Cape Verde: Remittances from emigrants total 10.42 billion Cape Verdean escudos in 2008

14 April 2009

Praia, Cape Verde, 14 April – Remittances sent home by Cape Verdean emigrants in 2008 totalled 10.42 billion Cape Verdean escudos (around 94.5 million euros), with those resident in Portugal accounting for the biggest amount, with 3.138 billion ECV (28.4 million euros).

Figures published Monday by the Bank of Cape Verde (BCV) showed that in 2008 remittances rose by 265.3 million ECV (2.4 million euros) against 2007, which is a rise of 2.6 percent.

The overall figures for remittances continued, as in previous years, to account for around 9 percent of the country’s Gross Domestic Product (GDP), which in 2007 was estimated at 115.2 billion ECV (1.044 billion euros).

According to the BCV’s figures, remittances sent by Cape Verdeans in Portugal were followed by those from France (2.276 billion ECV – 20.6 million euros) and the United States (1.474 billion ECV – 13.3 million euros), whose revenues fell by 12 percent in 2008.

Taking into consideration the BCV’s figures, the Cape Verdean economy has developed significantly since the end of the 1990s, mainly due to remittances from emigrants, estimated to total 520,000 people, as compared to just over 490,000 people living on the archipelago. (macauhub)