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Economy of Ethiopia vs Guinea compared: GDP & Debt

Updated on by Georank team

Ethiopia has a GDP of $150B compared to $25B for Guinea, ranking 60/197 and 118/197 by economy size, respectively.

Ethiopia has $48.9B in government debt (32.7% of GDP), compared to $12.2B (48.8% of GDP) in Guinea.

Ethiopia vs Guinea GDP by year

Ethiopia
Guinea
1x
Year GDP, current $
Ethiopia Guinea
2024 $149,740,297,953 $25,008,678,293
2023 $135,874,093,202 $22,407,615,556
2022 $123,140,304,666 $19,910,452,542
2021 $109,070,960,372 $17,069,115,738
2020 $98,676,811,061 $14,088,693,743
2019 $91,834,517,113 $13,442,861,496
2018 $83,337,901,072 $11,857,030,367
2017 $76,366,081,767 $10,324,668,271
2016 $68,475,871,210 $8,595,955,222
2015 $62,103,418,182 $8,794,201,743
2014 $55,612,228,234 $8,778,473,373
2013 $47,648,276,605 $8,376,613,539
2012 $43,310,721,414 $7,638,044,557
2011 $31,952,763,089 $6,785,137,203
2010 $29,933,790,334 $6,853,467,146
2009 $32,437,389,116 $6,716,905,340
2008 $27,066,912,635 $6,964,179,983
2007 $19,707,616,773 $6,281,918,226
2006 $15,280,861,835 $4,220,019,845
2005 $12,401,139,454 $4,282,468,637
2004 $10,131,187,261 $5,300,767,961
2003 $8,623,691,300 $5,025,167,975
2002 $7,850,809,498 $4,301,608,753
2001 $8,231,326,016 $4,125,527,603
2000 $8,242,349,618 $4,367,458,867
1999 $7,892,973,532 $5,046,806,783
1998 $8,013,274,132 $5,232,118,046
1997 $8,803,539,988 $5,516,916,163
1996 $8,761,215,548 $5,641,243,100
1995 $7,855,205,207 $5,385,704,166
1994 $7,100,806,754 $4,932,800,407
1993 $9,051,043,870 $4,781,166,117
1992 $10,754,799,037 $4,789,220,417
1991 $13,799,799,324 $4,396,178,694
1990 $12,478,943,895 $3,888,320,666
1989 $11,762,932,007 $3,546,079,263
1988 $11,181,119,718 $3,476,480,303
1987 $10,790,001,558 $2,976,714,019
1986 $10,094,328,898 $2,909,130,355
1985 $9,717,392,687 $22,787,644,566
1984 $8,298,309,581 $18,421,497,251
1983 $8,781,664,427 $15,129,893,722
1982 $7,899,988,841 $11,926,032,493
1981 $7,507,663,567 $9,646,440,667
1980 $7,012,585,454 $9,746,524,915
1979 $6,586,048,398 $8,877,094,497
1978 $6,014,961,435 $8,087,305,999
1977 $5,651,840,585 $6,914,381,291
1976 $4,943,806,093 $6,762,781,871
1975 $4,577,047,854 $6,102,769,605
1974 $4,577,209,966 $5,691,417,541
1973 $4,070,570,550 $5,152,080,388
1972 $3,520,252,938 $4,203,069,035
1971 $3,224,280,835 $3,594,302,908
1970 $3,045,354,455 $3,220,224,608
1969 $2,768,987,372 -
1968 $2,619,948,865 -
1967 $2,461,762,003 -
1966 $2,324,466,416 -
1965 $2,159,998,591 -
1964 $1,984,129,186 -
1963 $1,825,058,828 -
1962 $1,747,566,307 -
1961 $1,680,859,514 -
1960 $1,610,511,694 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/guinea | CC BY

