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FACTS & STATISTICS
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Agriculture > products
rice, corn, beans, cassava, cashew nuts, peanuts, palm kernels, cotton; timber; fish |
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Aid as % of GDP
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37.3% |
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[2nd of 129]
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Currency
Communaute Financiere Africaine franc ; note - responsible authority is the Central Bank of the West African States |
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Debt > External
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$941,500,000.00
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[149th of 198]
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Economic freedom
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1.1 |
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[143rd of 156]
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Economy > Overview
One of the 10 poorest countries in the world, Guinea-Bissau depends mainly on farming and fishing. Cashew crops have increased remarkably in recent years, and the country now ranks sixth in cashew production. 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. Before the war, trade reform and price liberalization were the most successful part of the country's structural adjustment program under IMF sponsorship. The tightening of monetary policy and the development of the private sector had also begun to reinvigorate the economy. Because of high costs, the development of petroleum, phosphate, and other mineral resources is not a near-term prospect. However, offshore oil prospecting has begun and could lead to much-needed revenue in the long run. The inequality of income distribution is one of the most extreme in the world. The government and international donors continue to work out plans to forward economic development from a lamentably low base. 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. Government drift and indecision, however, resulted in continued low growth in 2002-06. |
Exchange rates
Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000) |
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Exports
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$116,000,000.00
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[186th of 221]
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Exports > Commodities
cashew nuts, shrimp, peanuts, palm kernels, sawn lumber |
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Exports to US
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$1,800,000.00 |
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[162nd of 224]
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GDP
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301,111,000
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...
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[170th of 188]
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GDP > PPP
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$1,105,000,000.00 |
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[153rd of 163]
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GDP > Real growth rate
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2.1 %
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[180th of 211]
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Gross National Income
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$199,264,000.00 |
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[165th of 0]
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Human Development Index
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0.348 |
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[173rd of 0]
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Income distribution > Poorest 10%
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0.5% |
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[113rd of 114]
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Income distribution > Richest 10%
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42.4% |
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[14th of 114]
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Income distribution > Richest 20%
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58.9% |
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[14th of 114]
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Industries
agricultural products processing, beer, soft drinks |
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Inflation rate (consumer prices)
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4 %
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[108th of 219]
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... View all Economy stats
SOURCES: CIA World Factbook, 28 July 2005; calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; CIA World Factbook, 14 June, 2007
; The Heritage Foundation; US Census Bureau; World Development Indicators database; World Bank. 2005. World Development Indicators 2005.; ; Human Development Report 2006, United Nations Development Programme; World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC
ALTERNATIVE NAMES:
Guinea-Bissau, Republic of Guinea-Bissau, Republica da Guine-Bissau, Guine-Bissau
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