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–European Union relations goods and trade. Prime Minister José Maria Neves announced that his country will start imposing restrictions on the entrance of citizens from all ECOWAS member states. The Cape Verde government soon will present ECOWAS with proposals for "special status" instead of full membership. This is also an effort to limit the recent rise of illegal immigration of other West African nationals using Cape Verde and its proximity to the Canary Islands as a springboard towards Europe. Cape Verde is also a member of the Generalised System of Preferences with further incentives for good governance (GSP+). Cape Verde is also one