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 Cape Verde Cape Verde () or Cabo Verde (, ) (, ), officially the Republic of Cabo Verde, is an island country spanning an archipelago of 10 volcanic islands in the central Atlantic Ocean. It forms part of the Macaronesia ecoregion, along with the Azores, Canary Islands, Madeira, and the Savage Isles. In ancient times these islands were referred to as "the Islands of the Blessed" or the "Fortunate Isles". Located west of the Cape Verde Peninsula in West Africa, the islands cover a combined area of slightly over . The Cape Verde archipelago was uninhabited until the 15th century,