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%.
Cape Verde GDP from 1980 to 2024
The total market value of goods and services produced annually in Cape Verde.
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.
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 | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 5.263 % | $ 157M | $ 234M | $ 541.43 | $ 809.09 | −98.14 % | 289,000 people | -45.327 % | 0 % |
1981 | 8.452 % | $ 154M | $ 278M | $ 522.81 | $ 945.86 | −93.87 % | 294,000 people | -15.345 % | 0 % |
1982 | 2.825 % | $ 155M | $ 303M | $ 517.67 | $ 1,014 | 41.41 % | 299,000 people | -8.469 % | 0 % |
1983 | 9.521 % | $ 152M | $ 345M | $ 499.54 | $ 1,130.84 | 40.64 % | 305,000 people | -7.878 % | 0 % |
1984 | 3.783 % | $ 145M | $ 371M | $ 466.31 | $ 1,190.57 | 38.66 % | 312,000 people | -4.786 % | 0 % |
1985 | 8.642 % | $ 152M | $ 416M | $ 476.33 | $ 1,306.48 | 37.33 % | 318,000 people | -3.404 % | 0 % |
1986 | 2.871 % | $ 210M | $ 437M | $ 645.82 | $ 1,342.82 | 20.99 % | 325,000 people | 0.939 % | 0 % |
1987 | 4.309 % | $ 260M | $ 467M | $ 783.24 | $ 1,405.96 | 26.27 % | 332,000 people | 5.316 % | 0 % |
1988 | 5.997 % | $ 292M | $ 512M | $ 861.86 | $ 1,510.87 | 19.32 % | 339,000 people | -2.134 % | 0 % |
1989 | 5.698 % | $ 295M | $ 562M | $ 853.01 | $ 1,624.13 | 21.02 % | 346,000 people | -8.951 % | 0 % |
1990 | 0.692 % | $ 339M | $ 588M | $ 957.37 | $ 1,658.82 | 18.51 % | 354,000 people | -5.335 % | 0 % |
1991 | 1.404 % | $ 353M | $ 616M | $ 974.87 | $ 1,698.78 | 14.14 % | 363,000 people | -4.808 % | 0 % |
1992 | 3.044 % | $ 395M | $ 649M | $ 1,062.47 | $ 1,748.02 | 23.15 % | 371,000 people | -5.165 % | 0 % |
1993 | 7.311 % | $ 398M | $ 713M | $ 1,046.27 | $ 1,874.77 | 19.72 % | 380,000 people | -8.305 % | 0 % |
1994 | 6.93 % | $ 448M | $ 779M | $ 1,180.49 | $ 2,054.27 | 29 % | 379,000 people | -10.217 % | -14.588 % |
1995 | 7.492 % | $ 536M | $ 855M | $ 1,378.16 | $ 2,196.69 | 24.93 % | 389,000 people | -11.491 % | -11.599 % |
1996 | 6.694 % | $ 553M | $ 929M | $ 1,385.77 | $ 2,328.91 | 25.31 % | 399,000 people | -6.341 % | -10.434 % |
1997 | 7.639 % | $ 540M | $ 1B 16M | $ 1,322.34 | $ 2,491.31 | 22.77 % | 408,000 people | -5.507 % | -9.525 % |
1998 | 8.413 % | $ 575M | $ 1B 115M | $ 1,376.76 | $ 2,671.39 | 22.61 % | 417,000 people | -10.088 % | -0.967 % |
1999 | 11.86 % | $ 657M | $ 1B 265M | $ 1,541.83 | $ 2,966.80 | 28.36 % | 426,000 people | -12.558 % | -11.244 % |