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–European Union relations of the beneficiaries of the EU's regional cooperation programme with Portuguese-speaking African countries (PALOP) countries: Angola, Guinea Bissau, Cape Verde and São Tomé and Príncipe. In March 2005 former Portuguese president Mário Soares launched a petition urging the European Union to start membership talks with Cape Verde, saying the country could act as a bridge between Africa, Latin America and the EU. Cape Verde's per capita GDP is lower than any of the current member states, accession countries, or candidate countries. However, it is higher than that of some of the EU-designated "potential candidate countries" of the Western Balkans like