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| Government Type |
republic |
| Legal System |
derived from the legal system of Portugal |
| Currency |
Cape Verdean escudo (CVE) |
| Economic Overview |
This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought. The economy is service-oriented, with commerce, transport, tourism, and public services accounting for 72% of GDP. Although nearly 70% of the population lives in rural areas, the share of agriculture in GDP in 2001 was only 11%, of which fishing accounts for 1.5%. About 82% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. Cape Verde annually runs a high trade deficit, financed by foreign aid and remittances from emigrants; remittances supplement GDP by more than 20%. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy. Prospects for 2003 depend heavily on the maintenance of aid flows, tourism, remittances, and the momentum of the government's development program. |
| Natural Resources |
salt, basalt rock, limestone, kaolin, fish |
| Primary Industries |
food and beverages, fish processing, shoes and garments, salt mining, ship repair |
| Agricultural Products |
bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish |
| Import Commodities |
foodstuffs, industrial products, transport equipment, fuels |
| Export Commodities |
fuel, shoes, garments, fish, hides |
| Export Partners |
Portugal 53.3%, UK 26.6%, US 13.3%, Germany, Guinea-Bissau (2001) |
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