9% -0.39%
2001 3.7% 1%
2000 -2.4% 1.36%
1999 4.3% 0.02%
1998 4.4% -0.27%
1997 8.6% 2%

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/singapore | CC BY

Over the past 29 years, Cape Verde has recorded an average annual inflation rate of 2.31%, compared with 1.71% in Singapore. In 2025, inflation was 2.3% in Cape Verde and 0.9% in Singapore.

Top exports between countries

Cape Verde
Export category Export value
Singapore
Export category Export value
Processed food, beverages & tobacco $1.08M
Machinery & equipment $254K
Raw materials & minerals $224K
Chemicals & pharma $92K
Wood & paper products $34K
Metals $30K
Textiles & consumer goods $22K
Miscellaneous $2K

Balance of trade

Cape Verde Singapore
Current account balance
$108M
2025
$101B
2025
Current account balance ranking
63/190
2025
8/190
2025
Current account balance, % of GDP
+3.53%
2025
+16.7%
2025
Goods imports
$1.29B
2025
$475B
2025
Goods exports
$344M
2025
$652B
2025
Service imports
$350M
2025
$385B
2025
Service exports
$940M
2025
$422B
2025
Imports of goods and services, % of GDP
53.4%
2025
142.5%
2025
Exports of goods and services, % of GDP
42%
2025
177.9%
2025

Economic freedom indices

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

Cape Verde Singapore
Economic freedom 71.4 84.4
Economic freedom ranking 32/197 1/197
Property rights 72.7 89.2
Government integrity 63.3 86.1
Judicial effectiveness 77.1 58.3
Tax burden 84.4 89.5
Government spending 79.5 93.4
Fiscal health 74.4 80
Business freedom 78.9 90.6
Labor freedom 59.5 77
Monetary freedom 80.4 83.5
Trade freedom 66.6 95
Investment freedom 60 90
Financial freedom 60 80

Economic freedom comparison by year

Cape Verde
Singapore
1x
Year Economic freedom index
Cape Verde Singapore
2026 71.4 84.4
2025 68.7 84.1
2024 62.9 83.5
2023 65.8 83.9
2022 66.7 84.4
2021 63.8 89.7
2020 63.6 89.4
2019 63.1 89.4
2018 60 88.8
2017 56.9 88.6
2016 66.5 87.8
2015 66.4 89.4
2014 66.1 89.4
2013 63.7 88
2012 63.5 87.5
2011 64.6 87.2
2010 61.8 86.1
2009 61.3 87.1
2008 57.9 87.3
2007 56.5 87.1
2006 58.6 88
2005 57.8 88.6
2004 58.1 88.9
2003 56.1 88.2
2002 57.6 87.4
2001 56.3 87.8
2000 51.9 87.7
1999 50.7 86.9
1998 48 87
1997 47.7 87.3
1996 49.7 86.5
1995 - 86.3

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

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

The Economic Freedom Index for Cape Verde is 71.4, ranking 32/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cape Verde Singapore
Services, % of GDP
67.9%
2025
71.6%
2025
Industry, % of GDP
10.7%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
5.04%
2025
0.02%
2025
GNI, Atlas method
$2.95B
2025
$500B
2025
GNI per capita, PPP
$12,010
2025
$135,750
2025
Total reserves including gold
$1.26B
2025
$432B
2025
Total reserves ranking
138/177
2025
11/177
2025
Net foreign direct investment
-$130M
2025
-$64.9B
2025
Net inflows of foreign direct investment
$110M
2024
$135B
2024
Net outflows of foreign direct investment
$20.8M
2024
$63.6B
2024
Servicing debt to the IMF, % of GNI
5.72%
2024
n/a
Poverty at national poverty lines
24.8%
2023
n/a
Gross capital formation, % of GDP
17.4%
2025
22.5%
2025

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/singapore | 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. TradeMap (2022–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1994–1996, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. 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.