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Guinea-Bissau Economy 2016
https://theodora.com/wfbcurrent/guineabissau/guineabissau_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Guinea-Bissau Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

Economy - overview:
Guinea-Bissau is highly dependent on subsistence agriculture, cashew nut exports, and foreign assistance. Two out of three Bissau-Guineans remain below the absolute poverty line. The legal economy is based on farming and fishing, but illegal logging and trafficking in narcotics are also important economic activities. The combination of limited economic prospects, weak institutions, and favorable geography have made this West African country a way station for drugs bound for Europe while trade in illegal logging, food, and fishing is also significant.Guinea-Bissau has substantial potential for development of mineral resources including phosphates, bauxite, and mineral sands. The country’s climate and soil make it feasible to grow a wide range of cash crops, fruit, vegetables, and tubers; however, cashews generate more than 80% export receipts and are the main source of income for many rural communities.With renewed donor support following elections in April-May 2014 and a successful regional bond issuance, the new government of Guinea-Bissau has made progress paying salaries, settling domestic arrears, and gaining more control over revenues and expenditures. The IMF noted that the new government has taken the positive step of developing a long-term economic plan and approved a three year Extended Credit Facility arrangement for Guinea-Bissau in 2015.

GDP (purchasing power parity):
$2.677 billion (2015 est.) $2.557 billion (2014 est.) $2.493 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 189
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.035 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.7% (2015 est.) 2.5% (2014 est.) 0.8% (2013 est.)
country comparison to the world: 47
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$1,500 (2015 est.) $1,500 (2014 est.) $1,400 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 216
[see also: GDP - per capita country ranks ]

Gross national saving:
8.8% of GDP (2015 est.) 9.6% of GDP (2014 est.) 2.6% of GDP (2013 est.)
country comparison to the world: 156
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 93.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 5.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 18.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.6% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 44.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 41.9% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, corn, beans, cassava (manioc, tapioca), cashew nuts, peanuts, palm kernels, cotton; timber; fish

Industries:
agricultural products processing, beer, soft drinks

Industrial production growth rate:
2.3% (2015 est.)
country comparison to the world: 105
[see also: Industrial production growth rate country ranks ]

Labor force:
632,700 (2007 est.)
country comparison to the world: 154
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 82%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 18% (2000 est.)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28% (2002)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $155.3 million
[see also: Budget revenues country ranks ]
expenditures: $185.2 million (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
15% of GDP (2015 est.)
country comparison to the world: 193
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.9% of GDP (2015 est.)
country comparison to the world: 107
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.8% (2015 est.) -1.5% (2014 est.)
country comparison to the world: 102
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2009) 4.75% (31 December 2008)
country comparison to the world: 95
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15% (31 December 2015 est.) 15% (31 December 2014 est.)
country comparison to the world: 42
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$433.1 million (31 December 2015 est.) $392.5 million (31 December 2014 est.)
country comparison to the world: 169
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$489.4 million (31 December 2015 est.) $452.1 million (31 December 2014 est.)
country comparison to the world: 183
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$163.5 million (31 December 2015 est.) $160.1 million (31 December 2014 est.)
country comparison to the world: 181
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$36 million (2015 est.) -$13 million (2014 est.)
country comparison to the world: 58
[see also: Current account balance country ranks ]

Exports:
$198.2 million (2015 est.) $171.9 million (2014 est.)
country comparison to the world: 186
[see also: Exports country ranks ]

Exports - commodities:
fish, shrimp; cashews, peanuts, palm kernels, raw and sawn lumber

Exports - partners:
India 52.3%, Nigeria 20.7%, China 16.3%, Togo 5.5% (2014)

Imports:
$218.2 million (2015 est.) $227.5 million (2014 est.)
country comparison to the world: 204
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and transport equipment, petroleum products

Imports - partners:
Portugal 20.6%, Senegal 17.5%, UK 16.1%, Spain 4.2%, India 4.2%, China 4.1% (2014)

Debt - external:
$1.095 billion (31 December 2010 est.) $941.5 million (31 December 2000 est.)
country comparison to the world: 162
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 580.5 (2015 est.) 494.42 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.) 471.87 (2011 est.)

NOTE: The information regarding Guinea-Bissau on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea-Bissau Economy 2016 information contained here. All suggestions for corrections of any errors about Guinea-Bissau Economy 2016 should be addressed to the CIA.




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