Guinea-Bissau - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Guinea-Bissau was 29.25 as of 2020. Its highest value over the past 50 years was 57.71 in 1985, while its lowest value was 23.35 in 2002.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 30.19
1971 34.31
1972 35.63
1973 40.73
1974 39.25
1975 25.95
1976 27.94
1977 32.60
1978 36.05
1979 41.53
1980 41.84
1981 35.72
1982 41.29
1983 32.25
1984 51.28
1985 57.71
1986 31.84
1987 38.96
1988 51.17
1989 46.19
1990 37.03
1991 37.79
1992 50.11
1993 32.72
1994 34.31
1995 35.14
1996 31.84
1997 39.88
1998 35.84
1999 42.82
2000 33.12
2001 26.82
2002 23.35
2003 24.59
2004 26.39
2005 25.17
2006 27.60
2007 33.95
2008 32.79
2009 35.22
2010 35.22
2011 30.95
2012 25.70
2013 25.82
2014 31.39
2015 32.24
2016 31.30
2017 33.07
2018 30.74
2019 35.08
2020 29.25

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts