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 and remains one of the most developed and democratic countries in Africa. Lacking natural resources, its developing economy is mostly service-oriented, with a growing focus on tourism and foreign investment. Its population of around 540,000 is mostly of mixed European, Moorish, Arab and African heritage, and predominantly Roman Catholic, reflecting the legacy of Portuguese rule. A sizeable diaspora community exists across the world, slightly outnumbering inhabitants on the islands. Historically, the name "Cape Verde" has been used in English for the archipelago and, since independence in 1975, for the country. In 2013, the Cape Verdean government determined that the Portuguese