Region: Western Africa

Capital: Praia

Population: 426,998 (July 2008 est.)

Surface area: 4,033 sq km

Currency: Cape Verdean escudo (CVE)

GDP per capita: Purchasing power parity US $3,200 (2007 est.)

Background:
The uninhabited islands were discovered and colonized by the Portuguese in the 15th century; Cape Verde subsequently became a trading center for African slaves and later an important coaling and resupply stop for whaling and transatlantic shipping. Following independence in 1975, and a tentative interest in unification with Guinea-Bissau, a one-party system was established and maintained until multi-party elections were held in 1990. Cape Verde continues to exhibit one of Africa's most stable democratic governments. Repeated droughts during the second half of the 20th century caused significant hardship and prompted heavy emigration. As a result, Cape Verde's expatriate population is greater than its domestic one. Most Cape Verdeans have both African and Portuguese antecedents.

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.

Major Export Commodities: fuel, shoes, garments, fish, hides

Remittances: US $131 million (2006)

Human Development Index 2007/2008 Ranking: 102 out of 177

Official Development Assistance and Major Development Partners: Net ODA in 2006 was US $ 98.71 million. Major development partners include Portugal, IDA, Luxembourg, and the European Community.

Total External Debt: $325 million (2002)

United Nations Membership date: 16 September 1975

New York Mission:
Permanent Mission of the Republic of Cape Verde to the United Nations
27 East 69th Street
New York, N.Y. 10021 USA
Telephone: 212-472-0333
Fax: 212-794-1398