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 union finally broke down in 1980 following the military coup led by João Bernardo Vieira against the Cape Verdean Cabral. The Cape Verdean branch of PAIGC was subsequently converted into a separate party, the African Party for the Independence of Cape Verde (PAICV). Under Vieira, the party continued to govern the country in the 1980s and 1990s. One-party elections were held in 1984 and 1989, and Vieira was re-elected as PAIGC Secretary-General at the party's fourth congress in November 1986. Following the introduction of multi-party politics in May 1991, the first multi-party elections were held in 1994. The general elections