Economy of Cape Verde

The people of Cape Verde, more than two-thirds of them, consists of mixed African and European ancestry and are known as Creoles, or mestiços. The remaining population is mainly made up of people with African ancestry. Though the official language is Portuguese, the national language is Crioulo, a Creole dialect of archaic Portuguese incorporating many African elements. Roman Catholicism is the dominant religion and literacy is spread among some 77 percent of the population.

The flag of Cape Verde consists of three horizontal bands -light blue at the top (double width), white with a horizontal red stripe in the middle and again light blue at the bottom. A circle of 10 yellow five-pointed stars is present in the center on the hoist end of the red stripe and extends into the upper and lower blue bands.
Please click here to view the Flag of Cape Verde

Agriculture forms the main source of economy, despite the fact that cultivable land accounts for only 9.7 percent of the total land, which is again affected

by frequent droughts. The crops produced include maize and beans and also sweet potatoes, coconuts, potatoes, cassava, and dates. Bananas are also grown for export, and sugarcane is raised for the making of rum. Apart from this, Cape Verde has rich fishing potential as it is located in the midst of fishing grounds, but the industry has yet to develop. Salt is mined on Sal, Boa Vista, and Maio, with annual production of about 7,000 metric tons. However, depressed by the lack of steady markets and readily available ocean transportation, the production has declined to less than one-quarter of the level achieved in the 1970s.

Besides all this, the government is looking at the option of tourism too as the country has unspoiled beaches and a sunny climate. Yet this industry also awaits development.

The Gross domestic product of the country in 2001 was $588 million. The bulk of exports, valued at $17 million in 2000, were purchased by Portugal, followed by the United Kingdom, Spain, France, Germany, and The Netherlands. Imports, worth $286 million, came principally from Portugal, France, and Japan.