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.)
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.

Guinea is found in Western Africa