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Economy Cape Verde

Economy - overview:

This island economy 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, tourism, and public services accounting for about three-fourths of GDP. Although nearly 70% of the population lives in rural areas, the share of food production in GDP is low. 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 are aimed at developing the private sector and attracting foreign investment to diversify the economy. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program.

GDP (purchasing power parity):

$1.603 billion (2007 est.)

GDP (official exchange rate):

$1.428 billion (2007 est.)

GDP - real growth rate:

6.9% (2007 est.)

GDP - per capita (PPP):

$3,200 (2007 est.)

GDP - composition by sector:

agriculture: 9.3%

industry: 16.7%

services: 74% (2007 est.)

Labor force:

120,600 (1990)

Unemployment rate:

21% (2000 est.)

Population below poverty line:

30% (2000)

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices):

4.4% (2007 est.)

Investment (gross fixed):

37.1% of GDP (2007 est.)

Budget:

revenues: $436.1 million

expenditures: $449.7 million (2007 est.)

Agriculture - products:

bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish

Industries:

food and beverages, fish processing, shoes and garments, salt mining, ship repair

Industrial production growth rate:

7.5% (2007 est.)

Electricity - production:

45 million kWh (2005)

Electricity - production by source:

fossil fuel: 100%

hydro: 0%

nuclear: 0%

other: 0% (2001)

Electricity - consumption:

41.85 million kWh (2005)

Electricity - exports:

0 kWh (2005)

Electricity - imports:

0 kWh (2005)

Oil - production:

0 bbl/day (2005)

Oil - consumption:

2,000 bbl/day (2005 est.)

Oil - exports:

0 bbl/day (2004)

Oil - imports:

2,080 bbl/day (2004)

Oil - proved reserves:

0 bbl (1 January 2006 est.)

Natural gas - production:

0 cu m (2005 est.)

Natural gas - consumption:

0 cu m (2005 est.)

Natural gas - exports:

0 cu m (2005 est.)

Natural gas - imports:

0 cu m (2005)

Natural gas - proved reserves:

0 cu m (1 January 2006 est.)

Current account balance:

-$144 million (2007 est.)

Exports:

$80.36 million f.o.b. (2007 est.)

Exports - commodities:

fuel, shoes, garments, fish, hides

Exports - partners:

Spain 44.2%, Portugal 21.7%, Netherlands 12.6%, Morocco 4.6% (2006)

Imports:

$768 million f.o.b. (2007 est.)

Imports - commodities:

foodstuffs, industrial products, transport equipment, fuels

Imports - partners:

Portugal 41.1%, Netherlands 10.6%, Spain 6.5%, Italy 5.4%, Cote d'Ivoire 5.2%, Brazil 4.8% (2006)

Economic aid - recipient:

$160.6 million (2005)

Reserves of foreign exchange and gold:

$348 million (31 December 2007 est.)

Debt - external:

$325 million (2002)

Currency (code):

Cape Verdean escudo (CVE)

Currency code:

CVE

Exchange rates:

Cape Verdean escudos (CVE) per US dollar - 81.235 (2007), 87.946 (2006), 88.67 (2005), 88.808 (2004), 97.703 (2003)

Fiscal year:

calendar year

Communications Cape Verde

Telephones - main lines in use:

71,600 (2006)

Telephones - mobile cellular:

108,900 (2006)

Telephone system:

general assessment: effective system, extensive modernization from 1996-2000 following partial privatization in 1995

domestic: major service provider is Cabo Verde Telecom (CVT); fiber-optic ring, completed in 2001, links all islands providing Internet access and ISDN services; cellular service introduced in 1998; broadband services launched in 2004

international: country code - 238; landing point for the Atlantis-2 fiber-optic transatlantic telephone cable that provides links to South America, Senegal, and Europe; HF radiotelephone to Senegal and Guinea-Bissau; satellite earth station - 1 Intelsat (Atlantic Ocean) (2007)

Radio broadcast stations:

AM 0, FM 22 (plus 12 repeaters), shortwave 0 (2001)

Radios:

100,000 (2002 est.)

Television broadcast stations:

1 (plus 7 repeaters) (2001)

Televisions:

15,000 (2002 est.)

