Guinea Economy - 2024

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.)

Unemployment rate

6.34% (2021 est.)
6.1% (2020 est.)
5.02% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 8.2% (2021 est.)

male: 7%

female: 9.2%

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)

Remittances

2.14% of GDP (2021 est.)
0.16% of GDP (2020 est.)
1.18% of GDP (2019 est.)

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 -

Exchange rates:
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.)