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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 [[Fixed exchange rate|link its currency]] (the [[Cape Verdean escudo]]) first to the [[Portuguese escudo]] and, in 1999, to the [[euro]]. == Resources == 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 plant]]s in [[Mindelo]], [[Praia]], and on [[Sal, Cape Verde|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 === Mining is an insignificant contributor to the country's economy.<ref name=yearbook>Newman, Harold R. [http://minerals.usgs.gov/minerals/pubs/country/2007/myb3-2007-cm-cv.pdf "The Mineral Industries of Cameroon and Cape Verde"] (PDF). ''2007 [[Minerals Yearbook]]''. [[United States Geological Survey]] (December 2008) {{PD-notice}}.</ref> Most of the country's mineral requirements are imported.<ref name=yearbook/> As of 2007, production of mineral commodities was limited to [[clay]] on the islands of [[Boa Vista, Cape Verde|Boa Vista]], [[Sal, Cape Verde|Sal]], and [[São Vicente, Cape Verde|São Vicente]]; [[gypsum]] and [[iron ore]] on the island of [[Maio, Cape Verde|Maio]]; [[limestone]] on the islands of Boa Vista, Sal, and [[Santo Antão, Cape Verde|Santo Antão]]; [[pozzolana]] on the island of Santo Antão; and [[Salt evaporation pond|salt]] on the islands of Maio and Sal.<ref name=yearbook/> Cape Verde was not a natural gas or petroleum producer as of 2007.<ref name=yearbook/> == Transportation == [[File:Harbour in Mindelo.jpg|thumb|left|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 harbour (Porto Grande) and at Sal's international airport. Ship repair facilities at Mindelo were opened in 1983, and the harbours 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 [[Amílcar Cabral International Airport|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&nbsp;mi.) of roads, of which 1,010 kilometers (606&nbsp;mi.) are paved. The new [[Praia International Airport]] is currently operative. == International recognition == Cape Verde is considered a [[Developing countries#Africa|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.<ref>[https://www.un.org/apps/news/story.asp?NewsID=22918&Cr=cape&Cr1=verde "UN advocate salutes Cape Verde’s graduation from category of poorest States"], UN News Centre, 14 June 2007.</ref> 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.<ref>{{cite web |url=http://www.wto.org/english/news_e/news08_e/acc_capverde_june08_e.htm |title=Cape Verde to join WTO on 23 July 2008 |publisher=WTO News}}</ref> 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]].<ref>[http://www.wto.org/english/news_e/pres07_e/pr503_e.htm WTO press release on Cape Verde's accession]</ref><ref>[http://www.wto.org/english/thewto_e/acc_e/capeverde_other_e.htm ''Cape Verde's other accession commitments: Besides Market access for goods and services''], WTO, 18 December 2007. "Intellectual property: Cape Verde would apply the [[Agreement on Trade-Related Aspects of Intellectual Property Rights|TRIPS]] agreement by January 2013. In light of the [[Doha Declaration on the TRIPS agreement and public health|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."</ref> 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).<ref>WIPO, [http://www.wipo.int/about-ip/en/ipworldwide/pdf/cv.pdf Legislative Profile of Cape Verde Intellectual Property Laws] {{webarchive|url=https://web.archive.org/web/20080813005526/http://www.wipo.int/about-ip/en/ipworldwide/pdf/cv.pdf |date=2008-08-13 }}</ref> 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."