An Introduction to Cape Verde
The Republic of Cape Verde stretches across an archipelago of ten islands in the Atlantic Ocean. The islands were uninhabited until Portugese discovery and colonisation in the 15th Century, and subsequently became an important part of the slave trade due to their advantageous position in the Atlantic. Prosperous, they soon attracted pirates and corsairs including Sir Francis Drake, who twice sacked the islands in the 1580s. In the 19th Century the islands fell in to an economic crisis, with few natural resources and little support from the Portuguese. Cape Verde finally gained its independence in 1975. See full country profile.Latest Research News from Africa
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GOVERNMENT: republic
AREA: 4,033 sq km
POPULATION: 516,100 (July 2011 est.)
MAJOR LANGUAGE: Official Language: Portuguese; Recognised Regional Language: Cape Verdean Creole
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Trade and Industry in Cape Verde
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The Republic of Cape Verde stretches across an archipelago of ten islands in the Atlantic Ocean. The islands were uninhabited until Portugese discovery and colonisation in the 15th Century, and subsequently became an important part of the slave trade due to their advantageous position in the Atlantic. Prosperous, they soon attracted pirates and corsairs including Sir Francis Drake, who twice sacked the islands in the 1580s. In the 19th Century the islands fell in to an economic crisis, with few natural resources and little support from the Portuguese. Cape Verde finally gained its independence in 1975.
Politically, the country operates a very stable democracy and although 20% of its population live below the poverty line it has been classified as a 'Developing Nation' since 2007. Tough economic times in the 1970s and 1980s led to mass migration and the number of Cape Verdeans and their descendants living abroad currently exceeds the population of Cape Verde itself. An economy based on services, with a growing focus on tourism, benefits from the islands' warm climate throughout the year.
GDP: $1.908 billion (2010 est.) - $3,800 per capita (2010 est.)
Religions Roman Catholic (infused with indigenous beliefs), Protestant (mostly Church of the Nazarene)
Currency: Cape Verdean Escudo (CVE) - GBP 1 = CVE 125
Telephone Code: +238
Since 1991, the government has pursued market-oriented economic policies, including an open welcome to foreign investors and a far-reaching privatization programme. Among its main priorities are the development of transport, communications, and energy facilities. From 1994 to 2000 about $407 million in foreign investments were made or planned, of which 58% were in tourism; and expatriate Cape Verdeans contribute an estimated 20% of GDP through remittances.
A wind farm built over 4 islands in 2011 supplies about 25% of the country's electricity and puts it near the top of the world league for renewable energy.
Exports worth $97.7m in 20102 included fuel, shoes, garments, fish and hides, and major export partners were Spain, Portugal and Morocco. Imports far outweighed them at $791.5m, with a focus on food, industrial products, transport equipment and fuel and key partners Portugal, the Netherlands, Spain, China, Italy and Brazil.
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