GDP per capita in Ethiopia vs Guinea by year

Ethiopia
GDP per capita

GDP per capita, PPP
Guinea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ethiopia Guinea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,134 $3,288 $1,695 $4,565
2023 $1,056 $3,061 $1,555 $4,334
2022 $982 $2,845 $1,417 $4,062
2021 $893 $2,588 $1,245 $3,739
2020 $830 $2,407 $1,054 $3,332
2019 $793 $2,242 $1,031 $3,106
2018 $740 $2,095 $933 $2,844
2017 $696 $2,005 $834 $2,687
2016 $642 $1,858 $712 $2,255
2015 $598 $1,633 $747 $1,930
2014 $550 $1,485 $765 $1,873
2013 $484 $1,253 $748 $1,842
2012 $452 $1,179 $699 $1,790
2011 $343 $1,098 $637 $1,705
2010 $331 $996 $659 $1,622
2009 $369 $899 $662 $1,567
2008 $316 $845 $704 $1,614
2007 $237.1 $770 $650 $1,558
2006 $189.3 $693 $447 $1,453
2005 $158.2 $625 $463 $1,422
2004 $133.2 $558 $585 $1,366
2003 $116.8 $493 $566 $1,328
2002 $109.6 $509 $496 $1,315
2001 $118.5 $509 $483 $1,251
2000 $122.3 $474 $518 $1,196
1999 $120.7 $450 $611 $1,163
1998 $126.5 $436 $647 $1,130
1997 $143.4 $461 $696 $1,099
1996 $147.3 $453 $726 $1,048
1995 $136.5 $409 $713 $1,014
1994 $127.7 $391 $672 $976
1993 $168.5 $384 $671 $947
1992 $207.4 $343 $693 $908
1991 $277.6 $383 $656 $887
1990 $262.1 $417 $604 $871
1989 $256.4 - $570 -
1988 $253.2 - $574 -
1987 $254.1 - $505 -
1986 $246 - $506 -
1985 $243.9 - $4,062 -
1984 $214.2 - $3,362 -
1983 $232.7 - $2,823 -
1982 $215.3 - $2,273 -
1981 $212.7 - $1,876 -
1980 $203.7 - $1,931 -
1979 $192.4 - $1,790 -
1978 $178.3 - $1,658 -
1977 $170.4 - $1,440 -
1976 $152 - $1,431 -
1975 $144.3 - $1,311 -
1974 $147.9 - $1,243 -
1973 $134.9 - $1,143 -
1972 $119.8 - $948 -
1971 $112.7 - $825 -
1970 $109.4 - $753 -
1969 $102.3 - - -
1968 $99.5 - - -
1967 $96.1 - - -
1966 $93.2 - - -
1965 $88.9 - - -
1964 $83.8 - - -
1963 $79.2 - - -
1962 $77.8 - - -
1961 $76.7 - - -
1960 $75.3 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/guinea | CC BY

Ethiopia's GDP per capita is $1,134, ranking 171/197, compared to $1,695 in Guinea, ranking 160/197. Adjusted for purchasing power (GDP per capita PPP), Ethiopia ranks 175th at $3,288, while Guinea ranks 161st at $4,565.

Economic indicators

Ethiopia Guinea
Gross domestic product
$150B
2024
$25B
2024
GDP rank
60/197
2024
118/197
2024
GDP growth
7.61%
2023-2024
5.35%
2023-2024
GDP per capita
$1,134
2024
$1,695
2024
GDP per capita rank
171/197
2024
160/197
2024
GDP per capita, PPP
$3,288
2024
$4,565
2024
GDP per capita PPP rank
175/197
2024
161/197
2024
Government debt
$48.9B
2024
$12.2B
2024
Debt-to-GDP ratio
32.7%
2024
48.8%
2024
Government debt per person
$370
2024
$828
2024
Government debt per person rank
172/185
2024
147/185
2024
Average annual personal income after taxes
$1,946
2026
$20,020
2026
Income share by richest 10%
24.8%
2021
23.1%
2018
Income share by poorest 10%
3.5%
2021
3.5%
2018
Government expenditure, % of GDP
9.54%
2024
20.6%
2024
Consumer prices inflation
21%
2023-2024
4.7%
2023-2024
Unemployment rate
3.94%
2021
5.02%
2019
Population
139917664
15546235

