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 4.401 million (2023 est.)
Industrial production growth rate 11.47% (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 2022 $3.329 billion (2022 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 2022 $3.35 billion (2022 est.)
Current account balance 2021 $4.639 billion (2021 est.)
Current account balance 2020 $2.685 billion (2020 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 2.36% of GDP (2023 est.)
Remittances 2022 2.51% of GDP (2022 est.)
Remittances 2021 2.14% of GDP (2021 est.)
Household income
Lowest 10% 3.5% (2018 est.)
Highest 10% 23.1% (2018 est.)
Imports
Imports 2022 $5.749 billion (2022 est.)
Imports 2021 $5.353 billion (2021 est.)
Imports 2020 $6.314 billion (2020 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 2022 $5.749 billion (2022 est.)
Imports 2021 $5.353 billion (2021 est.)
Imports 2020 $6.314 billion (2020 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 $56.655 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $52.918 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $50.543 billion (2021 est.)
GDP (official exchange rate) $23.612 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $4,000 (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 28.2% (2023 est.)
Industry 31.3% (2023 est.)
Services 31.9% (2023 est.)
GDP - composition, by end use
Household consumption 52% (2023 est.)
Government consumption 12.3% (2023 est.)
Investment in fixed capital 23.6% (2023 est.)
Exports of goods and services 39.2% (2023 est.)
Imports of goods and services -29.8% (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.

Guinea is found in Western Africa