International Trade in Guinea-Bissau

International Trade in Guinea-Bissau

During the last decade, the economic performance of Guinea-Bissau has been mediocre nad irregular. The economic vulnerability of the country is due to its little diversified production and exports base. Agriculture is the most important sector of the economy of Guinea-Bissau since it... Read more

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Overview About International Trade in Guinea-Bissau

Economic Overview

During the last decade, the economic performance of Guinea-Bissau has been mediocre nad irregular. The economic vulnerability of the country is due to its little diversified production and exports base. Agriculture is the most important sector of the economy of Guinea-Bissau since it accounts for nearly two thirds of GDP. The export of seafood and cashew nuts is the main source of revenue in the country. In 2010, thanks to good agricultural performance (increase in the price of cashew nuts), investment in public works and construction and new pledges from donors, the GDP growth reached 3.5%. The forecasts count on a strenghtening of growth in 2011.

The government is making a great effort in diversifying the economy with the support of international financial institutions such as the International Monetary Fund (IMF). A three-year program was signed with the latter in May 2010, as part of the Extended Credit Facility framework and in December, the country has completed its Heavily Indebted Poor Countries (HIPC) debt reduction initiative. The 2011 budget plans to pursue budget rigor and a careful debt management, in a way to concentrate spending on key sectors lin...

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