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Cabo Verde - Economy

Изображение-2: 

GDP per capita – 3612 USA dollars (2018, at current prices, UNCTAD).
GDP – 1,96 bln US dollars (2018, at current prices, UNCTAD).
GDP – gross domestic product

Exports (marchandise) – 76 mln of US Dollars (2018, at current prices, UNCTAD).
Imports (marchandise) – 816 mln of US Dollars (2018, at current prices, UNCTAD).

Exports (service) – 698 mln of US Dollars (2018, at current prices, UNCTAD).
Imports (services) – 384 mln of US Dollars (2018, at current prices, UNCTAD).

Main export commodities – shoes, garments, hides, fish, see-food, salt
Main import commodities – foodstuffs, capital goods, petroleum products, transport equipment, fuels

Economy overview
Cape Verde is a small archipelagic nation, which has few natural resources. The island economy suffers from serious water shortages, exacerbated by cycles of long-term drought, and poor soil for growing food on several of the islands, requiring it to import most of what it consumes.
However, in spite of having few natural resources and being semi-desert, the country boasts the highest living standards in the region, and has attracted thousands of immigrants of different nationalities.
Since 1991, the government has pursued market-oriented economic policies. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy. The Cape Verdean government established the top priorities for the development as the promotion of a market economy and private sector; the development of tourism, light manufacturing industries, fisheries; and the development of transport, communications, and energy facilities. From 1994 to 2000 about $407 million in foreign investments were made or planned, of which 58% were in tourism, 17% in industry, 4% in infrastructure, and 21% in fisheries and services.
Cabo Verde annually runs a high trade deficit, but it is made up by foreign aid and remittances from emigrants; remittances as a share of GDP are one of the highest in Sub-Saharan Africa – more than 20% of GDP. The minimum wage in Cabo Verde is about US$110.
https://www.cia.gov/library/publications/the-world-factbook/geos/cv.html
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.

Since the late 1990s Cape Verde's economy has been steadily growing. Between 2000 and 2009, real GDP increased on average by over 7% a year, well above the average for Sub-Saharan countries and faster than most small island economies in the region.
Strong economic performance was bolstered by one of the fastest growing tourism industries in the world, as well as by substantial capital inflows that allowed Cape Verde to build up national currency reserves to the 3.5 months of imports. Unemployment has been falling rapidly – 10,5% (2009 - 2016). The country is on track to achieve most of the UN Millennium Development Goals – including halving its 1990 poverty level.
So, despite a lack of natural resources, Cape Verde's notable economic growth and improvement in living conditions has garnered international recognition. In 2007 the United Nations graduated Cape Verde from the status of Least Developed Countries (LDC) and has classified it as a developing country, and in the group “Economies by per capita GNI” it was defined as Lower middle income.
Now Cabo Verde officially is considered as a country of average development, being only the second African country to have achieved such transition, after Botswana in 1994. On 23 June 2008 Cape Verde became the 153rd member of the World Trade Organization (WTO).
https://en.wikipedia.org/wiki/Economy_of_Cape_Verde

After experiencing low growth due to the impact of the European and global financial crises, the Cabo Verde’s economy recovered in 2016 to 3.2%. http://www.africaneconomicoutlook.org/en/country-notes/cabo-verde

One of the last governmental strategic paper about a growth and poverty reduction is DECRP III 2012-2016.
It highlights the importance of macro stability, public management, labour efficiency, and the role of reform in the promotion of economic development. Additionally, the document underscores the most strategic sectors for the country, namely: i) agro-business; ii) tourism; iii) financing; iv) creative economy; v) aero-business; and vi) information and communication technology (ICT).
http://www.africaneconomicoutlook.org/en/country-notes/cabo-verde

Main sectors of economy
Agriculture and fishing contribute only about 9% of GDP. Agriculture is made difficult by lack of rain. Only five of the ten main islands (Santiago, Santo Antão, São Nicolau, Fogo, and Brava) support the main agricultural production. Although about 40% of the population lives in rural areas, the share of food production in GDP is low. About 75% of food is imported.
Most of the nation's GDP comes from the service industry: commerce, transport, and public services accounting for more than 70% of GDP.
Tourism is the mainstay of the economy. Small number of wineries in Cabo Verde making Portuguese-style wines have traditionally focused on the domestic market, but have recently met with some international acclaim.

Light manufacturing accounts for most of the remainder of GDP. Cape Verde has cold storage and freezing facilities and fish processing plants on the islands Sao Vicente (Mindelo), Santiago (Praia) and Sal. Fish and shellfish are plentiful, and small quantities are exported. The fishing potential, mostly lobster and tuna, is not fully exploited.
In 2011, on four islands a wind farm was built that supplies about 30% of the electricity of the country. It is one of the top countries for renewable energy.
Mining is an insignificant contributor to the country's economy. Production of mineral commodities is the following: 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.

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 soon renovated. The major ports are Mindelo and Praia, but all other islands have small port facilities. 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.

Finance
The currency of Cape Verde is the escudo.
The escudo became the currency of Cabo Verde in 1914. It replaced the real at a rate of 1000 réis = 1 escudo. Until 1930, Cabo Verde used Portuguese coins, although banknotes were issued by the Banco National Ultramarino specifically for Cabo Verde beginning in 1865.
Until independence in 1975, the Cape Verde escudo was equal to the Portuguese escudo. Subsequently it depreciated, declining by about 30% in 1977-8 and by a further 40% in 1982-84. Thereafter, it remained fairly stable against the escudo.
In mid-1998 an agreement with Portugal established a pegged rate of 1 Portuguese escudo = 0.55 Caboverdian escudo. Since the replacement of the Portuguese escudo with the euro, the Cape Verde escudo has been pegged to the euro at a rate of 1 euro = 110.265 escudos. This peg is supported by a credit facility from the Portuguese government www.en.wikipedia.org/wiki/Cape_Verdean_escudo

Exchange Rate
1 US Dollar = 103,9 CVE, 1 euro = 110,3 CVE (13.04.2017)
www.finance.yahoo.com/currency-converter