Internet country code:

.cv

Internet hosts:

344 (2007)

Internet Service Providers (ISPs):

1 (2002)

Internet users:

29,000 (2005)

Transportation Cape Verde

Airports:

8 (2007)

Airports - with paved runways:

total: 8

over 3,047 m: 1

1,524 to 2,437 m: 2

914 to 1,523 m: 4

under 914 m: 1 (2007)

Roadways:

total: 1,350 km

paved: 932 km

unpaved: 418 km (2000)

Merchant marine:

total: 8 ships (1000 GRT or over) 13,922 GRT/7,726 DWT

by type: cargo 2, chemical tanker 1, passenger/cargo 5

foreign-owned: 2 (Spain 1, UK 1) (2007)

Ports and terminals:

Porto Grande

Military Cape Verde

Military branches:

People's Revolutionary Armed Forces (FARP): Army, Coast Guard (includes maritime air wing) (2007)

Military service age and obligation:

18 years of age (est.) for selective compulsory military service; 14-month conscript service obligation (2006)

Manpower available for military service:

males age 16-49: 103,650

females age 16-49: 103,553 (2008 est.)

Manpower fit for military service:

males age 16-49: 83,082

females age 16-49: 88,832 (2008 est.)

Military expenditures - percent of GDP:

0.7% (2005)

Transnational Issues Cape Verde

Disputes - international:

none

Illicit drugs:

used as a transshipment point for Latin American cocaine destined for Western Europe; the lack of a well-developed financial system limits the country's utility as a money-laundering center

This page was last updated on 15 July, 2008

The World Factbook

Cayman Islands

Introduction Cayman Islands

Background:

The Cayman Islands were colonized from Jamaica by the British during the 18th and 19th centuries, and were administered by Jamaica after 1863. In 1959, the islands became a territory within the Federation of the West Indies, but when the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency.

Geography Cayman Islands

Location:

Caribbean, three-island group (Grand Cayman, Cayman Brac, Little Cayman) in Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica

Geographic coordinates:

19 30 N, 80 30 W

Map references:

Central America and the Caribbean

Area:

total: 262 sq km

land: 262 sq km

water: 0 sq km

Area - comparative:

1.5 times the size of Washington, DC

Land boundaries:

0 km

Coastline:

160 km

Maritime claims:

territorial sea: 12 nm

exclusive fishing zone: 200 nm

Climate:

tropical marine; warm, rainy summers (May to October) and cool, relatively dry winters (November to April)

Terrain:

low-lying limestone base surrounded by coral reefs

Elevation extremes:

lowest point: Caribbean Sea 0 m

highest point: The Bluff (Cayman Brac) 43 m

Natural resources:

fish, climate and beaches that foster tourism

Land use:

arable land: 3.85%

permanent crops: 0%

other: 96.15% (2005)

Irrigated land:

NA

Natural hazards:

hurricanes (July to November)

Environment - current issues:

no natural fresh water resources; drinking water supplies must be met by rainwater catchments

Geography - note:

important location between Cuba and Central America

People Cayman Islands

Population:

47,862

note: most of the population lives on Grand Cayman (July 2008 est.)

Age structure:

0-14 years: 19.9% (male 4,774/female 4,759)

15-64 years: 71.1% (male 16,594/female 17,434)

65 years and over: 9% (male 2,022/female 2,279) (2008 est.)

Median age:

total: 37.8 years

male: 37.4 years

female: 38.2 years (2008 est.)

Population growth rate:

2.449% (2008 est.)

Birth rate:

12.43 births/1,000 population (2008 est.)

Death rate:

4.83 deaths/1,000 population (2008 est.)

Net migration rate:

16.88 migrant(s)/1,000 population

note: major destination for Cubans trying to migrate to the US (2008 est.)

Sex ratio:

at birth: 1.02 male(s)/female

under 15 years: 1 male(s)/female

15-64 years: 0.95 male(s)/female

65 years and over: 0.89 male(s)/female

total population: 0.96 male(s)/female (2008 est.)

Infant mortality rate:

total: 7.1 deaths/1,000 live births

male: 8.16 deaths/1,000 live births

female: 6.03 deaths/1,000 live births (2008 est.)

Life expectancy at birth:

total population: 80.32 years

male: 77.68 years

female: 83 years (2008 est.)

