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Guinea-Bissau Economy 1996


    • Overview:
      Guinea-Bissau ranks among the poorest countries in the world. Agriculture and fishing are the main economic activities. Cashew nuts, peanuts, and palm kernels are the primary exports. Exploitation of known mineral deposits is unlikely at present because of a weak infrastructure and the high cost of development. With IMF support the country is committed to an economic reform program emphasizing monetary stability and private sector growth. This process will continue at a slow pace because of a heavy foreign debt burden and internal constraints.

    • National product:
      GDP - purchasing power parity - $900 million (1993 est.)

    • National product real growth rate:
      2.9% (1993 est.)

    • National product per capita:
      $840 (1994 est.)

    • Inflation rate (consumer prices):
      55% (1991 est.)

    • Unemployment rate:
      NA%

    • Budget:

        revenues:
        $33.6 million

        expenditures:
        $44.8 million, including capital expenditures of $570,000 (1991 est.)

    • Exports:
      $19 million (f.o.b., 1993)

        commodities:
        cashews, fish, peanuts, palm kernels

        partners:
        Portugal, Spain, Senegal, India, Nigeria

    • Imports:
      $56 million (f.o.b., 1993)

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

        partners:
        Portugal, Netherlands, China, Germany, Senegal

    • External debt:
      $462 million (December 1990 est.)

    • Industrial production:
      growth rate NA (1991 est.); accounts for 8% of GDP

    • Electricity:

        capacity:
        22,000 kW

        production:
        40 million kWh

        consumption per capita:
        37 kWh (1993)

    • Industries:
      agricultural processing, beer, soft drinks

    • Agriculture:
      accounts for over 45% of GDP, nearly 100% of exports, and 90% of employment; rice is the staple food; other crops include corn, beans, cassava, cashew nuts, peanuts, palm kernels, and cotton; not self-sufficient in food; fishing and forestry potential not fully exploited

    • Economic aid:

        recipient:
        US commitments, including Ex-Im (FY70-89), $49 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $615 million; OPEC bilateral aid (1979-89), $41 million; Communist countries (1970-89), $68 million

    • Currency:
      1 Guinea-Bissauan peso (PG) = 100 centavos

    • Exchange rates:
      Guinea-Bissauan pesos (PG) per US$1 - 14,482 (December 1994), 12,892 (1994), 10,082 (1993), 6,934 (1992), 3,659 (1991), 2,185 (1990)

    • Fiscal year:
      calendar year






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