Guinea’s GDP jumps 51% after rebasing, boosting fiscal credibility
Guinea’s economy expanded by more than half after a long-awaited rebasing of its gross domestic product, offering a clearer view of the nation’s output and strengthening its fiscal outlook.
The recalculation, led by the Ministry of Planning and International Cooperation through the National Institute of Statistics, shows GDP rose 51.2 percent to GNF 311.9 trillion ($36.3 billion) in 2024.
The new base year, updated from 2006 to 2018, incorporates the informal sector, financial services, research, and the digital economy — sectors previously undercounted.
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“This rebasing is not just a technical operation. It provides Guinea with a reliable economic compass and strengthens the confidence of our partners and investors,” said Ismaël Nabe, minister of Planning and International Cooperation.
Supported by the IMF, World Bank, African Development Bank, and AFRISTAT, the exercise expands the coverage to 104 economic branches and 187 products, compared with 34 and 54 before.
Officials say the update aligns with international standards and underpins the Simandou 2040 Program, the country’s long-term plan to transform mineral wealth into sustainable prosperity.
Revised data show Guinea’s economy grew an average of 6.1 percent between 2021 and 2024, while the debt-to-GDP ratio fell to 29 percent from 45 percent. GDP per capita climbed to $2,068, up more than 50 percent.
The announcement follows Standard & Poor’s first-ever sovereign credit rating for Guinea in September — B+ with a stable outlook — citing fiscal discipline and reform progress.
The rating, combined with the rebased data, could boost investor confidence and lower borrowing costs.
“This rebasing confirms that Guinea is moving forward on solid economic ground,” said Djiba Diakité, chairman of the Simandou 2040 Strategic Committee.
The statistical overhaul marks a major step in Guinea’s bid to modernise its economy and attract new investment, as President Mamadi Doumbouya’s administration seeks to turn the country’s resource wealth into long-term, inclusive growth.
