Countries
Guinea-Bissau
Key Economic Indicators
$6.87 billion
$3,119
4.15%
3.77%
2.67%
$2.12 billion (2024 est.)
57.9% of GDP (2016 est.)
$-160,168,523
Economic Overview
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
All Economic Data
Agricultural products
rice, groundnuts, cashews, root vegetables, oil palm fruit, plantains, cassava, coconuts, vegetables, sweet potatoes (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$450.953 million (2023 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$269.794 million (2023 est.)
Currency
code:
XOF
name:
West African CFA franc (XOF) [Fr]
Current account balance
$-160,168,523
Current account balance 2021:
-$14.128 million (2021 est.)
Current account balance 2022:
-$146.64 million (2022 est.)
Current account balance 2023:
-$160.169 million (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$1.43 billion
Debt - external 2023:
$896.812 million (2023 est.)
Note:
<strong>note:</strong> present value of external debt in current US dollars
Exchange rates
Currency:
Communaute Financiere Africaine francs (XOF) per US dollar -
Exchange rates 2020:
575.586 (2020 est.)
Exchange rates 2021:
554.531 (2021 est.)
Exchange rates 2022:
623.76 (2022 est.)
Exchange rates 2023:
606.57 (2023 est.)
Exchange rates 2024:
606.345 (2024 est.)
Exports
$262.82 million
Exports 2021:
$334.904 million (2021 est.)
Exports 2022:
$280.065 million (2022 est.)
Exports 2023:
$284.5 million (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
coconuts/brazil nuts/cashews, fish, fish oil, processed crustaceans, malt extract (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
India 66%, Chile 9%, Cote d'Ivoire 5%, Ghana 4%, Netherlands 3% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$26.65 million
GDP - composition, by end use
Exports of goods and services:
12.5% (2024 est.)
Government consumption:
17.8% (2024 est.)
Household consumption:
77% (2024 est.)
Imports of goods and services:
-28.2% (2024 est.)
Investment in fixed capital:
22.8% (2024 est.)
Investment in inventories:
-1.9% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
36.8% (2024 est.)
Industry:
16.6% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
42.1% (2024 est.)
GDP (official exchange rate)
$2.12 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$1,008
Gini Index coefficient - distribution of family income
50.7 (2010)
Gini Index coefficient - distribution of family income 2021:
33.4 (2021 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$2.24 billion
GNI per capita
$990
Gross domestic investment
25 % of GDP
Household income or consumption by percentage share
Highest 10%:
26.1% (2021 est.)
Lowest 10%:
3.4% (2021 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$598.06 million
Imports 2021:
$518.162 million (2021 est.)
Imports 2022:
$577.899 million (2022 est.)
Imports 2023:
$592.095 million (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, iron bars, rice, plastics, flavored water (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Senegal 28%, Portugal 24%, China 11%, Gambia, The 10%, Pakistan 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
8% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
agricultural products processing, beer, soft drinks
Inflation rate (consumer prices)
3.77%
Inflation rate (consumer prices) 2022:
9.4% (2022 est.)
Inflation rate (consumer prices) 2023:
7.1% (2023 est.)
Inflation rate (consumer prices) 2024:
3.8% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
845,300 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
899,220 persons
Labor force - by occupation
agriculture:
61.07%
industry:
9.71%
services:
29.21%
Population below poverty line
50.5% (2021 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
57.9% of GDP (2016 est.)
Real GDP (purchasing power parity)
$6.87 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$5.399 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$5.64 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$5.912 billion (2024 est.)
Real GDP growth rate
4.15%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5.6% (2022 est.)
Real GDP growth rate 2023:
4.5% (2023 est.)
Real GDP growth rate 2024:
4.8% (2024 est.)
Real GDP per capita
$3,119
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$2,600 (2022 est.)
Real GDP per capita 2023:
$2,600 (2023 est.)
Real GDP per capita 2024:
$2,700 (2024 est.)
Remittances
$217.18 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
11% of GDP (2021 est.)
Remittances 2022:
10.3% of GDP (2022 est.)
Remittances 2023:
9.8% of GDP (2023 est.)
Revenue (excl grants)
11 % of GDP
Tax revenue
9 % of GDP
Taxes and other revenues
8.8% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
2.67%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
2.7% (2022 est.)
Unemployment rate 2023:
2.7% (2023 est.)
Unemployment rate 2024:
2.7% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
2% (2024 est.)
Male:
3.4% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
2.8% (2024 est.)
Economic Rankings
Gini Index
#15
GDP Growth Rate
#72
Inflation Rate
#82
External Debt
#107
Unemployment Rate
#158
GDP (PPP)
#170
GDP per Capita
#175
GDP (Nominal)
#176
Imports
#179
Exports
#182
Quick Facts
Industries
agricultural products processing, beer, soft drinks
Agricultural products
rice, groundnuts, cashews, root vegetables, oil palm fruit, plantains, cassava, coconuts, vegetables, sweet potatoes (2023)
Labor force
845,300 (2024 est.)
Exports - partners
India 66%, Chile 9%, Cote d'Ivoire 5%, Ghana 4%, Netherlands 3% (2023)
Imports - partners
Senegal 28%, Portugal 24%, China 11%, Gambia, The 10%, Pakistan 4% (2023)
Exchange rates
Communaute Financiere Africaine francs (XOF) per US dollar -
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