Cape Verde - Income



The US Central Intelligence Agency (CIA) reports that in 2001 Cape Verde's gross domestic product (GDP) was estimated at $600 million. The per capita GDP was estimated at $1,700. The annual growth rate of GDP was estimated at 3%. The average inflation rate in 2001 was 3%. The CIA defines GDP as the value of all final goods and services produced within a nation in a given year and computed on the basis of purchasing power parity (PPP) rather than value as measured on the basis of the rate of exchange. It was estimated that agriculture accounted for 11% of GDP, industry 17%, and services 72%.

According to the United Nations, in 2000 remittances from citizens working abroad totaled $72 million or about $169 per capita and accounted for approximately 13.2% of GDP. Worker remittances in 2001 totaled $78.68 million. Foreign aid receipts amounted to about $171 per capita and accounted for approximately 13% of the gross national income (GNI).

The World Bank reports that in 2001 per capita household consumption (in constant 1995 US dollars) was $1,559. Household consumption includes expenditures of individuals, households, and nongovernmental organizations on goods and services, excluding purchases of dwellings. It was estimated that for the same period private consumption grew at an annual rate of 8%. It was estimated that in 2000 about 30% of the population had incomes below the poverty line.

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