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One of the six 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 fifth 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. Offshore oil prospecting is underway in several sectors but has not yet led to commercially viable crude deposits. 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 low base. In December 2003, the World Bank, IMF, and UNDP were forced to step in to provide emergency budgetary support in the amount of $107 million for 2004, representing over 80% of the total national budget. Government drift and indecision, however, resulted in continued low growth in 2002-06. Higher raw material prices boosted growth in 2007-09.
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$1.726 billion (2009 est.)
country comparison to the world: 187
$1.675 billion (2008 est.)
$1.619 billion (2007 est.)
note:
data are in 2009 US dollars
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$826 million (2009 est.)
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3% (2009 est.)
country comparison to the world: 66
3.5% (2008 est.)
2.9% (2007 est.)
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$1,100 (2009 est.)
country comparison to the world: 209
$1,100 (2008 est.)
$1,100 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 62%
industry:
12%
services:
26% (1999 est.)
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632,700 (2007)
country comparison to the world: 151
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agriculture: 82%
industry and services:
18% (2000 est.)
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NA% est.)
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NA%
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lowest 10%: 2.9%
highest 10%:
28% (2002)
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revenues: $NA
expenditures:
$NA
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3.8% (2007 est.)
country comparison to the world: 124
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4.75% (31 December 2008)
country comparison to the world: 114
4.25% (31 December 2007)
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NA% (31 December 2008)
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$171.2 million (31 December 2008)
country comparison to the world: 149
$142.5 million (31 December 2007)
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$17.99 million (31 December 2008)
country comparison to the world: 165
$12.04 million (31 December 2007)
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$NA (31 December 2008)
$46.44 million (31 December 2007)
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$NA
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rice, corn, beans, cassava (tapioca), cashew nuts, peanuts, palm kernels, cotton; timber; fish
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agricultural products processing, beer, soft drinks
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4.7% (2003 est.)
country comparison to the world: 27
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65 million kWh (2007 est.)
country comparison to the world: 196
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60.45 million kWh (2007 est.)
country comparison to the world: 197
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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0 bbl/day (2009 est.)
country comparison to the world: 190
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3,000 bbl/day (2009 est.)
country comparison to the world: 181
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0 bbl/day (2007 est.)
country comparison to the world: 152
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2,545 bbl/day (2007 est.)
country comparison to the world: 172
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0 bbl (1 January 2009 est.)
country comparison to the world: 174
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0 cu m (2008 est.)
country comparison to the world: 103
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0 cu m (2008 est.)
country comparison to the world: 148
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0 cu m (2008 est.)
country comparison to the world: 69
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0 cu m (2008 est.)
country comparison to the world: 168
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0 cu m (1 January 2009 est.)
country comparison to the world: 170
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-$6 million (2007 est.)
country comparison to the world: 59
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$133 million (2006)
country comparison to the world: 185
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fish, shrimp; cashew nuts, peanuts, palm kernels, sawn lumber
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India 62.21%, Nigeria 31.28%, Portugal 1.48% (2009)
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$200 million (2006)
country comparison to the world: 201
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foodstuffs, machinery and transport equipment, petroleum products
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Portugal 17.33%, Senegal 13.66%, Netherlands 9.27%, India 9.11%, Thailand 5.2%, Brazil 4.49% (2009)
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$941.5 million (2000 est.)
country comparison to the world: 150
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Communaute Financiere Africaine francs (XOF) per US dollar - 481.35 (2009), 447.81 (2008), 493.51 (2007), 522.59 (2006), 527.47 (2005)
note:
since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par
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