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
Portuguese Cape Verde Portuguese Cape Verde Cape Verde was a colony of the Portuguese Empire from the initial settlement of the Cape Verde Islands in 1462 until the independence of Cape Verde in 1975. The islands of Cape Verde were discovered between 1460 and 1462 by Portuguese and Genoese sailors in the service of the Portuguese Crown. The southeastern islands, including the largest island Santiago, were discovered in 1460 by António de Noli and Diogo Gomes. The remaining northwestern islands São Nicolau, São Vicente and Santo Antão were discovered in 1461 or 1462 by Diogo Afonso. There is no evidence of human settlement