News

Guinea-Bissau: low cashew production to reduce economic growth to 3.8% in 2018

Guinea-Bissau: low cashew production to reduce economic growth to 3.8% in 2018
  • Comments   -   Thursday, 04 October 2018 - 15:57

(Ecofin Agency) - This year, Guinea-Bissau’s economy which stabilized around 6% between 2015 and 2017 will drop to 3.8 %, due to the decrease of cashew nut production in the country. This was revealed by IMF after a mission conducted from September 19 to October 2 in the country.

According to the fund, lower cashew nut exports should contribute to the rise of the 2018 budget deficit that should represent 3.6% of GDP against 1.9% estimated in 2017.

The IMF reveals that Guinea-Bissau’s economy is one of the least diversified in the world. Indeed, cashew represents 90% of the exports and 10% of GDP. Furthermore, the sector is heavily taxed from harvest to exports.  In 2017, the country exported 175,000 tons of cashew nuts.  

Espoir Olodo

On October 18, 2018, Léon Juste Ibombo, Congo’s minister of posts and...
Read more |  19 October 2018
JSE - listed (Johannesburg Stock Exchange) IT company Altron and Huawei partnered to...
Read more |  19 October 2018
Bank of Kigali will issue new shares at CFA270 each, the bank...
Read more |  19 October 2018
Kenya plans to attract about 2.5 million tourist arrivals per year by...
Read more |  19 October 2018
Tunisia is being watched by the Eurobond market following its announcements that...
Read more |  19 October 2018
The African Development Bank’s efforts to channel critical investment funding to Africa’s...
Read more |  19 October 2018

Copyright Agence Ecofin © 2018. All Rights Reserved.