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Economy of Guinea-Bissau vs Sierra Leone compared: GDP & Debt

Updated on by Georank team

Guinea-Bissau has a GDP of $2.12B compared to $7.55B for Sierra Leone, ranking 178/197 and 157/197 by economy size, respectively.

Guinea-Bissau has $1.74B in government debt (79.4% of GDP), compared to $3.25B (44.3% of GDP) in Sierra Leone.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Guinea-Bissau
GDP, current $

GDP, constant 2015 $
Sierra Leone
GDP, current $

GDP, constant 2015 $
Year GDP
Guinea-Bissau Sierra Leone
Current $ Constant $ Current $ Constant $
1960 - - $322,151,961 $2,005,356,249
1961 - - $327,978,758 $2,041,634,017
1962 - - $342,872,549 $2,134,343,945
1963 - - $348,700,980 $2,170,621,713
1964 - - $372,011,438 $2,315,732,958
1965 - - $359,523,810 $2,482,006,192
1966 - - $375,630,252 $2,524,200,297
1967 - - $348,895,028 $2,525,116,116
1968 - - $329,991,597 $2,576,121,538
1969 - - $408,853,541 $2,795,747,409
1970 $204,670,551 $309,755,919 $434,584,634 $3,036,754,626
1971 $204,167,297 $297,641,466 $419,495,788 $3,142,006,005
1972 $227,986,203 $316,615,695 $465,254,682 $3,170,291,432
1973 $232,331,281 $320,129,790 $575,471,814 $3,241,832,807
1974 $256,769,730 $334,725,279 $648,940,351 $3,355,291,389
1975 $283,311,997 $360,986,433 $679,352,876 $3,411,298,469
1976 $292,152,321 $378,831,635 $594,810,422 $3,395,975,723
1977 $298,871,675 $351,669,142 $692,079,407 $3,397,560,822
1978 $318,876,550 $397,829,386 $960,765,043 $3,479,317,421
1979 $308,143,183 $405,762,679 $1,109,343,425 $3,636,278,670
1980 $287,648,258 $341,032,773 $1,100,476,190 $3,812,401,965
1981 $402,230,865 $402,989,997 $1,114,926,661 $3,922,253,604
1982 $430,284,022 $419,915,908 $1,294,995,964 $4,109,806,182
1983 $425,225,177 $405,645,959 $995,278,515 $4,023,385,112
1984 $359,980,491 $442,597,154 $1,087,450,199 $4,188,063,643
1985 $373,959,151 $461,037,933 $856,890,459 $3,965,621,323
1986 $338,524,233 $457,377,994 $490,181,457 $4,014,638,262
1987 $451,893,375 $470,641,956 $660,106,336 $4,304,947,544
1988 $427,514,322 $492,291,486 $1,055,083,933 $4,000,157,258
1989 $554,072,303 $522,321,267 $932,974,420 $4,029,358,406
1990 $634,187,269 $554,182,864 $649,644,098 $4,164,341,831
1991 $668,470,891 $582,446,190 $779,981,987 $4,262,285,544
1992 $588,309,271 $588,853,098 $679,940,814 $3,451,901,040
1993 $615,779,519 $601,219,013 $768,867,883 $3,499,349,144
1994 $612,502,085 $620,458,021 $911,853,802 $3,431,203,335
1995 $660,195,402 $647,758,174 $870,740,292 $3,156,715,563
1996 $702,965,148 $722,898,123 $941,709,423 $3,212,078,681
1997 $698,107,222 $769,886,501 $850,232,760 $3,023,302,223
1998 $591,034,143 $597,079,878 $672,368,187 $3,077,268,550
1999 $579,365,780 $697,478,986 $669,386,624 $3,016,360,584
2000 $391,345,597 $705,153,195 $635,866,404 $3,217,030,904
2001 $412,610,872 $738,901,627 $1,681,473,894 $3,012,895,636
2002 $466,773,711 $765,900,620 $1,933,863,911 $3,812,040,143
2003 $553,614,800 $763,710,673 $2,142,618,046 $4,173,559,980
2004 $582,169,841 $772,660,533 $2,237,350,687 $4,443,958,502
2005 $639,776,041 $823,345,296 $2,545,275,313 $4,637,426,231
2006 $634,781,901 $845,299,839 $3,263,697,467 $4,836,052,320
2007 $753,162,998 $866,938,048 $3,632,957,611 $5,017,392,581
2008 $952,667,544 $906,163,311 $4,157,895,298 $5,202,336,667
2009 $890,167,833 $928,345,745 $3,953,403,098 $5,281,974,206
2010 $940,112,539 $980,382,895 $4,262,805,967 $5,617,678,842
2011 $1,157,074,319 $1,059,647,261 $4,861,632,885 $6,072,747,635
2012 $1,049,412,177 $1,041,496,885 $6,141,666,509 $6,715,143,020
2013 $1,109,682,824 $1,075,408,773 $7,502,762,863 $7,699,806,186
2014 $1,135,250,721 $1,085,781,367 $7,686,138,791 $7,098,065,168
2015 $1,152,384,167 $1,152,384,167 $6,788,352,975 $6,788,352,975
2016 $1,245,074,264 $1,214,989,491 $6,084,297,211 $7,225,348,889
2017 $1,469,978,606 $1,271,652,706 $5,749,846,528 $7,457,128,029
2018 $1,554,133,594 $1,319,485,332 $6,390,514,689 $7,672,926,607
2019 $1,588,767,976 $1,392,924,526 $6,526,183,564 $8,095,145,458
2020 $1,683,619,352 $1,422,567,560 $6,693,888,876 $7,993,685,031
2021 $1,878,659,687 $1,497,072,636 $7,173,379,137 $8,465,060,863
2022 $1,839,048,748 $1,580,686,198 $7,124,465,160 $8,914,856,495
2023 $2,077,816,135 $1,651,243,277 $6,411,787,856 $9,423,896,753
2024 $2,119,865,935 $1,730,725,641 $7,547,843,281 $9,800,852,626

