Diplomatic representation from the US: chief of mission: Ambassador
Michael D. METELITS 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
Economy Cape Verde
Economy - overview: Cape Verde 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, and public services accounting for 70% 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, 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 2002 depend heavily on the maintenance of aid flows, remittances, and the momentum of the government's development program.
GDP: purchasing power parity - $600 million (2001 est.)
GDP - real growth rate: 3% (2001 est.)
GDP - per capita: purchasing power parity - $1,500 (2001 est.)
GDP - composition by sector: agriculture: 11% industry: 17% services: 72% (2001)
Population below poverty line: 30% (2000)
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%