The economy of Cape Verde is a service-oriented economy that is focused on commerce, trade, transport and public services.[7]Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Agriculture is made difficult by lack of rain and is restricted to only four islands for most of the year. Cape Verde's economy has been steadily growing since the late 1990s, and it is now officially considered a country of average development, being only the second African country to have achieved such transition, after Botswana in 1994. Cape Verde has significant cooperation with Portugal at every level of the economy, which has led it to link its currency (the Cape Verdean escudo) first to the Portuguese escudo and, in 1999, to the euro.
About 75% of food is imported. Cape Verde annually runs a high trade deficit, financed by foreign aid and remittances from emigrants; remittances constitute a supplement to GDP of more than 20%. Economic reforms, launched by the new democratic government in 1991, are aimed at developing the private sector and attracting foreign investment to diversify the economy. Since 1991, the policies the government has pursued include an open welcome to foreign investors and a far-reaching privatization program.
Fish and shellfish are plentiful, and small quantities are exported. Cape Verde has cold storage and freezing facilities as well as fish processing plants in Mindelo, Praia, and on Sal. However, the fishing potential, mostly lobster and tuna, is not fully exploited.
The economy is service-oriented, with commerce, transport, and public services accounting for almost 70% of the GDP. Although nearly 35% of the population lives in rural areas, the share of agriculture in GDP in 2010 was only 9.2% (up from 8.9% in 1995); of the 1998 total, fishing accounts for 1.5%.
The Cape Verdean government established the top priorities for development as the promotion of a market economy and of the private sector; the development of tourism, light manufacturing industries, and fisheries; and the development of transport, communications, and energy facilities. In 1994-95 Cape Verde received a total of about U.S.$50 million in foreign investments, of which 50% was in industry, 19% in tourism, and 31% in fisheries and services. Prospects for 2000 depend heavily on the maintenance of aid flows, remittances, and the momentum of the government's development program.
Mineral industryEdit
Mining is an insignificant contributor to the country's economy.[8] Most of the country's mineral requirements are imported.[8] As of 2007, production of mineral commodities was limited to clay on the islands of Boa Vista, Sal, and São Vicente; gypsum and iron ore on the island of Maio; limestone on the islands of Boa Vista, Sal, and Santo Antão; pozzolana on the island of Santo Antão; and salt on the islands of Maio and Sal.[8] Cape Verde was not a natural gas or petroleum producer as of 2007.[8]
TransportationEdit
Shipyard at Mindelo
Cape Verde's strategic location at the crossroads of mid-Atlantic air and sea lanes has been enhanced by significant improvements at Mindelo's harbor (Porto Grande) and at Sal's international airport. Ship repair facilities at Mindelo were opened in 1983, and the harbors at Mindelo and Praia were recently renovated. The major ports are Mindelo and Praia, but all other islands have small port facilities, some of which are to be expanded in the near future. In addition to the international airport on Sal, airports are located on all of the inhabited islands except for the smallest island, Brava, which was built, but found to be too dangerous so it was shut down after a few failed attempted landings. The archipelago has 3,050 kilometers (1,830 mi.) of roads, of which 1,010 kilometers (606 mi.) are paved. The new Praia International Airport is currently operative.
In 2007 the United Nations graduated Cape Verde from the category of Least Developed Countries, only the second time this has happened to a country.[9]
On December 18, 2007, the General Council of the World Trade Organization approved a package for the accession of Cape Verde to the WTO. Accession was effective on July 23, 2008, 30 days after ratification by Cape Verde, which took place on 23 June.[10] The package requires Cape Verde to adapt some of its economic regulation. In particular, it will need to introduce a new Customs Code, and to introduce copyright and patent laws complying with the Agreement on Trade-Related Aspects of Intellectual Property Rights.[11][12] According to the World Intellectual Property Organization (WIPO), Cape Verde does not have legislation for industrial property, such as patents, trademarks, and industrial designs but does have a law on copyrights (Law No. 101/III/90, December 1990).[13] Pascal Lamy, director-general of the WTO said, "I am very pleased to welcome Cape Verde as a new member. This new membership will strengthen multilateral trading system. Being part of the WTO will enable Cape Verde to continue its integration into the world economy."[14]
DataEdit
The following table shows the main economic indicators in 1980–2017.[15]
^"Global Economic Prospects, June 2019: Heightened Tensions, Subdued Investment. p. 127" (PDF). openknowledge.worldbank.org. World Bank. Retrieved 6 December 2019.
^"Ease of Doing Business in Cabo Verde". Doingbusiness.org. Retrieved 2017-01-24.
^"Export Partners of Cape Verde". CIA World Factbook. 2017. Retrieved 2019-10-09.
^. CIA World Factbook. 2016. Archived from the original on June 13, 2007. Retrieved 2018-02-11.
