| 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. 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. |
| GDP (purchasing power parity) | $3.821 billion (2019 est.) $3.653 billion (2018 est.) $3.519 billion (2017 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $1.339 billion (2019 est.) |
| GDP - real growth rate | 5.9% (2017 est.) 6.3% (2016 est.) 6.1% (2015 est.) |
| GDP - per capita (PPP) | $1,989 (2019 est.) $1,949 (2018 est.) $1,925 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 8.8% of GDP (2018 est.) 8.4% of GDP (2017 est.) 10.5% of GDP (2015 est.) |
| GDP - composition, by end use | household consumption: 83.9% (2017 est.) government consumption: 12% (2017 est.) investment in fixed capital: 4.1% (2017 est.) investment in inventories: 0.2% (2017 est.) exports of goods and services: 26.4% (2017 est.) imports of goods and services: -26.5% (2017 est.) |
| GDP - composition by sector | agriculture: 50% (2017 est.) industry: 13.1% (2017 est.) services: 36.9% (2017 est.) |
| Ease of Doing Business Index scores | Overall score: 43.2 (2020) Starting a Business score: 75.5 (2020) Trading score: 59.6 (2020) Enforcement score: 38.6 (2020) |
| Population below poverty line | 67% (2015 est.) |
| Labor force | 731,300 (2013 est.) |
| Labor force - by occupation | agriculture: 82% industry and services: 18% (2000 est.) |
| Unemployment rate | NA |
| Household income or consumption by percentage share | lowest 10%: 2.9% highest 10%: 28% (2002) |
| Distribution of family income - Gini index | 50.7 (2010 est.) |
| Budget | revenues: 246.2 million (2017 est.) expenditures: 263.5 million (2017 est.) |
| Taxes and other revenues | 18.2% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -1.3% (of GDP) (2017 est.) |
| Public debt | 53.9% of GDP (2017 est.) 57.9% of GDP (2016 est.) |
| Inflation rate (consumer prices) | 0.2% (2019 est.) 0.3% (2018 est.) 1.6% (2017 est.) |
| Agriculture - products | rice, cashew nuts, roots/tubers nes, oil palm fruit, plantains, cassava, groundnuts, vegetables, coconuts, fruit |
| Industries | agricultural products processing, beer, soft drinks |
| Industrial production growth rate | 2.5% (2017 est.) |
| Current Account Balance | -$27 million (2017 est.) $16 million (2016 est.) |
| Exports | $188 million (2018 est.) $183 million (2017 est.) |
| Exports - commodities | cashews, gold, fish, lumber, aluminum ores (2019) |
| Exports - partners | India 50%, Belgium 28%, Cote d'Ivoire 8% (2019) |
| Imports | $383 million (2018 est.) $348 million (2017 est.) |
| Imports - commodities | refined petroleum, rice, wheat products, soups/broths, malt extract (2019) |
| Imports - partners | Portugal 31%, Senegal 20%, China 10%, Netherlands 7%, Pakistan 7% (2019) |
| Reserves of foreign exchange and gold | $356.4 million (31 December 2017 est.) $349.4 million (31 December 2016 est.) |
| Debt - external | $1.095 billion (31 December 2010 est.) $941.5 million (31 December 2000 est.) |
| 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.) |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on September 18, 2021