Spending and national debt comparison by year

Ethiopia
Spending

Debt
Guinea
Spending

Debt
1x
Year % of GDP
Ethiopia Guinea
Government spending Government debt Government spending Government debt
2024 9.54% 32.7% 20.6% 48.8%
2023 10.8% 38.7% 18.3% 40.4%
2022 12.7% 46.9% 15.7% 37.9%
2021 13.8% 53.8% 15.1% 40.6%
2020 14.5% 53.7% 17.1% 45.3%
2019 15.4% 54.7% 14.9% 37.3%
2018 16.1% 58.4% 15.9% 37.5%
2017 18% 55.3% 17.3% 39.9%
2016 17.9% 51.8% 16.1% 40.6%
2015 17.3% 50.7% 21.7% 41.5%
2014 17.5% 44.2% 20.1% 32.1%
2013 17.8% 44.1% 18.6% 30.5%
2012 16.6% 39.4% 19.6% 26.9%
2011 18.2% 44.6% 16% 53.8%
2010 18.5% 39.4% 20.5% 71.1%
2009 17.1% 30% 16.2% 61.3%
2008 18.8% 56.1% 10.1% 58.5%
2007 20.5% 55.7% 8.66% 60.8%
2006 22.1% 79.6% 13.2% 95.2%
2005 22.9% 78.2% 11% 97.9%
2004 23.1% 103.1% 13% 86.9%
2003 27% 103.7% 14.7% 81.6%
2002 24.9% 107.4% 14.4% 82.6%
2001 22.4% 97.3% 14.9% 90.4%
2000 25.6% 93.6% 12.6% 91.5%
1999 25.8% 94.3% 11.6% 92.3%
1998 20.4% 86% 10.3% 75.9%
1997 17.3% 77.4% 12.6% 67.9%
1996 18.2% 129% 12% 67.7%
1995 16.9% 142.3% 12.7% 66.5%
1994 17.1% 150.7% 12.6% 71.3%
1993 13.4% 136.9% 13.3% 68.9%
1992 13.8% 85.4% 13.8% 62%
1991 16.8% 89.3% 16.3% 70.9%
1990 20.3% 91.6% 18.7% 71.6%
1989 24% 84.7% - -
1988 21.6% 84.3% - -
1987 18.4% 82.3% - -
1986 19.8% 75.7% - -
1985 19.7% 67.7% - -
1984 18.8% 65.4% - -
1983 21.3% 55.2% - -
1982 16.4% 48.8% - -
1981 14.2% 30.6% - -
1980 13.5% 18.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/guinea | CC BY

In 2024, Ethiopia's government spending was $14.3B, accounting for 9.54% of its GDP, while Guinea spent $5.14B, or 20.6% of GDP.

Debt-to-GDP ratio is 32.7% in Ethiopia and 48.8% in Guinea, ranking 150/185 and 111/185, respectively.

Government deficit by year

Deficit/surplus
Ethiopia

Guinea
1x
Year Deficit/surplus, % of GDP
Ethiopia Guinea
2024 -1.99% -4.99%
2023 -2.6% -3.86%
2022 -4.16% -1.88%
2021 -2.77% -1.7%
2020 -2.76% -3.08%
2019 -2.53% -0.17%
2018 -3.03% -0.97%
2017 -3.24% -1.98%
2016 -2.3% -0.08%
2015 -1.95% -6.53%
2014 -2.58% -3.01%
2013 -1.93% -3.86%
2012 -1.17% 23.7%
2011 -1.61% -0.92%
2010 -1.32% -9.66%
2009 -0.93% -4.87%
2008 -2.88% 0.38%
2007 -3.57% 1.28%
2006 -3.79% -2.13%
2005 -4.12% -1.06%
2004 -2.65% -3.85%
2003 -5.59% -4.65%
2002 -5.76% -3.37%
2001 -3.76% -3.23%
2000 -8.88% -2.42%
1999 -8.23% -1.3%
1998 -3.51% 2.46%
1997 -1.7% 0.07%
1996 -3.81% -2.2%
1995 -2.68% -1.07%
1994 -5.23% -2.59%
1993 -4% -2.33%
1992 -4.78% -0.89%
1991 -5.83% -3.25%
1990 -6.66% -3.76%
1989 -4.33% -
1988 -3.48% -
1987 -3.54% -
1986 -3.98% -
1985 -4.71% -
1984 -3.69% -
1983 -7.59% -
1982 -3.6% -
1981 -2.19% -
1980 -2.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/guinea | CC BY

In 2024, Ethiopia's government deficit, the difference between spending and revenue, was $2.98B, equivalent to 1.99% of GDP. This compares to Guinea's deficit of $1.25B, or 4.99% of GDP.

Over the past 35 years, Ethiopia recorded a fiscal deficit in 35 of those years, while Guinea ran a deficit in 30 years. On average, Ethiopia posted an annual deficit equal to 3.55% of GDP, compared to deficit of 1.65% of GDP for Guinea.

