Cabo Verde statistics — population, economy, trade and telecom
As African policymakers and investors sharpen their focus on small island developing states in 2026, Cabo Verde’s statistical profile offers a compelling case study in resilience, structural vulnerability, and service-led growth. With limited natural resources, high aid dependency in its recent past, and an economy almost entirely shaped by geography and diaspora ties, the data behind Cabo Verde reveals both the ceiling and the ceiling-breaking potential of a mid-income Atlantic archipelago navigating a post-pandemic recovery and deepening regional integration.
Population and Demographics
Cabo Verde’s resident population stands at approximately 600,000 people, though this figure is complicated by a large and economically significant diaspora estimated to exceed the resident population — with substantial communities in Portugal, the United States, the Netherlands, and Senegal. The UN and World Bank place the annual population growth rate at roughly 1.2 to 1.4 percent, modest by sub-Saharan African standards. Urbanisation is relatively advanced for the region: approximately 68 to 70 percent of the population lives in urban areas, concentrated primarily on Santiago island, home to the capital Praia, and São Vicente, home to Mindelo. The median age is estimated at around 27 to 28 years, reflecting a young but maturing demographic profile. Population density varies sharply across the ten inhabited islands, creating persistent challenges for service delivery and infrastructure investment.
Economic Indicators
World Bank estimates put Cabo Verde’s GDP at roughly 2.4 to 2.6 billion US dollars in current terms for 2024, placing it firmly in the lower-middle-income category. GDP per capita is approximately 4,000 to 4,400 US dollars at current exchange rates, though purchasing power parity adjustments push this figure somewhat higher. Following the severe contraction caused by the COVID-19 collapse of tourism in 2020 and 2021, the economy rebounded strongly, and IMF projections for 2024 and 2025 suggest real GDP growth in the range of 4 to 5 percent annually, driven primarily by tourism recovery and construction activity. Inflation, which spiked regionally in 2022 and 2023 due to global commodity pressures, is estimated to have moderated toward 3 to 4 percent by 2024 and 2025. Unemployment remains a structural concern, with national statistics office data and World Bank figures suggesting rates of roughly 11 to 13 percent overall, with youth unemployment considerably higher. Cabo Verde uses the Cape Verdean escudo, which is pegged to the euro through a longstanding arrangement with Portugal, providing monetary stability but limiting exchange rate flexibility. Public debt-to-GDP has been elevated, with IMF assessments placing it at approximately 120 to 130 percent of GDP in recent years — a legacy of pandemic-era borrowing — though the trajectory is projected to decline gradually as growth resumes and fiscal consolidation advances.
Trade and External Accounts
Cabo Verde runs a persistent and structural current account deficit, a defining feature of its small island economy. The country imports the vast majority of its food, fuel, capital goods, and manufactured products, while export earnings from goods remain limited. Top merchandise exports include fish and fish products, footwear produced in special economic zones, and some re-exports. However, the dominant source of foreign exchange is services — principally tourism receipts — alongside remittances from the diaspora, which World Bank data consistently estimates at 10 to 15 percent of GDP. Top trading partners on the import side include Portugal, Spain, the Netherlands, and China. The European Union collectively accounts for the largest share of both trade and tourist arrivals. The current account deficit, when remittances and tourism are excluded from goods trade alone, is structurally deep, underscoring the economy’s dependence on external inflows rather than productive export diversification.
Key Sectors
Services dominate Cabo Verde’s economy, accounting for roughly 70 to 75 percent of GDP. Tourism is the single most important economic driver: industry reports and national tourism authority data suggest that visitor arrivals surpassed 900,000 in 2023 and continued growing in 2024, with the United Kingdom, Germany, Portugal, and the Netherlands among the top source markets. The islands of Sal and Boa Vista host the majority of resort-based tourism infrastructure. Agriculture contributes a small share of GDP — roughly 7 to 10 percent — constrained by limited arable land, low rainfall, and the archipelago’s volcanic terrain; subsistence farming and fishing remain important for food security on outer islands. Industry, including construction and light manufacturing, accounts for approximately 15 to 20 percent of GDP. There is no significant mining sector. Fisheries hold underexploited potential given Cabo Verde’s extensive exclusive economic zone, and the government has identified blue economy development as a strategic priority. Renewable energy is an emerging area of note, with wind and solar projects advancing as the country targets reduced dependence on imported fossil fuels for electricity generation.
Telecommunications and Digital
Cabo Verde’s telecommunications sector is relatively well developed by regional standards. Mobile penetration is estimated at over 100 percent of the population on a SIM-card basis, reflecting multi-SIM usage, with ITU and GSMA data suggesting active unique subscriber penetration in the range of 70 to 80 percent. Internet penetration has grown substantially, with estimates placing it at approximately 65 to 75 percent of the population as of 2024 and 2025, supported by expanding 4G LTE coverage and ongoing fibre infrastructure investment. The dominant operator is CV Telecom, the incumbent fixed-line and broadband provider, alongside Unitel T+ (formerly T+) operating in the mobile segment. The government has pursued digital economy strategies aimed at positioning Cabo Verde as a regional hub for digital services and remote work, leveraging its political stability, Portuguese-language ties, and Atlantic location. Mobile money adoption is growing but remains less mature than in larger West African markets; industry reports suggest increasing uptake linked to diaspora remittance flows and financial inclusion initiatives.
Sources and Methodology
The figures and estimates presented in this dashboard draw on a range of authoritative international and national sources. Primary references include the World Bank Open Data platform and World Development Indicators, IMF Article IV consultation reports and World Economic Outlook databases, the United Nations Population Division, the International Telecommunication Union (ITU) for digital and connectivity data, and GSMA Intelligence for mobile market metrics. National-level data is cross-referenced with the Instituto Nacional de Estatística de Cabo Verde (INE) and the Banco de Cabo Verde. Where precise figures could not be confirmed with certainty, approximate ranges and qualifying language have been used deliberately to avoid misrepresentation. All data points reflect the most recent available reference years, primarily 2023 to 2025, and are subject to revision as official statistics are updated. Readers requiring precise figures for investment, policy, or academic purposes are advised to consult primary source databases directly.
For deeper qualitative analysis of Cabo Verde’s political economy, governance landscape, and strategic outlook, visit the Cabo Verde expert briefing. To compare Cabo Verde’s indicators with those of other African nations, explore our all African country statistics hub. For broader context on growth trends, investment climates, and structural transformation across the continent, see our African economy pillar.
