Guinea-Bissau

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Guinea-Bissau - In Short.

Overview of Guinea-Bissau

For much of its history, Guinea-Bissau was under the control of the Mali Empire and the Kaabu kingdom. In the 16th century, Portugal began establishing trading posts along Guinea-Bissau’s shoreline. Initially, the Portuguese were restricted to the coastline and islands. However, the slave and gold trade was lucrative to local African leaders, and the Portuguese were slowly able expand their power and influence inland. Starting in the 18th century, the Mali Empire and Kingdom of Kaabu slowly disintegrated into smaller local entities. By the 19th century, Portugal had fully incorporated Guinea-Bissau into its empire.Since gaining independence in 1974, Guinea-Bissau has experienced considerable political and military upheaval. In 1980, a military coup established General Joao Bernardo ‘Nino’ VIEIRA as president. VIEIRA’s regime suppressed political opposition and purged political rivals.  Several coup attempts through the 1980s and early 1990s failed to unseat him. In May 1999, a military mutiny and civil war led to VIEIRA’s ouster. In February 2000, a transitional government turned over power to opposition leader Kumba YALA. In September 2003, a bloodless military coup overthrew YALA and installed businessman Henrique ROSA as interim president. In 2005, former President VIEIRA was reelected pledging to pursue economic development and national reconciliation; he was assassinated in March 2009. In June 2009, Malam Bacai SANHA was elected, but he passed away in January 2012 from a long-term illness. In April 2012, a military coup prevented the second-round of the presidential election from taking place. Following mediation from the Economic Community of Western African States (ECOWAS), a civilian transitional government assumed power. In 2014, Jose Mario VAZ won a free and fair election. In June 2019, VAZ became the first president in Guinea-Bissau’s history to complete a full presidential term. After winning the 2019 presidential elections, Umaro SISSOCO EMBALO was sworn in as president.
Value
Country Full Name
Guinea-Bissau
Country Code
GNB
Region
Sub-Saharan Africa
Income Group
Low income
Currency Unit
GDP
1431758243
Population
1967998
Land Area
28120
Net National Income Per Capita
628.984664
GDP per Capita (PPP)
1948.802343

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Guinea-Bissau - Economic

Economy of Guinea-Bissau

Guinea-Bissau is highly dependent on subsistence agriculture, cashew nut exports, and foreign assistance. Two out of three Bissau-Guineans remain below the absolute poverty line. The legal economy is based on cashews and fishing. Illegal logging and trafficking in narcotics also play significant roles. The combination of limited economic prospects, weak institutions, and favorable geography have made this West African country a way station for drugs bound for Europe.Guinea-Bissau has substantial potential for development of mineral resources, including phosphates, bauxite, and mineral sands. Offshore oil and gas exploration has begun. The country’s climate and soil make it feasible to grow a wide range of cash crops, fruit, vegetables, and tubers; however, cashews generate more than 80% of export receipts and are the main source of income for many rural communities.The government was deposed in August 2015, and since then, a political stalemate has resulted in weak governance and reduced donor support.The country is participating in a three-year, IMF extended credit facility program that was suspended because of a planned bank bailout. The program was renewed in 2017, but the major donors of direct budget support (the EU, World Bank, and African Development Bank) have halted their programs indefinitely. Diversification of the economy remains a key policy goal, but Guinea-Bissau’s poor infrastructure and business climate will constrain this effort.

Unemployment Rate

Inflation Rate

Guinea-Bissau - GDP Composition

GDP Composiiton & Value Added of Guinea-Bissau

Last Updated: Jan, 2021, Updated For 2020.

Guinea-Bissau - GDP, Value Added

Demographics of Guinea-Bissau

approximately one-fifth of the population lives in the capital city of Bissau along the Atlantic coast; the remainder is distributed among the eight other, mainly rural, regions as shown in this population distribution map
Geographic Location

Western Africa, bordering the North Atlantic Ocean, between Guinea and Senegal

Races

Fulani 28.5%, Balanta 22.5%, Mandinga 14.7%, Papel 9.1%, Manjaco 8.3%, Beafada 3.5%, Mancanha 3.1%, Bijago 2.1%, Felupe 1.7%, Mansoanca 1.4%, Balanta Mane 1%, other 1.8%, none 2.2% (2008 est.)

Languages

Portuguese-based Creole, Portuguese (official; largely used as a second or third language), Pular (a Fula language), Mandingo

Religion

Muslim 45.1%, Christian 22.1%, animist 14.9%, none 2%, unspecified 15.9% (2008 est.)

Dependency & Expectancy of Guinea-Bissau

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Guinea-Bissau - Social Media Briefing

Guinea-Bissau - Social Media & Social Commerce

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Politics & Policies of Guinea-Bissau

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AOSIS, AU, CPLP, ECOWAS, FAO, FZ, G-77, IBRD, ICAO, ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, NAM, OIC, OIF, OPCW, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WADB (regional), WAEMU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Guinea-Bissau

Export of Guinea-Bissau

Import Destination

Export Destination