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
Boa Vista, Cape Verde salt deposits, which were mainly exploited by the English. In 1820, after many pirate attacks, the population moved to Porto Inglês, later renamed Sal Rei, which had been founded at the end of the 18th century. As did much of the Cape Verdean economy, the exploitation of salt on Boa Vista also relied largely on slavery. A Portuguese-British commission to end slavery was established in Boa Vista in 1842, but slavery was not completely abolished until 1876. Until 1935 the municipality of Boa Vista also covered the island of Sal. In 1975, Cape Verde declared its independence. Administratively, the island