Economy of Cape Verde Economy of Cape Verde Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Agriculture is made difficult by lack of rain and is restricted to only four islands for most of the year. Most of the nation's GDP comes from the service industry. Cape Verde's economy has been steadily growing since the late 1990s, and it is now officially considered a country of average development, being only the second African country to have achieved such transition, after Botswana in 1994. Cape Verde has significant cooperation with Portugal at every level of the economy, which
History of Cape Verde to hold on to its former colonies, since 1951 called overseas territories. When most former African colonies gained independence in 1957/1964, the Portuguese still held on. Consequently, following the Pijiguiti Massacre, the people of Cape Verde and Guinea-Bissau fought one of the longest African liberation wars. As with other colonies in 1972, autonomy was granted and Portuguese Cape Verde held its only parliamentary elections in 1973, in which only those that were Portuguese citizens could vote. Out of a total population of 272,071, only 25,521 people registered to vote. A total of 20,942 people voted, giving a voter turnout of