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
African Party for the Independence of Guinea and Cape Verde the 1999–2000 elections. However, it returned to office after winning parliamentary elections in 2004 and presidential elections in 2005, since which it has remained the largest party in the National People's Assembly. The PAIGC also governed Cape Verde, from its independence in 1975 to 1980. After the military coup in Guinea-Bissau in 1980, the Cape Verdean branch of the PAIGC was converted into a separate party, the African Party for the Independence of Cape Verde. The party was established in Bissau on 19 September 1956 as the African Party of Independence ("Partido Africano da Independência"), and was based on the