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ECONOMY
As mentioned above, Cape
Verde suffers from a comparatively poor economy. It has a poor
natural resource base with serious shortage of water,
intensified by long term drought cycles. Commerce, Transport and Public
Services account for 70% of the GDP in the service-oriented economy.
Despite a 70% rural area population, the agricultural share in GDP in
the year 2001 was just a mere 11% out of which 1.5% is goes to Fishing.
82% of the food in the country is imported and the fishing potential
(mainly lobster and tuna) is not exploited enough. Cape Verde runs a
high trade deficit every year financed by the emigrants’ foreign aid
and remittances. The remittances add on to the GDP by over 20%. The new
democratic government in 1991 launched Economic Reforms that
aim to develop the private sector and attract foreign investment to
expand the economy. 2002 plans are highly dependent upon the aid flows,
remittances and the Government development program’s momentum.
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Capital: Praia
Area: 4 33km²
Population: 394 000
Currency: 1 US$ = 95 Escudos
GDP: 126/1 862$US
HDI : 123/547
Languages: Portuguese, Crioulo
Ethnic groups: Mestizo 71%, Black 28%, white 1%
Religions: Roman Catholic 96%
H of S: Antonio Montero '91 |
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