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
National Assembly (Cape Verde) by the Assembly on 12 February 1981. That same year the Cape Verdean branch of the PAIGC, which was also the ruling party in Guinea-Bissau, was renamed African Party for the Independence of Cape Verde (PAICV). Elections for an enlarged 83-seat National People's Assembly took place on 7 December 1985. For the first time a few independent, PAICV-endorsed candidates won seats in the legislature. In 1990, Cape Verde became one of the first African countries to abandon one-party rule and embrace multiparty democracy. The first multiparty National Assembly elections took place on 13 January 1991. The ruling PAICV was soundly