Diplomatic representation from the US: chief of mission: Ambassador Lawrence Neal BENEDICT (17 June 1996) embassy: Rua Abilio Macedo 81, Praia mailing address: C. P. 201, Praia telephone: [238] 61 56 16 FAX: [238] 61 13 55
Flag description: three horizontal bands of light blue (top, double width), white (with a horizontal red stripe in the middle third), and light blue; a circle of 10 yellow five-pointed stars is centered on the hoist end of the red stripe and extends into the upper and lower blue bands
@Cape Verde:Economy
Economy-overview: Cape Verde's low per capita GDP reflects a poor natural resource base, serious water shortages exacerbated by cycles of long-term drought, and a high birth rate. The economy is service-oriented, with commerce, transport, and public services accounting for almost 70% of GDP. Although nearly 70% of the population lives in rural areas, the share of agriculture in GDP in 1995 was only 8%, of which fishing accounts for 1.5%. About 90% 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 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. Prospects for 1998 depend heavily on the maintenance of aid flows, remittances, and the momentum of the government's development program.
GDP: purchasing power parity-$538 million (1997 est.)
GDP-real growth rate: 4.5% (1997 est.)
GDP-per capita: purchasing power parity-$1,370 (1997 est.)
GDP-composition by sector: agriculture: 8% industry: 18% services: 74% (1996 est.)
Inflation rate-consumer price index: 6.2% (1996)
Labor force: NA