Guinea Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

growing but primarily agrarian West African economy; major mining sector; improving fiscal and debt balances prior to COVID-19; economy increasingly vulnerable to climate change; slow infrastructure improvements; gender wealth and human capital gaps

Real GDP (purchasing power parity)

$35.729 billion (2021 est.)

$34.388 billion (2020 est.)

$32.775 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.9% (2021 est.)

4.92% (2020 est.)

5.62% (2019 est.)

Real GDP per capita

$2,600 (2021 est.)

$2,600 (2020 est.)

$2,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$13.55 billion (2019 est.)

Inflation rate (consumer prices)

12.6% (2021 est.)

10.6% (2020 est.)

9.47% (2019 est.)

GDP - composition, by sector of origin

agriculture: 19.8% (2017 est.)

industry: 32.1% (2017 est.)

services: 48.1% (2017 est.)

GDP - composition, by end use

household consumption: 80.8% (2017 est.)

government consumption: 6.6% (2017 est.)

investment in fixed capital: 9.1% (2017 est.)

investment in inventories: 18.5% (2017 est.)

exports of goods and services: 21.9% (2017 est.)

imports of goods and services: -36.9% (2017 est.)

Agricultural products

rice, cassava, groundnuts, maize, oil palm fruit, fonio, plantains, sugar cane, sweet potatoes, vegetables

Industries

bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing

Industrial production growth rate

3.9% (2021 est.)

Labor force

4.89 million (2021 est.)

Labor force - by occupation

agriculture: 76%

industry: 24% (2006 est.)

Unemployment rate

6.34% (2021 est.)

6.1% (2020 est.)

5.02% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 8.2%

male: 7%

female: 9.2% (2021 est.)

Population below poverty line

43.7% (2018 est.)

Gini Index coefficient - distribution of family income

29.6 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%

highest 10%: 30.3% (2007)

Budget

revenues: $1.949 billion (2019 est.)

expenditures: $2.014 billion (2019 est.)

Budget surplus (+) or deficit (-)

-0.5% (of GDP) (2017 est.)

Public debt

37.9% of GDP (2017 est.)

41.8% of GDP (2016 est.)

Taxes and other revenues

16.6% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$4.639 billion (2021 est.)

$2.685 billion (2020 est.)

-$314.62 million (2019 est.)

Exports

$10.266 billion (2021 est.) note: data are in current year dollars

$8.996 billion (2020 est.) note: data are in current year dollars

$4.041 billion (2019 est.)

Exports - partners

United Arab Emirates 39%, China 36%, India 6% (2019)

Exports - commodities

gold, aluminum ores and oxide, iron ores, cocoa beans, cashews, frozen fish (2021)

Imports

$5.353 billion (2021 est.) note: data are in current year dollars

$6.314 billion (2020 est.) note: data are in current year dollars

$4.32 billion (2019 est.)

Imports - partners

China 39%, India 8%, Netherlands 6%, Belgium 5%, United Arab Emirates 5% (2019)

Imports - commodities

rice, refined petroleum, packaged medicines, delivery trucks, cars (2019)

Reserves of foreign exchange and gold

$1.499 billion (31 December 2020 est.)

$1.379 billion (31 December 2019 est.)

$1.242 billion (31 December 2018 est.)

Debt - external

$1.458 billion (31 December 2017 est.)

$1.462 billion (31 December 2016 est.)

Exchange rates

Guinean francs (GNF) per US dollar -

9,565.082 (2020 est.)

9,183.876 (2019 est.)

9,011.134 (2018 est.)

9,088.319 (2017 est.)

8,967.927 (2016 est.)

NOTE: The information regarding Guinea 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 Guinea 2023 information contained here. All suggestions for corrections of any errors about Guinea 2023 should be addressed to the CIA or the source cited on each page.