Countries
Guinea
Key Economic Indicators
$67.36 billion
$4,565
5.35%
8.12%
5.16%
$25.334 billion (2024 est.)
41.8% of GDP (2016 est.)
$-391,820,000
Economic Overview
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
All Economic Data
Agricultural products
rice, cassava, maize, groundnuts, oil palm fruit, plantains, potatoes, fonio, yams, sweet potatoes (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$2.014 billion (2019 est.)
Revenues:
$1.949 billion (2019 est.)
Currency
code:
GNF
name:
Guinean franc (GNF) [Fr]
Current account balance
$-391,820,000
Current account balance 2021:
$4.639 billion (2021 est.)
Current account balance 2022:
$3.35 billion (2022 est.)
Current account balance 2023:
$2.288 billion (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$5.39 billion
Debt - external 2023:
$3.764 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Guinean francs (GNF) per US dollar -
Exchange rates 2016:
8,967.927 (2016 est.)
Exchange rates 2017:
9,088.319 (2017 est.)
Exchange rates 2018:
9,011.134 (2018 est.)
Exchange rates 2019:
9,183.876 (2019 est.)
Exchange rates 2020:
9,565.082 (2020 est.)
Exports
$10.35 billion
Exports 2021:
$10.266 billion (2021 est.)
Exports 2022:
$8.898 billion (2022 est.)
Exports 2023:
$12.008 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
gold, aluminum ore, cocoa beans, crude petroleum, coconuts/brazil nuts/cashews (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
UAE 50%, China 36%, India 8%, Switzerland 1%, Spain 1% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.4 billion
GDP - composition, by end use
Exports of goods and services:
44% (2024 est.)
Government consumption:
13.4% (2024 est.)
Household consumption:
67.4% (2024 est.)
Imports of goods and services:
-56.1% (2024 est.)
Investment in fixed capital:
32.1% (2024 est.)
Investment in inventories:
-0.9% (2024 est.)
Note:
<strong>note:</strong> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
29.6% (2024 est.)
Industry:
25.3% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
37.5% (2024 est.)
GDP (official exchange rate)
$25.334 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$1,695
Gini Index coefficient - distribution of family income
33.7 (2012)
Gini Index coefficient - distribution of family income 2018:
29.6 (2018 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$22.64 billion
GNI per capita
$1,440
Gross domestic investment
32 % of GDP
Household income or consumption by percentage share
Highest 10%:
23.1% (2018 est.)
Lowest 10%:
3.5% (2018 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$14.1 billion
Imports 2021:
$5.353 billion (2021 est.)
Imports 2022:
$5.749 billion (2022 est.)
Imports 2023:
$8.365 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, rice, garments, construction vehicles, cars (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 39%, India 9%, Netherlands 7%, Belgium 6%, UAE 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
7.1% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing
Inflation rate (consumer prices)
8.12%
Inflation rate (consumer prices) 2022:
10.5% (2022 est.)
Inflation rate (consumer prices) 2023:
7.8% (2023 est.)
Inflation rate (consumer prices) 2024:
8.1% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
4.534 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
4.72 million persons
Labor force - by occupation
agriculture:
47.36%
industry:
14.15%
services:
38.49%
Population below poverty line
43.7% (2018 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
41.8% of GDP (2016 est.)
Real GDP (purchasing power parity)
$67.36 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$53.297 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$56.251 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$59.439 billion (2024 est.)
Real GDP growth rate
5.35%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
4% (2022 est.)
Real GDP growth rate 2023:
5.5% (2023 est.)
Real GDP growth rate 2024:
5.7% (2024 est.)
Real GDP per capita
$4,565
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$3,800 (2022 est.)
Real GDP per capita 2023:
$3,900 (2023 est.)
Real GDP per capita 2024:
$4,000 (2024 est.)
Remittances
$616.42 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
2% of GDP (2021 est.)
Remittances 2022:
2.6% of GDP (2022 est.)
Remittances 2023:
2.2% of GDP (2023 est.)
Reserves of foreign exchange and gold
$1.89 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2021:
$2.183 billion (2021 est.)
Reserves of foreign exchange and gold 2022:
$2.11 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$1.887 billion (2023 est.)
Unemployment rate
5.16%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
5.3% (2022 est.)
Unemployment rate 2023:
5.3% (2023 est.)
Unemployment rate 2024:
5.3% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
8% (2024 est.)
Male:
6.2% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
7.1% (2024 est.)
Economic Rankings
Inflation Rate
#69
GDP Growth Rate
#69
External Debt
#82
Unemployment Rate
#96
Imports
#108
Exports
#111
GDP (Nominal)
#115
GDP (PPP)
#116
Reserves
#124
Gini Index
#126
GDP per Capita
#159
Quick Facts
Industries
bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing
Agricultural products
rice, cassava, maize, groundnuts, oil palm fruit, plantains, potatoes, fonio, yams, sweet potatoes (2023)
Labor force
4.534 million (2024 est.)
Exports - partners
UAE 50%, China 36%, India 8%, Switzerland 1%, Spain 1% (2023)
Imports - partners
China 39%, India 9%, Netherlands 7%, Belgium 6%, UAE 4% (2023)
Exchange rates
Guinean francs (GNF) per US dollar -
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