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
Cape Verde designation "Cabo Verde" would henceforth be used for official purposes, such as at the United Nations, even in English contexts. Cape Verde is a member of the African Union. The name of the country stems from the nearby Cap-Vert, on the Senegalese coast. In 1444, Portuguese explorers had named that landmark as "Cabo Verde," a few years before they discovered the islands ("Verde" is Portuguese for "green"). On 24 October 2013, the country's delegation announced at the United Nations that the official name should no longer be translated into other languages. Instead of "Cape Verde", the designation "Republic of Cabo