Economic Conditions and Trade
Guinea-Bissau
Farmer harvesting peanuts in Bissau. Source: www.everyculture.com
Economic Statistics
- Gross Domestic Product: (2009): $826 million.
- Annual growth rate: (2009): 3%.
- Gross Dosmestic Product per capita: (2009): $512.
- Natural resources: Fish and timber. Bauxite and phosphate deposits are
not exploited; offshore petroleum.
- Foreign aid: Guinea-Bissau is desperately poor, (ranked 173rd out of 182 )
with huge foreign debt and an economy that limps along thanks to foreign aid.
- Agriculture: (62% of GDP): Products--cashews, tropical fruits, rice, peanuts,
cotton, palm oil. Arable land--11%. Forested--38%.
- Industry: (12% of GDP): Cashew processing. Very little industrial capacity
remains following the 1998 internal conflict.
- Major suppliers: (2009)--Portugal 24.5%, Senegal 17.2%, Pakistan 4.8%,
France 4.6%.
Source: http://www.afribiz.info/
Major Illicit Trade Types
1. Drug Trafficking:
An estimated 50 tons of illicit drugs, worth almost US$2 billion, pass through the region each year, according to UN reports, which approximate that some 27% of the cocaine consumed annually in Europe transits through West Africa.
2. Child Trafficking:
Child trafficking from Guinea-Bissau to Senegal is on the decline, partly due to better collaboration among local residents, civil society groups and government,
3. Bush Meat sales:
Unsustainable levels of bushmeat hunting could threaten both wildlife populations and the people who depend on bushmeat for food or income.
The Future of Guinea-Bissau
Future of Guinea-Bissau depends on how it handles challenges like drug and child
trafficking, large-scale poverty, corruption and heavy external debt. Fishing as an industry
can propel Guinea-Bissau’s economy, but illegal fishing poses a few problems for that sector.
Source: www.afribiz.info/
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