Cape Verde's Economy

An archipelago of 10 main islands and 8 islets lying some 500 kilometres to the west of continental Africa in the Atlantic Ocean, the Republic of Cape Verde was discovered and colonised by the Portuguese in the 1600s.

A small nation and lacking in resources, for centuries Cape Verdeans experienced severe droughts which, in turn, made agriculture difficult. The republic was therefore very poor and on the list of the UN’s Least Developed Countries – reflected by the fact that more Cape Verdeans lived abroad than in the country itself. Yet those that remained developed a beautiful, caring and life-affirming attitude that saw them through the harder times.

Due to cooperation and close relations with Portugal, since the 1990s Cape Verde has experienced an enormous growth in its economy. First, Cape Verde adopted the Portuguese Escudo and then, in 1999, the Euro. Now, many significant figures are pushing for Cape Verde’s inclusion into the European Union, with talks starting shortly. This, again, will have a colossal positive impact on the country.