GuineaBissau Economy - 2023

Economic overview

extremely poor West African economy; ethnically diverse labor force; increasing government expenditures; slight inflation due to food supply disruptions; major cashew exporter; systemic banking instabilities and corruption; vulnerable to oil price shocks

Real GDP (purchasing power parity)

$3.774 billion (2021 est.)

$3.636 billion (2020 est.)

$3.725 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.8% (2021 est.)

-2.4% (2020 est.)

4.5% (2019 est.)

Real GDP per capita

$1,800 (2021 est.)

$1,800 (2020 est.)

$1,900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.339 billion (2019 est.)

Inflation rate (consumer prices)

2.24% (2021 est.)

1.14% (2020 est.)

0.25% (2019 est.)

GDP - composition, by sector of origin

agriculture: 50% (2017 est.)

industry: 13.1% (2017 est.)

services: 36.9% (2017 est.)

GDP - composition, by end use

household consumption: 83.9% (2017 est.)

government consumption: 12% (2017 est.)

investment in fixed capital: 4.1% (2017 est.)

investment in inventories: 0.2% (2017 est.)

exports of goods and services: 26.4% (2017 est.)

imports of goods and services: -26.5% (2017 est.)

Agricultural products

rice, cashew nuts, roots/tubers nes, oil palm fruit, plantains, cassava, groundnuts, vegetables, coconuts, fruit

Industries

agricultural products processing, beer, soft drinks

Industrial production growth rate

-0.7% (2020 est.)

Labor force

867,500 (2021 est.)

Labor force - by occupation

agriculture: 82%

industry and services: 18% (2000 est.)

Unemployment rate

6.76% (2021 est.)

6.74% (2020 est.)

6.04% (2019 est.)

NA

Youth unemployment rate (ages 15-24)

total: 12.8%

male: 11.6%

female: 14.2% (2021 est.)

Population below poverty line

67% (2015 est.)

Gini Index coefficient - distribution of family income

34.8 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.9%

highest 10%: 28% (2002)

Budget

revenues: $222 million (2019 est.)

expenditures: $278 million (2019 est.)

Budget surplus (+) or deficit (-)

-1.3% (of GDP) (2017 est.)

Public debt

53.9% of GDP (2017 est.)

57.9% of GDP (2016 est.)

Taxes and other revenues

9.46% (of GDP) (2019 est.)

Fiscal year

calendar year

Current account balance

-$38.683 million (2020 est.)

-$127.41 million (2019 est.)

-$54.134 million (2018 est.)

Exports

$232.536 million (2020 est.) note: data are in current year dollars

$291.805 million (2019 est.) note: data are in current year dollars

$380.428 million (2018 est.)

Exports - partners

India 50%, Belgium 28%, Cote d'Ivoire 8% (2019)

Exports - commodities

cashews, natural gas, mackerel, fish, scrap vessels (2021)

Imports

$439 million (2020 est.) note: data are in current year dollars

$502 million (2019 est.) note: data are in current year dollars

$459 million (2018 est.)

Imports - partners

Portugal 31%, Senegal 20%, China 10%, Netherlands 7%, Pakistan 7% (2019)

Imports - commodities

refined petroleum, rice, wheat products, soups/broths, malt extract (2019)

Reserves of foreign exchange and gold

$356.4 million (31 December 2017 est.)

$349.4 million (31 December 2016 est.)

Debt - external

$1.095 billion (31 December 2010 est.)

$941.5 million (31 December 2000 est.)

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar -

554.531 (2021 est.)

575.586 (2020 est.)

585.911 (2019 est.)

555.446 (2018 est.)

580.657 (2017 est.)