Is Guinea-Bissau a rich country?
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.
The government was deposed in August 2015, and since then, a political stalemate 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.
What is the GDP of Guinea-Bissau?
|Currency Name and Code||Guinea-Bissau Peso (GWP) and CFA Franc BCEAO (XOF)|
|GDP - Gross Domestic Product (PPP)||$2,532,000,000 (USD)|
|GDP - official exchange rate||$1,035,000,000 (USD)|
|GDP - real growth rate||4.7%|
|GDP Per Capita||$1,500.00 (USD)|
|GDP by Sector- agriculture||44.7%|
|GDP by Sector- Industry||13.4%|
|GDP by Sector- services||41.9%|
|GDP - composition, by end use||
household consumption: 93.2%
government consumption: 12.5%
investment in fixed capital: 5.5%
investment in inventories: 0.1%
exports of goods and services: 18.3%
imports of goods and services: -29.6%
|Labor Force By Occupation- agriculture||82%|
|Fiscal Year||calendar year|
|Annual Budget||$0 (USD)|
|Budget Surplus or Deficit - percent of GDP||-1.8%|
|Taxes and other revenues - percent of GDP||16.1%|
|Major Industries||agricultural products processing, beer, soft drinks|
|Industrial Growth Rate||4.7%|
|Agriculture Products||rice, corn, beans, cassava (tapioca), cashew nuts, peanuts, palm kernels, cotton; timber; fish|
|Labor Force By Occupation - industry and services||18%|
|Child Labor - % of children ages 5-14||57%|
|Child Labor - # of children ages 5-14||226,316|
|Commercial Bank Prime Lending Rate||15%|