According to the African Economic Outlook report prepared by the African Development Bank, the Organisation for Economic Co-operation and Development (OECD), the United Nations Economic Commission for Africa, and the United Nations Development Programme, Guinea-Bissau's economy is projected to grow by 4.2% this year, following a decline to 1.5% in 2012. After experiencing 5.3% growth in 2011, the country's economy was impacted by the coup in April 2012, which led to the economic contraction to 1.5% in 2012.
Due to the implementation of strict budget and tax collection measures, the budget deficit accounted for 2.3% of the country's GDP in 2012. It is expected to decrease to 0.8% this year and rise to 1% in 2014.
Additionally, the European Union has a plan to invest 20 billion CFA francs (approximately 30 million euros) in the Economic and Monetary Community of Central Africa, with Guinea-Bissau being one of the planned investment recipients.
On May 27, in a statement released by the EU Delegation in Bissau, it was noted that the support provided by the EU will focus primarily on health, education, water and electricity, and food sectors.
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