GDP of Guinea-Bissau expected to grow between 4.7 pct and 5 pct

29 October 2015

The Gross Domestic Product (GDP) of Guinea-Bissau is expected to grow in 2015 by between 4.7 and 5 percent, the International Monetary Fund (IMF) and the Guinean government announced Wednesday.

The announcement was made by the IMF representative in Guinea-Bissau, Oscar Melhado, and the Guinean Minister of Economy and Finance, Geraldo Martins, after consultations between the financial institution and the Guinean economic team.

According to the IMF, growth in the Guinean economy is expected to be 4.7 percent in 2015, and could rise to 4.8 percent in 2016.

Minister Geraldo Martins admits, in turn, growth of 5 percent or more starting in 2016.

The “good cashew nut campaign,” the country’s main export is the reason for optimism that, according to Martins, will have a “positive impact” on the economy.

Initially, the Government expected to export 150,000 tons of cashews, but the country ended up exporting 180,000 tons, bringing in income of around US$164 million. (macauhub/GW)