Cape Verde
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Map |
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Basic Information |
Cape Verde is located in the middle of the Northern Atlantic and it is at the crossroads connecting the three major continents – America, Africa and Europe and as a transit hub between South America and Central Europe. The land area is 4,033 square kilometres, accommodating a population of about 580 thousands in 2023 (FMI estimate). The capital Praia is the political, economic, cultural and financial centre of the country. Other economic centres include S. Vincente, Sal and Boavista islands cities. |
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Investment Situation |
Cape Verde has stable political situation and high transparency on policies. The per capita income and quality of life are among the highest in the Africa. Moreover, the tourism, renewable energy and textile industries have also good opportunities for co-operation in some of the country’s islands. The Cape Verdean economy is dominated by service sector, which accounts for about 75% of GDP, mainly including tourism, transportation, business and public services. Among them, the tourism is the main source of economic growth and employment which attracted foreign direct investment accounting for 85% in the whole country’s foreign direct investment. In addition, agriculture and fishing industry play an important role in economy position. The country has an exclusive marine economic zone of 734,000 square kilometres. The fishery resources are relatively rich, which has not yet been fully developed and utilised. According to the “2023 World Investment Report” published by the United Nations Conference on Trade and Development (UNCTAD), at the end of 2022, Cape Verde has attracted US$2.29 billion on stock of inward direct investment. According to the “2022 Statistical Bulletin of China’s Outward Foreign Direct Investment”, by the end of 2022, the stock in direct investment of China in Cape Verde was US$1.62 million. The main projects in investment co-operation are construction, aluminum alloys, and communication and TV media. |
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Trade in Goods |
In 2022, the main export destinations of Cape Verde include Spain, Italy, Portugal and the United States. The main export goods are fish and crustaceans, clothing and shoes. Main import origins include Portugal, the Netherlands and Togo. The main imported goods include mineral goods, cereals and machines, etc. In 2023, China’s exports to Cape Verde amounted to US$100 million, main exports to Cape Verde include mackerel, tuna, floor tiles; imports from Cape Verde amounted to US$72 thousands, mainly include monocrystalline silicon chips. |
Main Economic Indicators of recent three years
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2021 |
2022 |
2023 |
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Population (million) |
0.56 |
0.57 |
0.58 |
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GDP (US$ billion) |
2 |
2.25 |
2.52 |
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Real GDP Growth Rate (%) |
5.6 |
17.1 |
4.8 |
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Total Export of Goods (US$ million) |
55 |
48 |
54 |
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Total Import of Goods (US$ million) |
821 |
910 |
980 |
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Total Export of Services (US$ million) |
287* |
574* |
– |
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Total Import of Services (US$ million) |
229* |
246* |
– |
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Inflation measured by the Consumer Price Index (Annual Inflation rate%) |
1.9 |
7.9 |
3.1 |
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Current Account Balance (US$ billion) |
-0.244 |
-0.076 |
-0.133 |
Source: * Data from World Trade Organization (WTO) and the others from International Monetary Fund (IMF)
Statistics on the Trade of Goods between Mainland China and Cape Verde of recent three years (US$ thousands)
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Year |
Total Trade |
Total Exports Value |
Total Imports Value |
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2023 |
103,297 |
103,225 |
72 |
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2022 |
92,985 |
92,965 |
20 |
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2021 |
85,685 |
84,538 |
1,147 |
Remarks: “Exports” refers of goods exported to Cape Verde from Mainland China; “Imports” refers of goods imported from Cape Verde to Mainland China Source: General Administration of Customs of the People’s Republic of China
Statistics on the Trade of Goods between Macau and Cape Verde of recent three years (US$) (1 US$ ≈ 8 MOP)
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Year |
Total Trade |
Total Exports Value |
Total Imports Value |
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2023 |
9,649.1 |
0 |
9,649.1 |
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2022 |
0 |
0 |
0 |
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2021 |
0 |
0 |
0 |
Notas: “Exports” refers of goods exported of Macao to Cape Verde; “Imports” refers of goods imported Cape Verde to Macao Fonte: Macao Statistics and Census Service
Sources:
- “Country (region) guide for foreign investment co-operation (Cape Verde)” by the Ministry of Commerce of the People’s Republic of China
- “2022 Statistical Bulletin of China’s Outward Foreign Direct Investment” by the Ministry of Commerce of the People’s Republic of China, National Bureau of Statistics and State Administration of Foreign Exchange
- General Administration of Customs of the People’s Republic of China
- SinoMaps Press
- Macao Statistics and Census Service
- International Monetary Fund (IMF)
- World Trade Organization (WTO)
- International Trade Center (ITC)
- “2023 World Investment Report” by the United Nations Conference on Trade and Development (UNCTAD)
Updated in April 2024.
