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, vegetables, sweet potatoes, coconuts (2022).
More about the economy of Guinea-Bissau
Labor force 726,000 (2023 est.)
Industrial production growth rate 4% (2023 est.)
Industries agricultural products processing, beer, soft drinks
Population below poverty line 47.7% (2018 est.)
Taxes and other revenues 9.16% (of GDP) (2019 est.)
Fiscal year
Exchange rates
Currency Communaute Financiere Africaine francs (XOF) per US dollar -
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.)
Exchange rates 2019 585.911 (2019 est.)
Debt - external
Debt - external 2022 $808.187 million (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 31 December 2017 $356.4 million (31 December 2017 est.)
Reserves of foreign exchange and gold 31 December 2016 $349.4 million (31 December 2016 est.)
Current account balance
Current account balance 2022 -$146.64 million (2022 est.)
Current account balance 2021 -$14.128 million (2021 est.)
Current account balance 2020 -$38.683 million (2020 est.)
Public debt
Public debt 2017 53.9% of GDP (2017 est.)
Budget
Revenues $220.219 million (2019 est.)
Expenditures $210.858 million (2019 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 9.38% of GDP (2023 est.)
Remittances 2022 12.02% of GDP (2022 est.)
Remittances 2021 11.95% of GDP (2021 est.)
Household income
Lowest 10% 3.4% (2021 est.)
Highest 10% 26.1% (2021 est.)
Imports
Imports 2022 $577.899 million (2022 est.)
Imports 2021 $518.162 million (2021 est.)
Imports 2020 $439.386 million (2020 est.)
Imports (partners) Portugal 34%, Senegal 22%, China 14%, Netherlands 6%, Spain 3% (2022)
Comodities Imports force refined petroleum, steel, rice, flavored water, beer (2022)
Exports
Imports 2022 $577.899 million (2022 est.)
Imports 2021 $518.162 million (2021 est.)
Imports 2020 $439.386 million (2020 est.)
Exports (partners) India 92%, Cote d'Ivoire 2%, Togo 2%, Netherlands 1%, South Korea 1% (2022)
Comodities Exports force coconuts/Brazil nuts/cashews, fish, fish oil, palm oil, dried fruits (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $5.099 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $4.892 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $4.694 billion (2021 est.)
GDP (official exchange rate) $1.966 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $2,400 (2023 est.)
Real GDP per capita 2022 $2,300 (2022 est.)
Real GDP per capita 2021 $2,300 (2021 est.)
GDP - composition, by sector of origin
Agriculture 33.7% (2023 est.)
Industry 16.1% (2023 est.)
Services 45.1% (2023 est.)
GDP - composition, by end use
Household consumption 66.6% (2023 est.)
Government consumption 19% (2023 est.)
Investment in fixed capital 23.8% (2023 est.)
Investment in inventories 0.2% (2023 est.)
Exports of goods and services 17.9% (2023 est.)
Imports of goods and services -28.3% (2023 est.)
Unemployment rate
Unemployment rate 2023 3.18% (2023 est.)
Unemployment rate 2022 3.2% (2022 est.)
Unemployment rate 2021 3.63% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 4% (2023 est.)
Male 3.9% (2023 est.)
Female 4.2% (2023 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