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Guinea-Bissau Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Guinea-Bissau Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 cashews and fishing. Illegal logging and trafficking in narcotics also play significant roles. 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.Guinea-Bissau has substantial potential for development of mineral resources, including phosphates, bauxite, and mineral sands. Offshore oil and gas exploration has begun. 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% of 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 Government of Guinea-Bissau began to make progress paying salaries, settling domestic arrears, and gaining more control over revenues and expenditures, but it was deposed by the president in August 2015. A political stalemate since then has resulted in weak governance and reduced donor support.The country is participating in a three-year, IMF extended credit facility program that was suspended because of a planned bank bailout. The program was renewed in 2017, but the major donors of direct budget support (the EU, World Bank, and African Development Bank) have halted their programs indefinitely. Diversification of the economy remains a key policy goal, but Guinea-Bissau’s poor infrastructure and business climate will constrain this effort.

GDP (purchasing power parity):
$3.071 billion (2017 est.) $2.925 billion (2016 est.) $2.783 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 189

GDP (official exchange rate):
$1.295 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2017 est.) 5.1% (2016 est.) 5.1% (2015 est.)
country comparison to the world: 41
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,800 (2017 est.) $1,800 (2016 est.) $1,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 213

Gross national saving:
11.2% of GDP (2017 est.) 14% of GDP (2016 est.) 11.9% of GDP (2015 est.)
country comparison to the world: 150
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 86.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 11.1%
[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: 28.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -37.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 44.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 12.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 43% (2017 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:
1.9% (2017 est.)
country comparison to the world: 142
[see also: Industrial production growth rate country ranks ]

Labor force:
731,300 (2013 est.)
country comparison to the world: 152
[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:
67% (2015 est.)
[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)

Budget:
revenues: $226 million
[see also: Budget - revenues country ranks ]
expenditures: $267 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
17.5% of GDP (2017 est.)
country comparison to the world: 173
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.2% of GDP (2017 est.)
country comparison to the world: 119
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
46.3% of GDP (2016 est.) 46.8% of GDP (2015 est.)
country comparison to the world: 112
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.8% (2017 est.) 1.5% (2016 est.)
country comparison to the world: 125
[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: 92
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15% (31 December 2017 est.) 5.3% (31 December 2016 est.)
country comparison to the world: 43
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$653.4 million (31 December 2017 est.) $525.2 million (31 December 2016 est.)
country comparison to the world: 164
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$685.5 million (31 December 2017 est.) $560 million (31 December 2016 est.)
country comparison to the world: 180
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$275.3 million (31 December 2017 est.) $241 million (31 December 2016 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:
$1 million (2017 est.) $11 million (2016 est.)
country comparison to the world: 60
[see also: Current account balance country ranks ]

Exports:
$281.2 million (2017 est.) $278.6 million (2016 est.)
country comparison to the world: 183
[see also: Exports country ranks ]

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

Exports - partners:
India 64.6%, Vietnam 9.4%, Belarus 9.4%, Nigeria 4.7% (2016)

Imports:
$241.2 million (2017 est.) $221.8 million (2016 est.)
country comparison to the world: 202
[see also: Imports country ranks ]

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

Imports - partners:
Portugal 44.2%, Senegal 19.2%, China 7.2%, Pakistan 6.7%, Netherlands 4.4% (2016)

Debt - external:
$1.095 billion (31 December 2010 est.) $941.5 million (31 December 2000 est.)
country comparison to the world: 166
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 605.3 (2017 est.) 593.01 (2016 est.) 593.01 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.)


NOTE: 1) The information regarding Guinea-Bissau on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea-Bissau Economy 2018 information contained here. All suggestions for corrections of any errors about Guinea-Bissau Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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