Total fertility rate:

1.89 children born/woman (2008 est.)

HIV/AIDS - adult prevalence rate:

NA

HIV/AIDS - people living with HIV/AIDS:

NA

HIV/AIDS - deaths:

NA

Nationality:

noun: Caymanian(s)

adjective: Caymanian

Ethnic groups:

mixed 40%, white 20%, black 20%, expatriates of various ethnic groups 20%

Religions:

United Church (Presbyterian and Congregational), Anglican, Baptist, Church of God, other Protestant, Roman Catholic

Languages:

English

Literacy:

definition: age 15 and over has ever attended school

total population: 98%

male: 98%

female: 98% (1970 est.)

Government Cayman Islands

Country name:

conventional long form: none

conventional short form: Cayman Islands

Dependency status:

overseas territory of the UK

Government type:

British crown colony

Capital:

name: George Town (on Grand Cayman)

geographic coordinates: 19 18 N, 81 23 W

time difference: UTC-5 (same time as Washington, DC during Standard Time)

Administrative divisions:

8 districts; Creek, Eastern, Midland, South Town, Spot Bay, Stake Bay, West End, Western

Independence:

none (overseas territory of the UK)

National holiday:

Constitution Day, first Monday in July

Constitution:

1959; revised 1962, 1972, and 1994

Legal system:

British common law and local statutes

Suffrage:

18 years of age; universal

Executive branch:

chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor Stuart JACK (since 23 November 2005)

head of government: Leader of Government Business Kurt TIBBETTS (since 18 May 2005)

cabinet: Executive Council (three members appointed by the governor, four members elected by the Legislative Assembly)

elections: the monarch is hereditary; the governor is appointed by the monarch; following legislative elections, the leader of the majority party or coalition is appointed by the governor Leader of Government Business

Legislative branch:

unicameral Legislative Assembly (18 seats; 3 appointed members from the Executive Council and 15 elected by popular vote; to serve four-year terms)

elections: last held 11 May 2005 (next to be held in 2009)

election results: percent of vote by party - NA; seats by party - PPM 9, UDP 5, independent 1

Judicial branch:

Summary Court; Grand Court; Cayman Islands Court of Appeal

Political parties and leaders:

United Democratic Party or UDP [McKeeva BUSH]; People's Progressive Movement or PPM [Kurt TIBBETTS]; note - no national teams (loose groupings of political organizations) were formed for the 2000 elections

Political pressure groups and leaders:

National Trust

other: environmentalists

International organization participation:

Caricom (associate), CDB, Interpol (subbureau), IOC, UNESCO (associate), UPU

Diplomatic representation in the US:

none (overseas territory of the UK)

Diplomatic representation from the US:

none (overseas territory of the UK)

Flag description:

blue, with the flag of the UK in the upper hoist-side quadrant and the Caymanian coat of arms centered on the outer half of the flag; the coat of arms includes a pineapple and turtle above a shield with three stars (representing the three islands) and a scroll at the bottom bearing the motto HE HATH FOUNDED IT UPON THE SEAS

Economy Cayman Islands

Economy - overview:

With no direct taxation, the islands are a thriving offshore financial center. More than 68,000 companies were registered in the Cayman Islands as of 2003, including almost 500 banks, 800 insurers, and 5,000 mutual funds. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 2.1 million in 2003, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.

GDP (purchasing power parity):

$1.939 billion (2004 est.)

GDP (official exchange rate):

$NA

GDP - real growth rate:

0.9% (2004 est.)

GDP - per capita (PPP):

$43,800 (2004 est.)

GDP - composition by sector:

agriculture: 1.4%

industry: 3.2%

services: 95.4% (1994 est.)

Labor force:

23,450 (2004)

Labor force - by occupation:

agriculture: 1.4%

industry: 12.6%

services: 86% (1995)

Unemployment rate:

4.4% (2004)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices):

4.4% (2004)

Budget:

revenues: $423.8 million

expenditures: $392.6 million (2004)

Agriculture - products:

vegetables, fruit; livestock; turtle farming

Industries:

tourism, banking, insurance and finance, construction, construction materials, furniture

Industrial production growth rate:

NA%

Electricity - production: