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Cape Verde

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Cape Verde, symbol of the news from the country on Innovando News

Discover how Cape Verde invests in sustainable and innovative projects to promote a future of economic growth and environmental protection on Innovando.News: Cape Verde is an archipelago located in the Atlantic Ocean, about 570 km from the western coast of Africa. Composed of 10 main islands, it has a surface area of ​​about 4.033 km². The population is about 550.000, with a moderate growth rate of 1,2% per year. The capital is Praia, a lively cultural and political center, while Mindelo is known for its music scene. Cape Verde's GDP is about 2,1 billion USD, with a per capita of about 3.900 USD. The economy is mainly based on services, with a strong development of tourism. Cape Verde has a rich cultural heritage, with African and Portuguese influences, celebrated through events such as the Morna Festival. The education system is free and the literacy rate is around 97%. Life expectancy stands at around 73 years, reflecting improvements in public health.

Summary data on Cape Verde

  • Total population: Approximately 550.000 inhabitants.
  • Population growth rate: Approximately 1% per annum.
  • Capital: Praia, with approximately 150.000 inhabitants.
  • Main cities: Besides Praia, other significant cities include Mindelo, Santa Maria and Assomada.
  • Countries it borders: It has no land borders; Cape Verde is an archipelago located in the Atlantic Ocean, approximately 570 km west of the African coast.
  • Nominal GDP: Approximately USD 2 billion.
  • Pro-capite GDP: Approximately USD 3.500.
  • GDP growth rate: Around 5% in 2022, thanks to the recovery of tourism and remittances from emigrants.
  • Inflation: About 3-4%, relatively controlled.
  • Unemployment rate: About 12%, with higher rates among young people.
  • Trade balance: Negative, with a significant trade deficit due to high imports of consumer goods and food.
  • Major business partners: Portugal, United States, Brazil and Spain.
  • Public debt: Around 130% of GDP, with concerns about long-term sustainability.
  • Public spending on R&D (Research and Development): About 0,2% of GDP, with limited investment in innovation.
  • Main economic sectors: Tourism, agriculture (cereals, fruit), fishing and services.
  • CurrencyCape Verdean Escudo (CVE).
  • Interest rate: Approximately 5%, established by the Bank of Cape Verde.
  • Foreign exchange reserves: Approximately USD 1 billion.
  • Main exports: Agricultural products, fish and handicrafts.
  • Main imports: Food products, consumer goods, fuels and machinery.
  • Human Development Index (HDI): Moderate, with a score of around 0,640.
  • Literacy rate: Approximately 95%.
  • Life expectancy: About 74 years old.
  • Position in the Global Innovation Index: Low ranking, with need for improvements in infrastructure and technology.
  • Corruption Perception Index: Low perception of corruption, with a score of around 50 out of 100.

Insights into Cape Verde

1. Country Name

  • Official Country Name: Republic of Cape Verde
  • Short form and long form: Cape Verde (short form); Republic of Cape Verde (long form)

2. Geography

  • Geographical position: Cape Verde is an archipelago located in the Atlantic Ocean, about 570 km from the western coast of Africa. It is composed of 10 main islands and several smaller islands.
  • Area Approximately 4.033 km².
  • Description of the landscape: The Cape Verde Islands have a varied geography, with mountains, valleys, beaches and volcanoes. The climate is tropical, but varies depending on the island, with a dry season that lasts from November to July and a rainy season from August to October.

3. Population

  • Number of inhabitants: Approximately 550.000 inhabitants.
  • Population growth rate: The population growth rate is moderate, around 1,2% per year.
  • Major cities and population distribution: Major cities include Praia (capital), Mindelo, Santa Maria and Assomada. The population is spread across several islands, with the highest density in the urban areas of Praia and Mindelo.

4. Capital and main cities

  • Name of the capital: Beach.
  • Information on the main cities: Praia is the political and administrative center of Cape Verde, with a vibrant cultural scene. Mindelo, on the island of São Vicente, is known for its music and cultural heritage, and hosts the annual Cape Verdean Music Festival.

5. economy

Nominal GDP and GDP per capita

Cape Verde's nominal GDP is approximately USD 2,1 billion, with a GDP per capita of approximately USD 3.900. The economy is growing, but is heavily dependent on imports and the service sector.