Inflation comparison by year

Inflation
Ethiopia

Guinea
1x
Year Consumer prices inflation
Ethiopia Guinea
2024 21% 4.7%
2023 30.2% 5.4%
2022 33.9% 10.5%
2021 26.8% 12.6%
2020 20.4% 10.6%
2019 15.8% 9.5%
2018 13.8% 9.8%
2017 10.7% 8.9%
2016 6.63% 8.2%
2015 9.57% 8.2%
2014 6.89% 9.7%
2013 7.46% 11.9%
2012 23.6% 15.2%
2011 33.2% 21.4%
2010 8.15% 15.5%
2009 8.48% 4.7%
2008 44.4% 18.4%
2007 17.2% 22.9%
2006 12.3% 34.7%
2005 9.97% 31.4%
2004 3.33% 17.5%
2003 13.7% 11%
2002 0.68% 3%
2001 -8.24% 5.4%
2000 0.66% 6.8%
1999 7.94% 4.6%
1998 0.89% 5.1%
1997 2.4% 1.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/guinea | CC BY

Over the past 28 years, Ethiopia has recorded an average annual inflation rate of 13.6%, compared with 11.8% in Guinea. In 2024, inflation was 21% in Ethiopia and 4.7% in Guinea.

Top exports between countries

Ethiopia
Export category Export value
Machinery & equipment $672K
Raw agricultural goods $64K
Textiles & consumer goods $9K
Chemicals & pharma $1K
Guinea
Export category Export value

Balance of trade

Ethiopia Guinea
Current account balance
-$3.79B
2024
-$392M
2024
Current account balance ranking
160/190
2024
104/190
2024
Current account balance, % of GDP
-2.53%
2024
-1.57%
2024
Goods imports
$19.6B
2024
$7.08B
2024
Goods exports
$5.58B
2024
$11.6B
2024
Service imports
$5.51B
2024
$3.15B
2024
Service exports
$7.61B
2024
$71.2M
2024
Imports of goods and services, % of GDP
11.9%
2024
56.4%
2024
Exports of goods and services, % of GDP
5.54%
2024
41.4%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Ethiopia Guinea
Economic freedom 48.1 53.1
Economic freedom ranking 171/197 141/197
Property rights 22.1 21.3
Government integrity 33.2 26.7
Judicial effectiveness 19.1 26
Tax burden 78.6 70.1
Government spending 96.4 90.1
Fiscal health 84.3 74.8
Business freedom 44.5 44.8
Labor freedom 37.8 56.4
Monetary freedom 53.7 75.3
Trade freedom 57.4 61.8
Investment freedom 30 50
Financial freedom 20 40

Economic freedom comparison by year

Ethiopia
Guinea
1x
Year Economic freedom index
Ethiopia Guinea
2026 48.1 53.1
2025 48.1 54.6
2024 47.9 53.3
2023 48.3 53.2
2022 49.6 54.2
2021 51.7 56.5
2020 53.6 56.5
2019 53.6 55.7
2018 52.8 52.2
2017 52.7 47.6
2016 51.5 53.3
2015 51.5 52.1
2014 50 53.5
2013 49.4 51.2
2012 52 50.8
2011 50.5 51.7
2010 51.2 51.8
2009 53 51
2008 52.5 52.8
2007 53.6 54.5
2006 50.9 52.8
2005 51.1 57.4
2004 54.5 56.1
2003 48.8 54.6
2002 49.8 52.9
2001 48.9 58.4
2000 50.2 58.2
1999 46.7 59.4
1998 49.2 61
1997 48.1 52.9
1996 45.9 58.5
1995 42.6 59.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/ethiopia/guinea | CC BY

The Economic Freedom Index for Ethiopia is 48.1, ranking 171/197, compared to 53.1 for Guinea, ranking 141/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ethiopia Guinea
Services, % of GDP
37.5%
2024
36.3%
2024
Industry, % of GDP
25.4%
2024
25.1%
2024
Agriculture, forestry, and fishing, % of GDP
34.8%
2024
31%
2024
GNI, Atlas method
$146B
2024
$21.3B
2024
GNI per capita, PPP
$3,280
2024
$4,130
2024
Total reserves including gold
$3.78B
2024
$1.89B
2023
Total reserves ranking
109/177
2024
128/177
2023
Net foreign direct investment
-$4.02B
2024
-$1.4B
2024
Net inflows of foreign direct investment
$4.02B
2024
$1.4B
2024
Net outflows of foreign direct investment
$0
2024
$30K
2024
Servicing debt to the IMF, % of GNI
0.91%
2024
1.94%
2024
Poverty at national poverty lines
33.1%
2021
47%
2020
Gross capital formation, % of GDP
20.6%
2024
32.1%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/ethiopia/guinea | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2022, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.