GuineaBissau Economy - 2023

GEOGRAPHICAL NAMES 

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.)

NOTE: The information regarding GuineaBissau on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of GuineaBissau 2023 information contained here. All suggestions for corrections of any errors about GuineaBissau 2023 should be addressed to the CIA or the source cited on each page.