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Financial Sector Overview

Economic Landscape

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.


At a Glance

At a Glance Source
Population in thousands (2017): 546.39
GDP per capita (current US$) 2017 - World Average 10,721.61: 3244.41
Account (%) age 15+) - (2014 vs 2017): n/a
Agriculture Orientation Index - Credit ( Agriculture, Forestry and Fisheries share of GDP) (2015 vs 2016): n/a
Financial Inclusion Strategies: n/a
Domestic credit provided by financial sector (% of GDP) 2017: 85.81
Made or received digital payments in the past year (% age 15+) (2014 vs 2017): n/a
Remittances % of GDP for 2017: 0.1284
Mortgage Interest Rate / Mortgage Term (years): 14.5% | 20

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Latest News & Events

May 31, 2019 | Ecofin Agency
The ECOWAS Bank for Investment and Development (EBID) has just launched a bond issuance operation.
Oct 27, 2019
Abidjan, Côte d'Ivoire
"Positioning West Africa Capital Markets to Achieve Sustainable and Real Economic Growth Through Integration and Sound Regulation" Organized by the…

Latest Publications

Feb 28, 2019 | Banco de Cabo Verde (BCV) | BCV
Sep 30, 2018 | Banco de Cabo Verde | Banco de Cabo Verde
Mar 31, 2018 | Banco de Cabo Verde | Banco de Cabo Verde
Nov 30, 2017 | Banco de Cabo Verde | Banco de Cabo Verde