@Guinea-Bissau:Economy
Economy-overview: One of the 20 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. Trade reform and price liberalization are 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 have begun to reinvigorate the economy. Inflation dropped sharply in the first quarter of 1997. Membership in the WAMU (West African Monetary Union), begun in May 1997, should help support 5% annual growth and contribute to fiscal discipline. Because of high costs, the development of petroleum, phosphate, and other mineral resources is not a near-term prospect.
GDP: purchasing power parity-$1.15 billion (1997 est.)
GDP-real growth rate: 5% (1997 est.)
GDP-per capita: purchasing power parity-$975 (1997 est.)
GDP-composition by sector: agriculture: 45% industry: 18% services: 37% (1997 est.)
Inflation rate-consumer price index: 65% (1996)
Labor force: 480,000
Unemployment rate: NA%
Budget: $NA