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Cabo Verde

Includes historical data for Cabo Verde’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.

Economic Stability Powered By Tourism Sector

Situated 500 km off the west coast of Africa, this former Portuguese colony is a ten-island archipelago, nine of which are inhabited. Despite limited natural resources, arable land or mineral wealth, Cabo Verde has earned a reputation for political and economic stability, and effective poverty reduction policies. The government actively welcomes international investment, offering incentives and tax breaks in sectors such as tourism, information and communication technology, and renewable energy. Its strategic location and growing connectivity with other West African nations enhance its appeal. Other strengths include efficient banking services, a relatively well-developed regulatory framework, and an exchange rate cooperation agreement with Portugal that provides a fixed rate between the euro and the Cabo Verdean escudo.

However, the country also faces several challenges. The economy heavily depends on tourism and the economic performance of Eurozone countries. Cabo Verde also suffers from aging, poor-quality infrastructure and relies on food imports for over 80% of its needs. Furthermore, its island location makes it vulnerable to climate change, volcanic and earthquake events, and hurricanes.

Macroeconomy & Sovereign Data

Type of Government Parliamentary republic
Capital Praia
Sovereign Ratings S&P: B–
Moody’s: Not rated
Fitch: B
Total Population 0.58 million
Median Age 27.9
Adult Per Capita Income (PPP) 12,751.60
Total GDP (2023) 2.7 billion

Cabo Verde GDP & Economic Overview

Most Recent Content

Banking & Finance

Trade & Investment

Total Exports USD 1.0 billion (2023)
Leading Exports Tuna
Other Processed And Frozen Fish
Postage Stamps And Title Bond Documents
Total Imports USD 98.4 million (2022)
Leading Imports Refined Petroleum
Delivery Trucks
Coal Tar Oil
Source: World Integrated Trade Solution

Cabo Verde Leading Companies

Banco Comercial do Atlântico Financials
Banco Caboverdiano de Negócios Financials
Caixa Económica de Cabo Verde Financials
Empresa Nacional de Combustíveis Oil & Gas Distribution & Marketing
Electra Utilities
Cabo Verde Telecom Telecommunication Services
Cabo Verde Airlines Airline

Major Trade Partners — Import

Portugal 42%
Netherlands 16%
Spain 8%
Italy 6%
China 6%

Source: World Integrated Trade Solution

Major Trade Partners — Export

Spain 63%
Portugal 15%
Italy 12%
United States 6%
Germany 3%

Source: World Integrated Trade Solution

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000