The economic activities in Cabo Verde concentrate in tertiary services, which reach about 84.8% of GDP across the primary, secondary, tertiary, and quaternary sectors. What are the main economic activities in Cabo Verde? Industry adds 10.6% and agriculture 4.6%, backed by a 2024 GDP near $2.77 billion. Tourism and renewable energy guide this island nation's growth.
Cabo Verde, with a population of approximately 525,000 (World Bank, 2024), is a small island nation located off the coast of West Africa, covering 4,030 square kilometers.
Cabo Verde, with a GDP of approximately $2.77 billion USD in 2024, has experienced strong economic growth in recent years. In terms of GDP per capita, Cabo Verde reached approximately $4,475 USD in 2024 (World Bank, 2024).
Despite its small size, Cabo Verde has been making steady progress, focusing on sectors like tourism and renewable energy to drive growth and development.
What are the economic activities of Cabo Verde?
- Primary activities: approximately 4.6% of GDP (World Bank, 2023).
- Secondary activities: approximately 10.6% of GDP (World Bank, 2023).
- Tertiary activities: approximately 84.8% of GDP (World Bank, 2023).
Primary Sector of Cabo Verde
With 19.60% of land dedicated to agriculture, the country produces a variety of crops and animal products. Sugarcane, tomatoes, coconuts, pulses, goat milk, vegetables, bananas, milk, cabbages, and potatoes are among the top agricultural products.
Despite contributing approximately 4.6% to the GDP (World Bank, 2023), agriculture plays a crucial role in providing food security and employment opportunities, showcasing the importance of its diverse range of products to the country’s agricultural sector.
The geological diversity of Cabo Verde contributes to the availability of various natural resources. The country’s primary sector relies on salt, basalt rock, limestone, kaolin, fish, clay, and gypsum. These resources play a crucial role in the economy, supporting industries such as mining, construction, and fishing, which are vital for the country’s economic growth and development.
Secondary Sector of Cabo Verde
What is the secondary sector or what are secondary activities?
In Cabo Verde, the main industrial products are food and beverages, fish processing, shoes and garments, salt, and ship repair. These products are manufactured for domestic sale and export, contributing to the country’s economy and development.
Manufactures in Cabo Verde only account for 20.56% of total exports in 2023, indicating their relatively minor role in the country’s export economy.
Tertiary sector of Cabo Verde
What is the tertiary sector or what are tertiary activities?
The tertiary sector in Cabo Verde encompasses various services where individuals provide knowledge and time to enhance productivity and meet needs. Main activities include restaurants, healthcare, education, banking, communication, media production, tourism, and transportation. These services play a crucial role in the country’s economic development and well-being.
In particular, Cabo Verde’s economy heavily relies on tourism, contributing significantly to its GDP. With approximately 981,000 annual arrivals in 2024 (a historic record), tourism plays a vital role, showcasing the country’s allure (Africa Press, 2025). The stunning Santa Maria beach and the vibrant capital, Praia, attract visitors worldwide, captivating them with their unique charm and natural beauty, solidifying Cabo Verde’s position as a premier tourist destination.
Another example of tertiary economic activity is the mobile cellular sector, which boasts around 589,000 subscriptions, facilitating communication and supporting technological growth across various industries. This connectivity enhances business operations, promotes digital services, and fosters innovation, ultimately driving economic development.
Military Activities and Economic Sectors of Cabo Verde
The primary sector provides resources needed for military use, like food and materials. The secondary sector includes the manufacturing of military equipment, while the tertiary sector offers services like training and logistics. The quaternary sector focuses on military research and development, and the quinary sector involves high-level decision-making and strategy for defense.
In Cabo Verde, the military expenditure for 2023 is approximately 13.2 million US dollars, which is 0.53% of the country’s GDP (World Bank / SIPRI, 2023). The active military force consists of 1,200 personnel, resulting in 2.1 active military members per 1,000 capita.
International Trade of Cabo Verde
Import Activities of Cabo Verde
Cabo Verde’s import activities, accounting for approximately 56.3% of GDP in 2023 (WITS/World Bank, 2023), are crucial for meeting domestic demand and driving economic growth.
Cabo Verde’s main import partners are Portugal, Spain, China, Netherlands, and Togo. The country imports refined petroleum, fish, plastic products, milk, and cars to meet its domestic needs and support various industries.
Exports Activities of Cabo Verde
Cabo Verde’s exports of goods and services in 2023 represented approximately 38.3% of GDP (WITS/World Bank, 2023). With export activities playing a high role, they are crucial for the country’s economic growth and stability.
Cabo Verde’s export activities are diverse, with fish, shellfish, garments, natural gas, and scrap iron being key commodities. The country’s major export partners are Spain, Portugal, Italy, the US, and India, with Spain accounting for the largest share at 56%.
Cabo Verde economy challenges in 2024
In 2024, Cabo Verde faces challenges in sustaining GDP growth due to global economic uncertainties. The country grapples with reducing poverty and managing external debt with reliance on foreign remittances and aid. The tourism sector recovery is crucial for economic stability.
Sources
- World Bank Data: Cabo Verde
- IMF DataMapper: Cabo Verde
- WITS World Bank: Cape Verde Trade Summary
- CIA World Factbook: Cabo Verde
- UN Comtrade Plus: Trade Flow
Last updated: June 20, 2026
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