Diplomatic representation from the US:
the US Embassy suspended operations on 14 June 1998 in the midst of
violent conflict between forces loyal to then President VIEIRA and
military-led junta; for the time being, US embassy Dakar is
responsible for covering Guinea-Bissau: telephone - [221] 823-4296;
FAX - [221] 822-5903
Flag description:
two equal horizontal bands of yellow (top) and green with a
vertical red band on the hoist side; there is a black five-pointed
star centered in the red band; uses the popular pan-African colors
of Ethiopia
Economy Guinea-Bissau
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, unexploited offshore
oil reserves could provide 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.
Government drift and indecision, however, have resulted in low
growth in 2002 and dim prospects for 2003.
GDP:
purchasing power parity - $901.4 million (2002 est.)
GDP - real growth rate:
-4.3% (2002 est.)
GDP - per capita:
purchasing power parity - $700 (2002 est.)
GDP - composition by sector:
agriculture: 62%
industry: 12%
services: 26% (1999 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share: lowest 10%: 0.5% highest 10%: 42.4% (1991)