Economic indicators

Guinea-Bissau Sierra Leone
Gross domestic product
$2.12B
2024
$7.55B
2024
GDP rank
178/197
2024
157/197
2024
GDP growth
2.02%
2023-2024
17.7%
2023-2024
GDP per capita
$963
2024
$873
2024
GDP per capita rank
181/197
2024
183/197
2024
GDP per capita, PPP
$3,053
2024
$3,516
2024
Government debt
$1.74B
2024
$3.25B
2024
Debt-to-GDP ratio
79.4%
2025
44.3%
2025
Government debt per person
$792
2024
$376
2024
Government debt per person rank
150/185
2024
174/185
2024
Average annual personal income after taxes
$1,486
2025
$3,438
2025
Income share by richest 10%
26.1%
2021
29.4%
2018
Income share by poorest 10%
3.4%
2021
3.4%
2018
Government expenditure, % of GDP
18.5%
2025
17.7%
2025
Consumer prices inflation
2%
2024-2025
9.4%
2024-2025
Central bank interest rate n/a
24.8%
2024
Unemployment rate
2.67%
2022
3.19%
2018
Population
2288306
8961932

GDP per capita in Guinea-Bissau vs Sierra Leone

Guinea-Bissau's GDP per capita is $963, ranking 181/197, compared to $873 in Sierra Leone, ranking 183/197. Adjusted for purchasing power (GDP per capita PPP), Guinea-Bissau ranks 179th at $3,053, while Sierra Leone ranks 171st at $3,516.

Guinea-Bissau
GDP per capita

GDP per capita, PPP
Sierra Leone
GDP per capita

GDP per capita, PPP
Year Current $
Guinea-Bissau Sierra Leone
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $142 -
1961 - - $142.3 -
1962 - - $146.4 -
1963 - - $146.4 -
1964 - - $153.4 -
1965 - - $145.6 -
1966 - - $149.4 -
1967 - - $136.2 -
1968 - - $126.4 -
1969 - - $153.6 -
1970 $350 - $160.2 -
1971 $348 - $151.8 -
1972 $389 - $165.3 -
1973 $392 - $200.7 -
1974 $419 - $222.2 -
1975 $435 - $228.4 -
1976 $421 - $196.4 -
1977 $403 - $224.3 -
1978 $403 - $305 -
1979 $376 - $346 -
1980 $347 - $336 -
1981 $477 - $334 -
1982 $503 - $380 -
1983 $489 - $285.9 -
1984 $407 - $306 -
1985 $417 - $235.5 -
1986 $371 - $131.5 -
1987 $488 - $172.4 -
1988 $454 - $268.2 -
1989 $578 - $231.3 -
1990 $651 $824 $154.8 $1,382
1991 $672 $877 $183.7 $1,445
1992 $574 $880 $163.2 $1,220
1993 $582 $890 $185 $1,269
1994 $561 $909 $218.5 $1,266
1995 $589 $945 $208.4 $1,187
1996 $615 $1,052 $224.3 $1,225
1997 $599 $1,118 $199.9 $1,157
1998 $498 $861 $156.5 $1,180
1999 $479 $1,001 $155 $1,167
2000 $317 $1,014 $143.7 $1,242
2001 $327 $1,064 $358 $1,121
2002 $362 $1,095 $389 $1,360
2003 $420 $1,089 $414 $1,458
2004 $431 $1,105 $418 $1,541
2005 $463 $1,187 $463 $1,615
2006 $449 $1,226 $580 $1,698
2007 $519 $1,260 $632 $1,770
2008 $640 $1,309 $705 $1,824
2009 $583 $1,315 $653 $1,814
2010 $600 $1,370 $685 $1,900
2011 $720 $1,472 $761 $2,043
2012 $635 $1,402 $938 $2,317
2013 $654 $1,416 $1,117 $2,701
2014 $652 $1,456 $1,118 $2,762
2015 $645 $1,730 $965 $2,560
2016 $680 $1,824 $844 $2,635
2017 $783 $2,082 $779 $2,501
2018 $809 $2,058 $846 $2,640
2019 $807 $2,237 $844 $2,705
2020 $836 $2,310 $846 $2,721
2021 $912 $2,484 $886 $2,852
2022 $873 $2,747 $861 $3,147
2023 $965 $2,907 $758 $3,371
2024 $963 $3,053 $873 $3,516

