Guinea - Economy
How is the economy of Guinea? Based on the information we have, Guinea has a 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. Key agricultural products in this country include: cassava, rice, groundnuts, oil palm fruit, maize, fonio, plantains, potatoes, sweet potatoes, yams (2022).
More about the economy of Guinea
| Labor force | 4.465 million (2023 est.) |
|---|---|
| Industrial production growth rate | 10.9% (2023 est.) |
| Industries | bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing |
| Population below poverty line | 43.7% (2018 est.) |
| Taxes and other revenues | 16.6% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Guinean francs (GNF) per US dollar - |
| Exchange rates 2020 | 9,565.082 (2020 est.) |
| Exchange rates 2019 | 9,183.876 (2019 est.) |
| Exchange rates 2018 | 9,011.134 (2018 est.) |
| Exchange rates 2017 | 9,088.319 (2017 est.) |
| Exchange rates 2016 | 8,967.927 (2016 est.) |
| Debt - external | |
| Debt - external 2023 | $3.981 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2020 | $1.499 billion (2020 est.) |
| Reserves of foreign exchange and gold 2019 | $1.379 billion (2019 est.) |
| Reserves of foreign exchange and gold 2018 | $1.242 billion (2018 est.) |
| Current account balance | |
| Current account balance 2023 | $2.288 billion (2023 est.) |
| Current account balance 2022 | $3.35 billion (2022 est.) |
| Current account balance 2021 | $4.639 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 37.9% of GDP (2017 est.) |
| Budget | |
| Revenues | $1.949 billion (2019 est.) |
| Expenditures | $2.014 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.24% of GDP (2023 est.) |
| Remittances 2022 | 2.65% of GDP (2022 est.) |
| Remittances 2021 | 2.01% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.5% (2018 est.) |
| Highest 10% | 23.1% (2018 est.) |
| Imports | |
| Imports 2023 | $8.365 billion (2023 est.) |
| Imports 2022 | $5.749 billion (2022 est.) |
| Imports 2021 | $5.353 billion (2021 est.) |
| Imports (partners) | China 37%, India 10%, Netherlands 8%, UAE 4%, Belgium 4% (2022) |
| Comodities Imports force | refined petroleum, rice, garments, plastic products, wheat (2022) |
| Exports | |
| Imports 2023 | $8.365 billion (2023 est.) |
| Imports 2022 | $5.749 billion (2022 est.) |
| Imports 2021 | $5.353 billion (2021 est.) |
| Exports (partners) | China 37%, India 27%, UAE 25%, Switzerland 3%, Spain 2% (2022) |
| Comodities Exports force | gold, aluminum ore, coconuts/Brazil nuts/cashews, cocoa beans, fish (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $56.892 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $53.297 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $51.261 billion (2021 est.) |
| GDP (official exchange rate) | $22.199 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $3,900 (2023 est.) |
| Real GDP per capita 2022 | $3,800 (2022 est.) |
| Real GDP per capita 2021 | $3,700 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 29.1% (2023 est.) |
| Industry | 26.3% (2023 est.) |
| Services | 36.9% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 72.9% (2023 est.) |
| Government consumption | 13.6% (2023 est.) |
| Investment in fixed capital | 21.9% (2023 est.) |
| Investment in inventories | -1.1% (2023 est.) |
| Exports of goods and services | 41.6% (2023 est.) |
| Imports of goods and services | -49% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.3% (2023 est.) |
| Unemployment rate 2022 | 5.33% (2022 est.) |
| Unemployment rate 2021 | 5.77% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 7.3% (2023 est.) |
| Male | 6.3% (2023 est.) |
| Female | 8.2% (2023 est.) |
All Important Facts about Guinea
Want to know more about Guinea? Check all different factbooks for Guinea below.
