Economy
The Cape Verde Islands have enjoyed ongoing economic growth over the past decade with an average GDP increase of 8.3% per annum, between 1997 and 2001. This trend has continued through the new millennium with constant annual growth.
2001 2002 2003 2004 2005 2006 2007
GDP Real % Growth 3.5% 5.5% 4.7% 5% 6.4% 10.90% 7%
Tourism and related investments in the construction sector have heavily impacted on the country’s economic growth, as Cape Verde’s structural advantages are its location and climate.
According to the nation’s Minister of Economy, 1 billion dollars of investment flooded into the country in 2007. Italy, Spain, Portugal, England and Ireland more recently contributed to this influx. Direct private investment surpassed public aid for development and funds sent by immigrants made up one of the foundations of the nation’s growth.
In July 2008, Cape Verde became a member of the World Trade Organisation (WTO), nearly nine years after it started entry negotiations. Joining the WTO will provide a strong boost to the countries credibility and integration into the world economy.
International Monetary Fund (IMF) forecasts for 2008 show that this trend is set to continue; according to the IMF, a “robust growth of seven to eight per cent should continue this year.” Government priorities for 2008 are the consolidation of the archipelago’s economic stability, the improvement of its public sector financial management and the acceleration of its energy sector reform.
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