<ref>{{cite news|url=http://www.afrol.com/articles/29957|title=Cape Verde joins WTO|publisher=afrol News|access-date=2008-07-24|date=2008-07-23}}</ref> == Data == The following table shows the main economic indicators in 1980–2017.<ref>{{cite web|title=Report for Selected Countries and Subjects|url=http://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=624&s=NGDP_RPCH,PPPGDP,PPPPC,PCPIPCH,GGXWDG_NGDP&grp=0&a=&pr.x=34&pr.y=8|access-date=2018-09-10|language=en-US}}</ref> {| class="wikitable" style="text-align:center; vertical-align:middle;" |- style="font-weight:bold;" ! Year ! GDP (in bil. US$ PPP) ! GDP per capita (in US$ PPP) !GDP (in bil. US$ nominal) ! GDP growth<br />(real) ! Inflation<br />(in Percent) ! Government debt<br />(Percentage of GDP) |- | style="font-weight:bold;" | 1980 | 0.23 | 798 |0.16 | 5.3% | 15.1% | ... |- | style="font-weight:bold;" | 1985 | 0.41 | 1,287 |0.15 | 8.6% | 5.9% | ... |- | style="font-weight:bold;" | 1990 | 0.69 | 1,633 |0.34 | 0.7% | 11.1% | ... |- | style="font-weight:bold;" | 1995 | 0.84 | 2,106 |0.54 | 7.5% | 8.4% | ... |- | style="font-weight:bold;" | 2000 | 1.37 | 3,089 |0.61 | 7.3% | −2,4 % | 83% |- | style="font-weight:bold;" | 2005 | 2.05 | 4,278 |1.12 | 5.8% | 0,4 % | 85% |- | style="font-weight:bold;" | 2006 | 2.30 | 4,778 |1.26 | 9.1% | 4,8 % | 77% |- | style="font-weight:bold;" | 2007 | 2.58 | 5,338 |1.65 | 9.2% | 4,4 % | 65% |- | style="font-weight:bold;" | 2008 | 2.81 | 5,793 |1.96 | 6.7% | 6.8% | 57% |- | style="font-weight:bold;" | 2009 | 2.79 | 5,750 |1.85 | −1.3 % | 1.0% | 65% |- | style="font-weight:bold;" | 2010 | 2.87 | 5,883 |1.83 | 1.5% | 2.1% | 72% |- | style="font-weight:bold;" | 2011 | 3.04 | 6,205 |2.05 | 4.0% | 4.5% | 79% |- | style="font-weight:bold;" | 2012 | 3.13 | 6,195 |1.91 | 1.1% | 2.5% | 91% |- | style="font-weight:bold;" | 2013 | 3.21 | 6,268 |2.03 | 0.8% | 1.5% | 102% |- | style="font-weight:bold;" | 2014 | 3.29 | 6,342 |2.04 | 0.6% | −0.2 % | 116% |- | style="font-weight:bold;" | 2015 | 3.36 | 6,396 |1.75 | 1.0% | 0.1% | 126% |- | style="font-weight:bold;" | 2016 | 3.53 | 6,643 |1.86 | 3.8% | −1.4 % | 129% |- | style="font-weight:bold;" | 2017 | 3.96 | 6,944 |1.97 | 4.0% | 0.8% | 126% |} == See also == * [[Cape Verdean escudo]] * [[United Nations Economic Commission for Africa]] == Notes == {{reflist}} == References == * [https://www.cia.gov/the-world-factbook/countries/cabo-verde/ CIA World Factbook] == External links == * [http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/CAPEVERDEEXTN/0,,menuPK:349649~pagePK:141132~piPK:141109~theSitePK:349623,00.html World Bank: Cape Verde - Data & Statistics] * [http://www.ine.cv/ Instituto Nacional de Estatística] {{in lang|pt}} National Institute of Statistics * [http://www.bcv.cv/ Banco de Cabo Verde] {{in lang|pt}} Central Bank of Cape Verde * [http://www.bvc.cv/ Bolsa de Valores de Cabo Verde] {{in lang|pt}} Cape Verdean Stock Exchange * [http://www.trademap.org/open_access/Index.aspx?proceed=true&reporter=132 Cape Verde latest trade data on ITC Trade Map] {{Economy of Cape Verde}} {{Africa topic|Economy of}} {{Cape Verde topics}} [[Category:Economy of Cape Verde| ]] [[Category:African Union member economies|Cape Verde]] [[Category:World Trade Organization member economies|Cape Verde]] </textarea><div class="templatesUsed"><div class="mw-templatesUsedExplanation"><p><span id="templatesused">Pages transcluded onto the current version of this page<span class="posteditwindowhelplinks"> (<a href="/wiki/Help:Transclusion" title="Help:Transclusion">help</a>)</span>:</span> </p></div><ul> <li><a href="/wiki/Cape_Verde" title="Cape Verde">Cape Verde</a> (<a href="/w/index.php?title=Cape_Verde&action=edit" title="Cape 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