Cape Verde's GDP changed from approximately $157M in 1980 to $2B 718M in 2024, showing an overall 1631.2% sharply increased during the period.
The lowest GDP was recorded in 1984 at $145M, and the highest in 2024 at $2B 718M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 6.7%.
For comparison, the average annual growth rate of Senegal was 4.9%, and that of Guinea-Bissau was 4.7%.
Overview of Cape Verde's GDP (1980–2024)
The Gross Domestic Product (GDP) of Cape Verde recorded a 1631.2% sharply increased from 1980 to 2024.
The average GDP during this period was $1B 66M, and the median was $679M.
GDP fluctuated within a range of $2B 573M, with a standard deviation of $803M 476K.
The average annual change was $58M 711K.
Cape Verde GDP from 1980 to 2024
The total market value of goods and services produced annually in Cape Verde.
Highest and Lowest GDP Records
- Lowest GDP: 1984, $145M
- Highest GDP: 2024, $2B 718M
- Most Recent GDP: 2024, $2B 718M
Notable Annual GDP Changes
- 2023: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Cape Verde's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $2B 231M → $1B 830M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $1B 231M → $1B 662M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $609M → $616M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $540M → $575M
- Outcome: increased
Key Economic Indicators of Cape Verde (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 157M | $ 541.43 | $ 809.09 | $ 234M | 5.263 % | -45.327 % | −98.14 % | 0 % | 289,000 people |
1981 | $ 154M | $ 522.81 | $ 945.86 | $ 278M | 8.452 % | -15.345 % | −93.87 % | 0 % | 294,000 people |
1982 | $ 155M | $ 517.67 | $ 1,014 | $ 303M | 2.825 % | -8.469 % | 41.41 % | 0 % | 299,000 people |
1983 | $ 152M | $ 499.54 | $ 1,130.84 | $ 345M | 9.521 % | -7.878 % | 40.64 % | 0 % | 305,000 people |
1984 | $ 145M | $ 466.31 | $ 1,190.57 | $ 371M | 3.783 % | -4.786 % | 38.66 % | 0 % | 312,000 people |
1985 | $ 152M | $ 476.33 | $ 1,306.48 | $ 416M | 8.642 % | -3.404 % | 37.33 % | 0 % | 318,000 people |
1986 | $ 210M | $ 645.82 | $ 1,342.82 | $ 437M | 2.871 % | 0.939 % | 20.99 % | 0 % | 325,000 people |
1987 | $ 260M | $ 783.24 | $ 1,405.96 | $ 467M | 4.309 % | 5.316 % | 26.27 % | 0 % | 332,000 people |
1988 | $ 292M | $ 861.86 | $ 1,510.87 | $ 512M | 5.997 % | -2.134 % | 19.32 % | 0 % | 339,000 people |
1989 | $ 295M | $ 853.01 | $ 1,624.13 | $ 562M | 5.698 % | -8.951 % | 21.02 % | 0 % | 346,000 people |
1990 | $ 339M | $ 957.37 | $ 1,658.82 | $ 588M | 0.692 % | -5.335 % | 18.51 % | 0 % | 354,000 people |
1991 | $ 353M | $ 974.87 | $ 1,698.78 | $ 616M | 1.404 % | -4.808 % | 14.14 % | 0 % | 363,000 people |
1992 | $ 395M | $ 1,062.47 | $ 1,748.02 | $ 649M | 3.044 % | -5.165 % | 23.15 % | 0 % | 371,000 people |
1993 | $ 398M | $ 1,046.27 | $ 1,874.77 | $ 713M | 7.311 % | -8.305 % | 19.72 % | 0 % | 380,000 people |
1994 | $ 448M | $ 1,180.49 | $ 2,054.27 | $ 779M | 6.93 % | -10.217 % | 29 % | -14.588 % | 379,000 people |
1995 | $ 536M | $ 1,378.16 | $ 2,196.69 | $ 855M | 7.492 % | -11.491 % | 24.93 % | -11.599 % | 389,000 people |
1996 | $ 553M | $ 1,385.77 | $ 2,328.91 | $ 929M | 6.694 % | -6.341 % | 25.31 % | -10.434 % | 399,000 people |
1997 | $ 540M | $ 1,322.34 | $ 2,491.31 | $ 1B 16M | 7.639 % | -5.507 % | 22.77 % | -9.525 % | 408,000 people |
1998 | $ 575M | $ 1,376.76 | $ 2,671.39 | $ 1B 115M | 8.413 % | -10.088 % | 22.61 % | -0.967 % | 417,000 people |
1999 | $ 657M | $ 1,541.83 | $ 2,966.80 | $ 1B 265M | 11.86 % | -12.558 % | 28.36 % | -11.244 % | 426,000 people |