| Economy | Guinea-Bissau |
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Economy - overview:
|
One of the poorest countries in the world, Guinea-Bissau's legal economy depends mainly on farming and fishing, but trafficking narcotics is probably the most lucrative trade. The combination of limited economic prospects, a weak and faction-ridden government, and favorable geography have made this West African country a way station for drugs bound for Europe. Cashew crops have increased remarkably in recent years; low rainfall hindered cereals and other crops in 2011. 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. 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. The government is successfully implementing a three-year $33 million extended credit arrangement with the IMF that runs through 2012. Guinea-Bissau made progress with debt relief in 2011 when members of the Paris Club opted to write-off much of the country's obligations. |
GDP (purchasing power parity):
|
$1.938 billion (2011 est.)
$1.836 billion (2010 est.)
$1.734 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$1,100 (2011 est.)
$1,100 (2010 est.)
$1,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$1 billion (2011 est.) |
GDP - real growth rate:
|
4.8% (2011 est.)
3.5% (2010 est.)
3% (2009 est.) |
GDP - composition by sector:
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agriculture: 55.7%
industry: 12.7%
services: 31.6% (2011 est.) |
Investment (gross fixed):
|
12.9% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: 2.9%
highest 10%: 28% (2002) |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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5.2% (2011 est.)
2.5% (2010 est.) |
Central bank discount rate:
|
4.25% (31 December 2009)
4.75% (31 December 2008) |
Commercial bank prime lending rate:
|
15.3% (31 December 2011 est.)
15% (31 December 2010 est.) |
Stock of money:
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$171.2 million (31 December 2008)
$142.5 million (31 December 2007) |
Stock of money - per capita:
|
108 USD per capita |
Stock of quasi money:
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$17.99 million (31 December 2008)
$12.04 million (31 December 2007) |
Stock of quasi money - per capita:
|
12 USD per capita |
Stock of domestic credit:
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$115.9 million (31 December 2011 est.)
$95.33 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
73 USD per capita |
Stock of narrow money:
|
$289 million (31 December 2011 est.)
$238.5 million (31 December 2010 est.) |
Stock of broad money:
|
$291.1 million (31 December 2011 est.)
$258.1 million (31 December 2010 est.) |
Labor force:
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632,700 (2007) |
Labor force participation rate:
|
39.63 % of population |
Labor force - by occupation:
|
agriculture: 82%
industry and services: 18% (2000 est.) |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $176.2 million $NA
expenditures: $196.5 million $NA |
Budget revenues per capita:
|
111 USD per capita |
Taxes and other revenues:
|
17.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-2% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
agricultural products processing, beer, soft drinks |
Industrial production growth rate:
|
4.7% (2003 est.) |
Electricity - production:
|
70 million kWh (2008 est.) |
Electricity - production per capita:
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44 kWh per capita |
Electricity - consumption:
|
65.1 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
41 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
3,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.69 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
2,565 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
rice, corn, beans, cassava (tapioca), cashew nuts, peanuts, palm kernels, cotton; timber; fish |
Current account balance:
|
-$100 million (2011 est.)
-$82.6 million (2010 est.) |
Current account balance - per capita:
|
-62 USD per capita |
Exports:
|
$142.3 million (2011 est.)
$126 million (2010 est.) |
Exports per capita:
|
90 USD per capita |
Exports - commodities:
|
fish, shrimp; cashew nuts, peanuts, palm kernels, sawn lumber |
Exports - partners:
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India 76.9%, Nigeria 16.6% (2010) |
Imports:
|
$239.5 million (2011 est.)
$206.1 million (2010 est.) |
Imports per capita:
|
150 USD per capita |
Imports - commodities:
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foodstuffs, machinery and transport equipment, petroleum products |
Imports - partners:
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Senegal 21.8%, Portugal 20.5%, Brazil 5.6%, Cuba 4.1% (2010) |
Reserves of foreign exchange and gold:
|
$NA (31 December 2010)
$168.6 million (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$941.5 million (2000 est.) |
Debt - external - per capita:
|
590 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States |
Exchange rates:
|
Communaute Financiere Africaine francs (XOF) per US dollar -
473.7 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
493.51 (2007) |
Fiscal year:
|
calendar year |
|
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