Spending and national debt comparison

In 2024, Guinea-Bissau's government spending was $443M, accounting for 18.5% of its GDP, while Sierra Leone's spent $1.33B, or 17.7% of GDP.

Debt-to-GDP ratio is 79.4% in Guinea-Bissau and 44.3% in Sierra Leone, ranking 43/185 and 118/185, respectively.

Guinea-Bissau
Government spending

Government debt
Sierra Leone
Government spending

Government debt
Year % of GDP
Guinea-Bissau Sierra Leone
Government spending Government debt Government spending Government debt
1991 9.19% 88.9% - -
1992 10.1% 85.3% - -
1993 13.1% 112.4% - -
1994 18.4% 105.5% - -
1995 8.14% 103.3% - -
1996 8.93% 117.3% - -
1997 12.7% 94.3% - -
1998 8.72% 109.1% - -
1999 12.1% 109.9% - -
2000 23.5% 217.1% 10.3% -
2001 19.1% 204.4% 12% 113.5%
2002 14.1% 197.5% 12.6% 99.8%
2003 17% 183.4% 11.7% 99.8%
2004 23% 202% 11.1% 93.2%
2005 20.2% 203.7% 10.9% 78.9%
2006 19.8% 190.4% 9.97% 61.9%
2007 23.7% 164% 8.1% 26.4%
2008 21.8% 148.8% 10.3% 46.1%
2009 20.6% 148.3% 11.3% 31.1%
2010 18.5% 61.7% 12.5% 28.9%
2011 17.3% 45.6% 13.2% 25.8%
2012 13% 47.4% 13.5% 24.1%
2013 12.4% 49.6% 11.4% 22.3%
2014 23% 60.1% 13.5% 26.8%
2015 21.5% 56.3% 13.1% 28.8%
2016 20.5% 59.1% 14.9% 38.9%
2017 18.1% 51.8% 15% 44.2%
2018 19.5% 59.1% 13.7% 44.2%
2019 18.8% 65.1% 13.3% 45.3%
2020 25% 77.6% 15.6% 46.4%
2021 25% 78.8% 20.3% 47.1%
2022 21.3% 80.7% 19.5% 54%
2023 21.9% 79.4% 17.7% 49.9%
2024 20.9% 82.3% 17.6% 43%
2025 18.5% 79.4% 17.7% 44.3%

Government deficit by year

In 2024, Guinea-Bissau's government deficit, the difference between spending and revenue, was -$154M, equivalent to -7.26% of GDP. This compares to Sierra Leone's deficit of -$349M, or -4.62% of GDP.

Over the past 25 years, Guinea-Bissau recorded a fiscal deficit in 24 of those years, while Sierra Leone ran a deficit in 24 years. On average, Guinea-Bissau posted an annual deficit equal to -3.98% of GDP, compared to deficit of -2.49% of GDP for Sierra Leone.

Deficit/surplus
Guinea-Bissau

Sierra Leone
Year Deficit/surplus, % of GDP
Guinea-Bissau Sierra Leone
1991 1.61% -
1992 -0.25% -
1993 -0.34% -
1994 -5.54% -
1995 2.45% -
1996 3.48% -
1997 -2.56% -
1998 -5.95% -
1999 -4.06% -
2000 -2.8% -1.94%
2001 -1.83% -3.22%
2002 -3.7% -3.03%
2003 -5.63% -2.78%
2004 -5.92% -1.46%
2005 -4.96% -1.17%
2006 -4.57% -0.93%
2007 -8.77% 12.6%
2008 -0.73% -2.22%
2009 2.68% -1.51%
2010 -0.23% -3.09%
2011 -1.35% -2.78%
2012 -2.12% -3.41%
2013 -1.67% -1.74%
2014 -2.44% -2.77%
2015 -3.16% -2.86%
2016 -5.34% -5.41%
2017 -1.32% -5.61%
2018 -4.76% -3.57%
2019 -3.86% -1.95%
2020 -9.64% -3.5%
2021 -5.88% -4.35%
2022 -6.06% -5.93%
2023 -8.15% -4.99%
2024 -7.26% -4.62%
2025 -3.15% -4.2%

Inflation comparison by year

Over the past 30 years, Guinea-Bissau has recorded an average annual inflation rate of 5.86%, compared with 14% in Sierra Leone. In 2025, inflation was 2% in Guinea-Bissau and 9.4% in Sierra Leone.