^"Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^Cape Verde's other accession commitments: Besides Market access for goods and services, WTO, 18 December 2007. "Intellectual property: Cape Verde would apply the TRIPS agreement by January 2013. In light of the Doha Declaration on TRIPS and Public Health, the provisions related to the scope and use of patents and the protection of undisclosed information would be implemented by January 2016."
^WIPO, Legislative Profile of Cape Verde Intellectual Property Laws 2008-08-13 at the Wayback Machine
economy, cape, verde, economy, cape, verde, service, oriented, economy, that, focused, commerce, trade, transport, public, services, cape, verde, small, archipelagic, nation, that, lacks, resources, experienced, severe, droughts, agriculture, made, difficult, . The economy of Cape Verde is a service oriented economy that is focused on commerce trade transport and public services 7 Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts Agriculture is made difficult by lack of rain and is restricted to only four islands for most of the year Cape Verde s economy has been steadily growing since the late 1990s and it is now officially considered a country of average development being only the second African country to have achieved such transition after Botswana in 1994 Cape Verde has significant cooperation with Portugal at every level of the economy which has led it to link its currency the Cape Verdean escudo first to the Portuguese escudo and in 1999 to the euro Economy of Cape VerdeA market place in PraiaCurrencyCape Verdean escudo CVE Fiscal yearCalendar yearTrade organisationsAU WTOStatisticsGDP 1 979 billion nominal 2018 1 4 047 billion PPP 2018 1 GDP growth4 7 2016 4 0 2017 4 5 2018e 4 4 2019f 2 GDP per capita 3 579 nominal 2018 est 1 8 460 PPP 2022 est 1 GDP by sectoragriculture 7 9 industry 17 9 services 74 2 As of 2017 update Inflation CPI 1 275 2018 1 Population below poverty line15 As of 2010 update Labour force243 120 2010 Labour force by occupationfood and beverages fish processing shoes and garments salt mining ship repairEase of doing business rank116th medium 2020 3 ExternalExports 1 billion 2019 est Export goodsprocessed and frozen fish mollusks clothing scrap iron 2019 Main export partners Spain 65 Portugal 14 Italy 8 2016 4 Imports 1 29 billion 2019 est Import goodsrefined petroleum delivery trucks coal tar oil cars rice 2019 Main import partners Portugal 39 Netherlands 16 Spain 11 China 6 2016 5 Gross external debt 284 million As of 2010 update Public financesGovernment debtN A As of 2008 update Revenues 480 million 2009 est Expenses 595 9 million 2009 est Economic aid 136 million recipient As of 2009 update Credit ratingStandard amp Poor s 6 B Domestic B Foreign BB T amp C Assessment Main data source CIA World Fact Book All values unless otherwise stated are in US dollars Contents 1 Resources 1 1 Mineral industry 2 Transportation 3 International recognition 4 Data 5 See also 6 Notes 7 References 8 External linksResources EditAbout 75 of food is imported Cape Verde annually runs a high trade deficit financed by foreign aid and remittances from emigrants remittances constitute a supplement to GDP of more than 20 Economic reforms launched by the new democratic government in 1991 are aimed at developing the private sector and attracting foreign investment to diversify the economy Since 1991 the policies the government has pursued include an open welcome to foreign investors and a far reaching privatization program Fish and shellfish are plentiful and small quantities are exported Cape Verde has cold storage and freezing facilities as well as fish processing plants in Mindelo Praia and on Sal However the fishing potential mostly lobster and tuna is not fully exploited The economy is service oriented with commerce transport and public services accounting for almost 70 of the GDP Although nearly 35 of the population lives in rural areas the share of agriculture in GDP in 2010 was only 9 2 up from 8 9 in 1995 of the 1998 total fishing accounts for 1 5 The Cape Verdean government established the top priorities for development as the promotion of a market economy and of the private sector the development of tourism light manufacturing industries and fisheries and the development of transport communications and energy facilities In 1994 95 Cape Verde received a total of about U S 50 million in foreign investments of which 50 was in industry 19 in tourism and 31 in fisheries and services Prospects for 2000 depend heavily on the maintenance of aid flows remittances and the momentum of the government s development program Mineral industry Edit Mining is an insignificant contributor to the country s economy 8 Most of the country s mineral requirements are imported 8 As of 2007 production of mineral commodities was limited to clay on the islands of Boa Vista Sal and Sao Vicente gypsum and iron ore on the island of Maio limestone on the islands of Boa Vista Sal and Santo Antao pozzolana on the island of Santo Antao and salt on the islands of Maio and Sal 8 Cape Verde was not a natural gas or petroleum producer as of 2007 8 Transportation Edit nbsp Shipyard