Main economic sectors (agriculture, industry, services)

The service sector is the main driver of the economy, accounting for about 70% of GDP. Tourism is growing, attracting visitors to the beautiful beaches and local culture. Agriculture is limited due to geography and climate, and mainly produces cereals, fruits, and vegetables. Industry is poorly developed, but includes food processing and the production of consumer goods.

GDP growth rate and inflation

In recent years, Cape Verde has seen GDP growth rates of around 4-5%, supported by tourism and emigrant remittances. Inflation has been moderate, around 2-3%.

Unemployment rate and trade balance

The unemployment rate is high, around 12-13%, with a significant portion of the population working in the informal sector. The trade balance is generally negative, as the country imports most of its consumer goods.

Public debt

Cape Verde's public debt is sustainable, around 120% of GDP. The government has implemented fiscal policies to maintain economic stability and improve infrastructure.

Main exports and imports

Major exports include agricultural products, fish and minerals. Imports consist mainly of food, fuel and consumer goods, with major trading partners including Portugal, the United States and Spain.

6. Political system and government

  • Type of government: Semi-presidential republic.
  • Political structure: Cape Verde has a democratic political system, with a president as head of state and a prime minister as head of government. The National Assembly is unicameral and members are elected every five years.
  • Main political parties and electoral organization: The main parties include the Movement for Democracy (MpD) and the African Party for the Independence of Cape Verde (PAICV). Elections are generally considered free and fair.

7. History and culture

Brief historical overview of the country

Cape Verde was discovered by the Portuguese in the 1975th century and became an important trading center for the slave trade. It gained independence from Portugal in XNUMX. The country's history is characterized by a mix of African, Portuguese and Brazilian cultures, influencing its national identity.

Cultural and linguistic traditions

Cape Verdean culture is a mix of African and Portuguese influences, with a strong musical tradition, including styles such as morna and coladeira. The official language is Portuguese, but Cape Verdean Creole is widely spoken in daily life.

Cultural heritage (monuments, UNESCO sites, cultural events)

Cape Verde is known for its music, festivals and cuisine. The UNESCO World Heritage city of Cidade Velha is an important historical site. Events such as the Morna Festival in Mindelo celebrate Cape Verdean music and culture.

8. Innovation and development

  • Position in the Global Innovation Index: Cape Verde is in a development phase and is trying to improve its position in the global innovation index by investing in education and technology.
  • R&D (Research and Development) Spending: Spending on R&D is limited, but there are efforts to promote innovation in agriculture and tourism.
  • Advanced technological sectors and main innovations of the country: The country is trying to develop the information and communication technology sector, with an increase in start-ups and entrepreneurial initiatives.

9. Education and health

  • Literacy rate: About 97%.
  • Structure of the education system: Education is free and compulsory until the age of 14. The education system includes public and private schools, as well as institutions of higher education.
  • Quality and accessibility of the health system: The health system is mixed, with public and private services. There are challenges related to access to care and quality of facilities, but there have been improvements in recent years.
  • Life expectancy: About 73 years old.

10. International rankings

  • Position in the Human Development Index (HDI): High, with an HDI around 0,650.
  • Position in the Corruption Perceptions Index (CPI): Relatively good position, with perceived levels of corruption lower than other countries in the region.
  • Position in global economic indices: Average location for ease of doing business, with opportunities for improvement.

11. Environmental policies

  • The country's efforts in terms of sustainability: Cape Verde has initiated policies for environmental sustainability, trying to address the challenges related to water scarcity and deforestation.
  • Environmental policies and international commitments: The country is party to several international agreements on environmental protection and is working to improve the management of natural resources.

12. Curiosities and peculiarities

  • Interesting or unique facts about the country: Cape Verde is known for its cultural diversity and beautiful beaches. It is also famous for its music and dance, with internationally renowned artists bringing the morna and coladeira to the forefront.
  • Important events, national holidays, gastronomic specialties: Independence Day on July 5 is a national holiday. Cape Verdean cuisine is influenced by African and Portuguese traditions, with typical dishes such as cachupa (a stew made from beans and corn) and grogue (a sugar cane distillate).

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