Cabo Verde's "Blue Economy" Grew to 20.1% of National GDP in 2023
In 2023, Cabo Verde's "Blue Economy," encompassing marine-related activities, accounted for 20.1% of the nation's Gross Domestic Product (GDP), marking a significant increase of 2.0 percentage points from 2022. This sector's contribution to national wealth also saw a rise, with net taxes on marine products increasing by 3.5 percentage points. Remuneration within the Blue Economy grew to 16.1% of the national total, up from 14.8% in 2022. Furthermore, the number of people employed in this sector reached 19.5% of the national workforce, an increase of 2.3 percentage points compared to the previous year. Fishing and aquaculture were the most significant activities within the marine resources cluster, though their representation within that specific grouping decreased by four percentage points in 2023 from 40.4% in 2022. The tourism sector also experienced robust growth, with hotel establishments seeing a 20.9% increase in guests to over 1 million in 2023, and a 12.2% rise in operational establishments. Cruise ship calls increased by 32.6% to 171 in 2023, carrying 86,945 passengers, a 40.3% jump. Despite these positive economic indicators, challenges persist, including 85% of fishermen lacking social security and limited onboard fish conservation methods, forcing them to rely on ice availability. Coastal resource depletion is pushing fishermen to riskier, more distant waters, increasing accident exposure. The future of Cabo Verde's Blue Economy hinges on balancing economic growth with environmental preservation and improved working conditions for its professionals.
The "Blue Economy" in Cabo Verde demonstrates a clear upward trend in its contribution to national GDP, employment, and remuneration, indicating its growing importance to the nation's economic structure. The concurrent rise in tourism, particularly cruise ship arrivals, suggests a synergistic relationship between marine resources and hospitality sectors. However, the analysis highlights critical systemic vulnerabilities: a significant portion of the fishing workforce operates without social security, and reliance on basic infrastructure like ice for preservation points to potential inefficiencies and risks. The increasing distance required to find fish stocks due to environmental pressures, coupled with a lack of accident insurance, raises concerns about worker safety and the long-term sustainability of traditional fishing practices. Moving forward, Cabo Verde faces the challenge of leveraging its marine assets for continued economic development while simultaneously addressing the precarious conditions of its workforce and the environmental degradation impacting its natural capital. This requires strategic investment in infrastructure, worker protections, and sustainable resource management to ensure the Blue Economy's growth is both robust and equitable over the next decade.
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