Inflation
Guinea-Bissau

Sierra Leone
Year Inflation
Guinea-Bissau Sierra Leone Guinea-Bissau Sierra Leone
1996 50.9% 23.1%
1997 49.1% 14.6%
1998 8.1% 36%
1999 -2.1% 34.1%
2000 8.6% -0.9%
2001 3.3% 2.6%
2002 3.3% 0.1%
2003 -3.5% 4%
2004 0.8% 12.9%
2005 3.4% 13.7%
2006 2% 10.5%
2007 4.6% 17%
2008 10.4% 8.2%
2009 -1.6% 7.5%
2010 1.1% 7.2%
2011 5.1% 6.8%
2012 2.1% 6.6%
2013 0.8% 5.5%
2014 -1% 4.6%
2015 1.5% 6.7%
2016 2.7% 10.9%
2017 -0.2% 18.2%
2018 0.4% 16%
2019 0.3% 14.8%
2020 1.5% 13.4%
2021 3.3% 11.9%
2022 7.9% 27.2%
2023 7.2% 47.7%
2024 3.7% 28.4%
2025 2% 9.4%

Balance of trade

Guinea-Bissau Sierra Leone
Current account balance
-$160M
2023
-$606M
2023
Current account balance ranking
93/189
2023
106/189
2023
Current account balance, % of GDP
-7.71%
2023
-9.46%
2023
Goods imports
$403M
2023
$1.92B
2023
Goods exports
$240M
2023
$1.34B
2023
Service imports
$189M
2023
$348M
2023
Service exports
$44.8M
2023
$42.5M
2023
Imports of goods and services, % of GDP
28.2%
2024
43.5%
2024
Exports of goods and services, % of GDP
12.5%
2024
20.9%
2024

Economic freedom indices

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

Guinea-Bissau Sierra Leone
Economic freedom 43.6 48
Economic freedom ranking 183/197 173/197
Property rights 26.5 33.8
Government integrity 20.4 36
Judicial effectiveness 14 41.5
Tax burden 88.9 87.8
Government spending 84.5 89
Fiscal health 15.6 53.8
Business freedom 35.1 37
Labor freedom 54.8 23.7
Monetary freedom 73.3 50.2
Trade freedom 50.6 63.6
Investment freedom 30 40
Financial freedom 30 20

Economic freedom by year comparison

The Economic Freedom Index for Guinea-Bissau is 43.6, ranking 183/197, compared to 48 for Sierra Leone, ranking 173/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Guinea-Bissau
Sierra Leone
Year Economic freedom index
Guinea-Bissau Sierra Leone
1995 - 49.8
1996 - 52.3
1997 - 45
1998 - 47.7
1999 33.5 47.2
2000 34.7 44.2
2001 42.5 -
2002 42.3 -
2003 43.1 42.2
2004 42.6 43.6
2005 46 44.8
2006 46.5 45.2
2007 46.1 47
2008 44.4 48.3
2009 45.4 47.8
2010 43.6 47.9
2011 46.5 49.6
2012 50.1 49.1
2013 51.1 48.3
2014 51.3 50.5
2015 52 51.7
2016 51.8 52.3
2017 56.1 52.6
2018 56.9 51.8
2019 54 47.5
2020 53.3 48
2021 54.9 51.7
2022 46 52
2023 44.6 50.2
2024 42.7 44.6
2025 43.6 48

More economic indicators

Guinea-Bissau Sierra Leone
Services, % of GDP
42.1%
2024
44.8%
2024
Industry, % of GDP
16.6%
2024
27.3%
2024
Agriculture, forestry, and fishing, % of GDP
36.8%
2024
25.4%
2024
GNI, Atlas method
$2.12B
2024
$7.26B
2024
GNI per capita, PPP
$3,080
2024
$3,490
2024
Total reserves including gold n/a
$433M
2024
Total reserves ranking n/a
160/177
2024
Net foreign direct investment
-$24.8M
2023
-$241M
2023
Net inflows of foreign direct investment
$26.6M
2024
$274M
2024
Net outflows of foreign direct investment
$383K
2024
-$33.3K
2010
Servicing debt to the IMF, % of GNI
2.76%
2023
2.44%
2023
Poverty at national poverty lines
50.5%
2021
56.8%
2018
Gross capital formation, % of GDP
20.9%
2024
29.5%
2024

GDP per capita map

GDP per capita

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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.