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Guinea-Bissau:
Economy

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Guinea-Bissau Page


Economy - overview
Definition
One of the five poorest countries in the world, Guinea-Bissau depends mainly on farming and fishing. Cashew crops have increased remarkably in recent years, and the country now ranks sixth in cashew production. Guinea-Bissau exports fish and seafood along with small amounts of peanuts, palm kernels, and timber. Rice is the major crop and staple food. However, intermittent fighting between Senegalese-backed government troops and a military junta destroyed much of the country's infrastructure and caused widespread damage to the economy in 1998; the civil war led to a 28% drop in GDP that year, with partial recovery in 1999-2002. Before the war, trade reform and price liberalization were the most successful part of the country's structural adjustment program under IMF sponsorship. The tightening of monetary policy and the development of the private sector had also begun to reinvigorate the economy. Because of high costs, the development of petroleum, phosphate, and other mineral resources is not a near-term prospect. Offshore oil prospecting is underway in several sectors but has not yet led to commercially viable crude deposits. The inequality of income distribution is one of the most extreme in the world. The government and international donors continue to work out plans to forward economic development from a lamentably low base. In December 2003, the World Bank, IMF, and UNDP were forced to step in to provide emergency budgetary support in the amount of $107 million for 2004, representing over 80% of the total national budget. Government drift and indecision, however, resulted in continued low growth in 2002-06. Higher raw material prices boosted growth to 3.7% in 2007.
GDP (purchasing power parity)
Definition - World rank and map
$808 million (2007 est.)
GDP (official exchange rate)
Definition
$343 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
2.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$500 (2007 est.)
GDP - composition by sector
Definition
agriculture: 62%
industry: 12%
services: 26% (1999 est.)
Labor force
Definition
480,000 (1999)
Labor force - by occupation
Definition
agriculture: 82%
industry and services: 18% (2000 est.)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: 0.5%
highest 10%: 42.4% (1991)
Inflation rate (consumer prices)
Definition - World rank and map
3.8% (2007 est.)
Budget
Definition
revenues: $NA
expenditures: $NA
Agriculture - products
Definition
rice, corn, beans, cassava (tapioca), cashew nuts, peanuts, palm kernels, cotton; timber; fish
Industries
Definition
agricultural products processing, beer, soft drinks
Industrial production growth rate
Definition - World rank and map
4.7% (2003 est.)
Electricity - production
Definition - World rank and map
60 million kWh (2005)
Electricity - consumption
Definition - World rank and map
55.8 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
37.2 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
2,480 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.6 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
2,463 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$6 million (2007 est.)
Exports
Definition - World rank and map
$133 million f.o.b. (2006)
Exports - commodities
Definition
cashew nuts, shrimp, peanuts, palm kernels, sawn lumber
Exports - partners
Definition
India 76.5%, Nigeria 19%, South Korea 0.9% (2006)
Imports
Definition - World rank and map
$200 million f.o.b. (2006)
Imports - commodities
Definition
foodstuffs, machinery and transport equipment, petroleum products
Imports - partners
Definition
Portugal 21.9%, Senegal 17.2%, France 6.2%, Pakistan 4.8% (2006)
Debt - external
Definition - World rank and map
$941.5 million (2000 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$79.12 million (2005)
Currency (code)
Definition
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates
Definition
Communaute Financiere Africaine francs (XOF) per US dollar - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro
Fiscal year
Definition
calendar year


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