Guinea-Bissau - Economy
How is the economy of Guinea-Bissau? Based on the information we have, Guinea-Bissau has a extremely poor West African economy; ethnically diverse labor force; increasing government expenditures; slight inflation due to food supply disruptions; major cashew exporter; systemic banking instabilities and corruption; vulnerable to oil price shocks. Key agricultural products in this country include: rice, groundnuts, cashews, root vegetables, oil palm fruit, plantains, cassava, coconuts, vegetables, sweet potatoes (2023).
More about the economy of Guinea-Bissau
Labor force 845,300 (2024 est.)
Industrial production growth rate 8% (2024 est.)
Industries agricultural products processing, beer, soft drinks
Population below poverty line 50.5% (2021 est.)
Taxes and other revenues 8.8% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency Communaute Financiere Africaine francs (XOF) per US dollar -
Exchange rates 2024 606.345 (2024 est.)
Exchange rates 2023 606.57 (2023 est.)
Exchange rates 2022 623.76 (2022 est.)
Exchange rates 2021 554.531 (2021 est.)
Exchange rates 2020 575.586 (2020 est.)
Debt - external
Debt - external 2023 $896.812 million (2023 est.)
Current account balance
Current account balance 2023 -$160.169 million (2023 est.)
Current account balance 2022 -$146.64 million (2022 est.)
Current account balance 2021 -$14.128 million (2021 est.)
Public debt
Public debt 2016 57.9% of GDP (2016 est.)
Budget
Revenues $269.794 million (2023 est.)
Expenditures $450.953 million (2023 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 9.8% of GDP (2023 est.)
Remittances 2022 10.3% of GDP (2022 est.)
Remittances 2021 11% of GDP (2021 est.)
Household income
Lowest 10% 3.4% (2021 est.)
Highest 10% 26.1% (2021 est.)
Imports
Imports 2023 $592.095 million (2023 est.)
Imports 2022 $577.899 million (2022 est.)
Imports 2021 $518.162 million (2021 est.)
Imports (partners) Senegal 28%, Portugal 24%, China 11%, Gambia, The 10%, Pakistan 4% (2023)
Comodities Imports force refined petroleum, iron bars, rice, plastics, flavored water (2023)
Exports
Imports 2023 $592.095 million (2023 est.)
Imports 2022 $577.899 million (2022 est.)
Imports 2021 $518.162 million (2021 est.)
Exports (partners) India 66%, Chile 9%, Cote d'Ivoire 5%, Ghana 4%, Netherlands 3% (2023)
Comodities Exports force coconuts/brazil nuts/cashews, fish, fish oil, processed crustaceans, malt extract (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $5.912 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $5.64 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $5.399 billion (2022 est.)
GDP (official exchange rate) $2.12 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $2,700 (2024 est.)
Real GDP per capita 2023 $2,600 (2023 est.)
Real GDP per capita 2022 $2,600 (2022 est.)
GDP - composition, by sector of origin
Agriculture 36.8% (2024 est.)
Industry 16.6% (2024 est.)
Services 42.1% (2024 est.)
GDP - composition, by end use
Household consumption 77% (2024 est.)
Government consumption 17.8% (2024 est.)
Investment in fixed capital 22.8% (2024 est.)
Investment in inventories -1.9% (2024 est.)
Exports of goods and services 12.5% (2024 est.)
Imports of goods and services -28.2% (2024 est.)
Unemployment rate
Unemployment rate 2024 2.7% (2024 est.)
Unemployment rate 2023 2.7% (2023 est.)
Unemployment rate 2022 2.7% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 2.8% (2024 est.)
Male 3.4% (2024 est.)
Female 2% (2024 est.)
All Important Facts about Guinea-Bissau

Want to know more about Guinea-Bissau? Check all different factbooks for Guinea-Bissau below.

Guinea-Bissau is found in Western Africa