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Indicators of economy in Guinea-Bissau

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,232 USD per capita. GDP in Guinea-Bissau, on the other hand, reached USD 795 per capita, or 1.64 billion USD for the whole country. Guinea-Bissau is currently at number 186 among the international economies and is therefore one of the less significant. If this is calculated per inhabitant, taking purchasing power parity into account, then Guinea-Bissau ranks 178th in the list of the richest countries.

Inflation in Guinea-Bissau in 2021 was around 2.24%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

The index for perceived corruption in the public sector is 19, which is rather poor by global standards.


Back to overview: Guinea-Bissau

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Guinea-Bissau in 2020 decreased moderatly from 1.44 billion US dollars to 1.43 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 0.55 percent is still comparatively good this year. Numerous countries suffered more substantial losses. The unemployment rate rose from 3.2 to 3.6 percent. The consumer inflation rate has risen from 0.2 percent previously to 1.1 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 1.64 billion US dollars (=113.8% of 2019).

Income and purchasing power

The average monthly income in Guinea-Bissau is 63 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 60.6 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Guinea-Bissau than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 97.3 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Guinea-Bissau
Total		Guinea-Bissau
per capita		EU
Total		EU
per capita
GDP1.64 bn USD795.12 USD17.177 tn USD33,384.92 USD
Gross national product1.57 bn USD763.95 USD16.895 tn USD32,835.37 USD


Development of gross domestic product in millions of USD 1970 - 2021


› Debt budget development
› Development of inflation
› Corruption in Guinea-Bissau
› Cost of living in a global comparison

Imports and Exports 2020

 Guinea-Bissau
Total		Guinea-Bissau
per capita		EU
Total		EU
per capita
Imports439.39 m USD213.22 USD8.916 tn USD17,329.02 USD
Exports232.54 m USD112.84 USD9.554 tn USD18,569.19 USD


Development of imports and exports in millions of USD 1982 - 2020

Exports
Imports



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