TravelTill

Economy of Cape Verde


JuteVilla
infrastructure, and 21% in fisheries and services.
In 2011, on 4 islands a windfarm was built, that in total supplies about 25% of the electricity of the country. With this amount it is one of the top countries for renewable energy.
Between 2000 and 2009, real GDP increased on average by over 7 percent a year, well above the average for Sub-Saharan countries and faster than most small island economies in the region. Strong economic performance was bolstered by one of the fastest growing tourism industries in the world, as well as by substantial capital inflows that allowed Cape Verde to build up national currency reserves to the current 3.5 months of imports. Unemployment has been falling rapidly, and the country is on track to achieve most of the UN Millenium Development Goals – including halving its 1990 poverty level.
In 2007, Cape Verde joined the World Trade Organization (WTO) and in 2008 the country graduated from Least Developed Country (LDC) to Middle Income Country (MIC) status.
Cape Verde has significant cooperation with Portugal at every level of the economy, which has led it to link its currency first to the Portuguese escudo and, in 1999, to the euro. On June 23, 2008 Cape Verde became the 153rd member of the WTO
JuteVilla