Industrial production in Guinea-Bissau recorded year on year growth of 74 percent in the first quarter of 2015, and commercial activity increased by 12.6 percent, according to official figures issued Wednesday in Bissau.
A statement issued at the end of the second ordinary session of the National Guinea-Bissau Credit Council (CNC-GB) also said tax revenues increased in the first three months of the year and that state budget expenditure had decreased.
“The trade deficit stood at 6 billion CFA francs against 14.6 billion during the first quarter of 2014,” the statement said adding that overall economic activity had improved in the first three months of this year.
The CNC-GB gave assurances that if the trend observed in the first quarter continued the economy of Guinea-Bissau could grow 4.7 percent this year against 2.9 percent in 2014.
The National Guinea-Bissau Credit Council also expects gross domestic product r growth of 4.8 percent in 2016 and 5.0 percent in 2017 and 2018.
Underlining the need to increase lending to the economy, the CNC-GB found that the values remain low due to the level of bad loans in the portfolio of commercial banks since 2012. (macauhub/GW)