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Sub Saharan Africa

Guinea-Bissau

 Flag of Guinea-Bissau

Last reviewed: 04 June 2009

Country information

ECONOMY

Basic Economic Facts

GDP: US$442 million (2008 est)
Annual Growth: 3.8% (2008 est)
Inflation: 3.9% (2008 est)
Main economic sectors: agricultural products (peanuts, palm kernels, cashew nuts, rice), cotton, beer, soft drinks, timber, fish.
Main trade partners: India, China, Portugal, France, Nigeria, and Senegal.
Exchange rate: Euro 1 = 655.957 FCFA (pegged).

Guinea-Bissau’s economy is weak and is dependent on low value-added primary products (mainly cashew nuts) and subsistence crop production. There are a very high number of public sector employees, including a large army, and the government has recurrent difficulties meeting salary obligations. There is some hope that off-shore oil will be found in Guinea-Bissau waters, part of which are managed by a joint Senegalese-Guinea-Bissau organisation (the Agence de Gestion et de Cooperation).

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