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Guinea-Bissau

Guinea-Bissau Economy Stats

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. Cashew crops have increased remarkably in recent years. 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 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.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Human Development Index: The human development index values in this table were calculated using a consistent methodology and consistent data series. They are not strictly comparable with those in earlier Human Development Reports.
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $129.10 million 2013 204th out of 223
Budget surplus > + or deficit > - -3% of GDP 2012 100th out of 182
Exports $127.90 million 2012 171st out of 189
Exports per capita $76.88 2012 176th out of 189
Fiscal year calendar year 2013
GDP $897.41 million 2012 163th out of 177
GDP > Composition by sector > Industry 13.1% 2012 194th out of 217
GDP > Composition, by sector of origin > Services 28.7% 2012 182nd out of 189
GDP > Per capita $1,167.66 per capita 2010 101st out of 118
GDP > Per capita > PPP $1,200.00 2012 169th out of 188
GDP > Purchasing power parity per capita $1,114.95 2010 164th out of 181
GDP per capita $539.45 2012 167th out of 177
Gross National Income $199.26 million 2001 153th out of 158
Human Development Index 0.348 2006 172nd out of 177
Inflation rate > Consumer prices 2.1% 2012 158th out of 199

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; Human Development Report 2006, United Nations Development Programme

Citation

"Guinea-Bissau Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Guinea--Bissau/Economy

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Guinea-Bissau Economy Profiles (Subcategories)

Adjusted savings 3 Inequality 8
Aid 3 Inflation 9
Balance of payments 34 Innovation 5
Bank and trade-related lending 4 International tourism 13
Changes in net 4 Long-term debt 4
Commercial service 4 Merchandise 4
Commercial service imports 4 Merchandise imports 4
Companies 18 National accounts 70
Currency 11 Natural gas 8
Current account balance 5 Net capital account 4
Current transfers 4 Net current transfers 4
Debt 76 Net current transfers from abroad 6
Economic aid 3 Net errors and omissions 4
Electricity 8 Net financial flows 24
Exchange rates 3 Net income 4
Exports 3 Net income from abroad 6
External balance on goods and services 7 Net trade in goods 4
External debt 215 Net trade in goods and services 4
Final 20 Official development assistance and official aid 4
Financial sector 25 Oil 10
Foreign aid 42 Portfolio investment 8
Foreign direct investment 10 Poverty 15
GDP 41 Poverty and inequality 9
GDP per capita 4 Public and publicly guaranteed debt service 6
GNI 12 Public and publicly guaranteed (PPG) debt 3
Goods 4 Purchasing power parity 10
Goods imports 4 Reserves 6
Government 7 Royalty and license fees 4
Gross capital formation 10 Savings 42
Gross domestic savings 6 Service 4
Gross fixed capital formation 10 Service imports 4
Gross national expenditure 9 Services 10
Gross savings 6 Spending 43
Gross value added at factor cost 9 Tax 37
High-technology 3 Total 9
Household final 23 Total debt service 6
IBRD loans and IDA credits 4 Tourism 19
Income 21 Tourism receipts 5
Income distribution 4 Tourist arrivals by region of origin 8
Income payments 4 Trade 217
Income receipts 4 Use of IMF credit 4