Guinea-Bissau - Balance of payments



Like Portuguese Guinea, Guinea-Bissau has had chronic balance-of-payments problems because of its huge annual trade deficit, which has persisted despite efforts to restructure trade by diversifying the range of commodities available for export and by establishing new trading partners and more favorable trade agreements. Foreign assistance is an essential element in meeting payments needs.

The US Central Intelligence Agency (CIA) reports that in 2000 the purchasing power parity of Guinea-Bissau's exports was $80 million while imports totaled $55.2 million resulting in a trade surplus of $24.8 million.

The International Monetary Fund (IMF) reports that in 1997 Guinea-Bissau had exports of goods totaling $49 million and imports totaling $62 million. The services credit totaled $8 million and debit $26 million. The following table summarizes Guinea-Bissau's balance of payments as reported by the IMF for 1997 in millions of US dollars.

Guinea-Bissau

Current Account -30
Balance on goods -14
Balance on services -18
Balance on income -14
Current transfers 16
Capital Account 32
Financial Account 2
Direct investment abroad
Direct investment in Guinea-Bissau
Portfolio investment assets
Portfolio investment liabilities
Other investment assets -6
Other investment liabilities 8
Net Errors and Omissions -19
Reserves and Related Items 15
Also read article about Guinea-Bissau from Wikipedia

User Contributions:

Comment about this article, ask questions, or add new information about this topic:

CAPTCHA