Financial Sector Overview
Cape Verde is a West African archipelago of 10 islands with a population of 550,000 in 2018. Since January 2008, Cape Verde has been removed from the list of least developed countries (LDCs) and integrated the middle-income group of countries (MICs), due to substantial increase in per capita income and significant human capital formation. GDP per capita increased from USD 975 to USD 3,633 between 1991 and 2017, almost quadrupling average income in a quarter of a century. Economic growth between 2014 and 2018 also remained solid at 4% on average. Trade openness, measured as the ratio of the sum of exports and imports to GDP, is higher (101% in 2017) than the average for sub-Saharan Africa, which is around 60%. However, the Cape Verdean economy remains highly dependent on tertiary sector performances, including tourism in particular, which accounted for 61.3% of GDP in 2017, compared to 6% for the primary sector which occupies more than two thirds (2/3 ) of the country's labor force.