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: rice, cassava, maize, groundnuts, oil palm fruit, plantains, potatoes, fonio, yams, sweet potatoes (2023).
More about the economy of Guinea
| Labor force | 4.534 million (2024 est.) |
|---|---|
| Industrial production growth rate | 7.1% (2024 est.) |
| Industries | bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing |
| Population below poverty line | 43.7% (2018 est.) |
| Taxes and other revenues | |
| 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 | $3.764 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $1.887 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $2.11 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $2.183 billion (2021 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 2016 | 41.8% of GDP (2016 est.) |
| Budget | |
| Revenues | $1.949 billion (2019 est.) |
| Expenditures | $2.014 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.2% of GDP (2023 est.) |
| Remittances 2022 | 2.6% of GDP (2022 est.) |
| Remittances 2021 | 2% 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 39%, India 9%, Netherlands 7%, Belgium 6%, UAE 4% (2023) |
| Comodities Imports force | refined petroleum, rice, garments, construction vehicles, cars (2023) |
| Exports | |
| Imports 2023 | $8.365 billion (2023 est.) |
| Imports 2022 | $5.749 billion (2022 est.) |
| Imports 2021 | $5.353 billion (2021 est.) |
| Exports (partners) | UAE 50%, China 36%, India 8%, Switzerland 1%, Spain 1% (2023) |
| Comodities Exports force | gold, aluminum ore, cocoa beans, crude petroleum, coconuts/brazil nuts/cashews (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $59.439 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $56.251 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $53.297 billion (2022 est.) |
| GDP (official exchange rate) | $25.334 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $4,000 (2024 est.) |
| Real GDP per capita 2023 | $3,900 (2023 est.) |
| Real GDP per capita 2022 | $3,800 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 29.6% (2024 est.) |
| Industry | 25.3% (2024 est.) |
| Services | 37.5% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 67.4% (2024 est.) |
| Government consumption | 13.4% (2024 est.) |
| Investment in fixed capital | 32.1% (2024 est.) |
| Investment in inventories | -0.9% (2024 est.) |
| Exports of goods and services | 44% (2024 est.) |
| Imports of goods and services | -56.1% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.3% (2024 est.) |
| Unemployment rate 2023 | 5.3% (2023 est.) |
| Unemployment rate 2022 | 5.3% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 7.1% (2024 est.) |
| Male | 6.2% (2024 est.) |
| Female | 8% (2024 est.) |
All Important Facts about Guinea
Want to know more about Guinea? Check all different factbooks for Guinea below.