at MindeloCape Verde s strategic location at the crossroads of mid Atlantic air and sea lanes has been enhanced by significant improvements at Mindelo s harbor Porto Grande and at Sal s international airport Ship repair facilities at Mindelo were opened in 1983 and the harbors at Mindelo and Praia were recently renovated The major ports are Mindelo and Praia but all other islands have small port facilities some of which are to be expanded in the near future In addition to the international airport on Sal airports are located on all of the inhabited islands except for the smallest island Brava which was built but found to be too dangerous so it was shut down after a few failed attempted landings The archipelago has 3 050 kilometers 1 830 mi of roads of which 1 010 kilometers 606 mi are paved The new Praia International Airport is currently operative International recognition EditCape Verde is considered a developing country and is included on the list of the United Nations Small Island Developing States In 2007 the United Nations graduated Cape Verde from the category of Least Developed Countries only the second time this has happened to a country 9 On December 18 2007 the General Council of the World Trade Organization approved a package for the accession of Cape Verde to the WTO Accession was effective on July 23 2008 30 days after ratification by Cape Verde which took place on 23 June 10 The package requires Cape Verde to adapt some of its economic regulation In particular it will need to introduce a new Customs Code and to introduce copyright and patent laws complying with the Agreement on Trade Related Aspects of Intellectual Property Rights 11 12 According to the World Intellectual Property Organization WIPO Cape Verde does not have legislation for industrial property such as patents trademarks and industrial designs but does have a law on copyrights Law No 101 III 90 December 1990 13 Pascal Lamy director general of the WTO said I am very pleased to welcome Cape Verde as a new member This new membership will strengthen multilateral trading system Being part of the WTO will enable Cape Verde to continue its integration into the world economy 14 Data EditThe following table shows the main economic indicators in 1980 2017 15 Year 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017GDP in PPP 0 23 bil 0 41 bil 0 69 bil 0 84 bil 1 37 bil 2 05 bil 2 30 bil 2 58 bil 2 81 bil 2 79 bil 2 87 bil 3 04 bil 3 13 bil 3 21 bil 3 29 bil 3 36 bil 3 53 bil 3 96 bil GDP per capita in PPP 798 1 287 1 633 2 106 3 089 4 278 4 778 5 338 5 793 5 750 5 883 6 205 6 195 6 268 6 342 6 396 6 643 6 944GDP growth real 5 3 8 6 0 7 7 5 7 3 5 8 9 1 9 2 6 7 1 3 1 5 4 0 1 1 0 8 0 6 1 0 3 8 4 0 Inflation in Percent 15 1 5 9 11 1 8 4 2 4 0 4 4 8 4 4 6 8 1 0 2 1 4 5 2 5 1 5 0 2 0 1 1 4 0 8 Government debt Percentage of GDP 83 85 77 65 57 65 72 79 91 102 116 126 129 126 See also EditCape Verdean escudo United Nations Economic Commission for AfricaNotes Edit a b c d e World Economic Outlook Database October 2019 IMF org International Monetary Fund Retrieved 6 December 2019 Global Economic Prospects June 2019 Heightened Tensions Subdued Investment p 127 PDF openknowledge worldbank org World Bank Retrieved 6 December 2019 Ease of Doing Business in Cabo Verde Doingbusiness org Retrieved 2017 01 24 Export Partners of Cape Verde CIA World Factbook 2017 Retrieved 2019 10 09 Import Partners of Cape Verde CIA World Factbook 2016 Archived from the original on June 13 2007 Retrieved 2018 02 11 Sovereigns rating list Standard amp Poor s Retrieved 26 May 2011 Cape Verde Retrieved 28 October 2019 a b c d Newman Harold R The Mineral Industries of Cameroon and Cape Verde PDF 2007 Minerals Yearbook United States Geological Survey December 2008 nbsp This article incorporates text from this source which is in the public domain UN advocate salutes Cape Verde s graduation from category of poorest States UN News Centre 14 June 2007 Cape Verde to join WTO on 23 July 2008 WTO News WTO press release on Cape Verde s accession Cape Verde s other accession commitments Besides Market access for goods and services WTO 18 December 2007 Intellectual property Cape Verde would apply the TRIPS agreement by January 2013 In light of the Doha Declaration on TRIPS and Public Health the provisions related to the scope and use of patents and the protection of undisclosed information would be implemented by January 2016 WIPO Legislative Profile of Cape Verde Intellectual Property Laws Archived 2008 08 13 at the Wayback Machine Cape Verde joins WTO afrol News 2008 07 23 Retrieved 2008 07 24 Report for Selected Countries and Subjects Retrieved 2018 09 10 References EditCIA World FactbookExternal links EditWorld Bank Cape Verde Data amp Statistics Instituto Nacional de Estatistica in Portuguese National Institute of Statistics Banco de Cabo Verde in Portuguese Central Bank of Cape Verde Bolsa de Valores de Cabo Verde in Portuguese Cape Verdean Stock Exchange Economy of Cape Verde at Curlie Cape Verde latest trade data on ITC Trade Map Retrieved from https en wikipedia org w index php title Economy of Cape Verde amp oldid 1159322849, wikipedia, wiki, book, books, library,
