Cape Verde is Small Island Developing State (SIDS) located off the coast of West Africa in the Central Atlantic Ocean which became a member of the WTO in July 2008. Cape Verde's economy is very much service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP and has experienced steady growth since the 1990’s.Tourism is the mainstay of the economy and is heavily dependent on conditions in the euro zone countries, with the country running an annual trade deficit financed by foreign aid and remittances from its large pool of emigrants
Although GDP growth dropped from 4% in 2011 to 1% in 2013, sound economic management has produced steadily improving incomes. Continued economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. Future forecasts depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program.
Under the One UN framework, ITC is currently assisting Cape Verde in the development of a national sector-level trade strategy and in enhancing productive capacities through the implementation of sector-specific strategies in agriculture, forestry, fishing, industry, mining, tourism, and services.
Notes: Top 20 products listed in decreasing order of their export potential to the world. Development indicators are relative to the country’s current situation, green indicating performance above its trade-weighted median and red otherwise. A blank cell indicates that data are not available. A blank cell in export potential means that the product was not consistently demanded over five years by any country in the respective region. Exports (US$ thousand) correspond to average exports to the world over the period 2009-2013.