Cape Verde is a small North Atlantic island nation located off the west coast of Senegal in West Africa. The economy is tiny reflecting its small population of only 421,000 however there are many Cape Verde expatriates living abroad. The economy is heavily depended upon remittances from abroad which account for up to 20 percent of GDP and foreign aid.
Economic Statistics
Total GDP as measured by purchasing power parity stands at $2.99 billion USD (2005) with corresponding GDP/Capita at $6,200 USD. GDP market at $1.128 billion USD (2005). GDP growth rates include year 2006 estimated at 7 percent of GDP, 2007 at 6.5 percent. Inflation quotes include year 2006 estimated at 2.1 percent, year 2007 at 2 percent. Current account deficit at $148 million USD (2005), 2004 at 15 percent of GDP. Foreign exchange reserves including gold at $152 million USD. No oil & gas production.
CURRENCY: ISO Symbol ‘CVE’, Cape Verdean Escudo. At time of review on April 20, 2006, the escudo had an exchange value of 89.4 CVE to the US-dollar (USD) and/or 110.01 to the Euroland euro (EUR). The escudo is pegged to the euro at 110.265 CVE to the EUR. The currency regime follows that of a composite/exchange rate peg.
CURRENCY HISTORY: the escudo in Cape Verde entered circulation in 1914, previously the escudo was pegged to Portugal’s escudo at a rate of 1 CVE to 1.8182 PTE. Historical exchange quotes include: year 2005 at 88.6 CVE to the US-dollar (USD), 2004 at 88.8, 2003 at 97.7, 2002 at 117.7, 2001 at 123.2, March 2000 at 115.5, December 1999 at 107.3, 1998 at 98.6, 1997 at 93.17, 1996 at 82.6, 1995 at 76.85, 1993 at 80, 1992 at 68.02, 1990 at 70.03.
CURRENCY FORECAST: if you are interested in a detailed currency opinion on the escudo or any other currency, please contact us at BankINTRO.com for a quote for currency consulting services. Thanks for visiting.
