The Guinean economy has been resilient in the face of the global pandemic. Real GDP grew 5.2%, only slightly less than 5.6% in 2019 and far more than the 1.4% forecast at the start of the pandemic. This remarkable performance is linked to the strong 18.4% increase in mining activity in 2020, compared with 8% in 2019, the result of a recovery in Chinese demand for bauxite and aluminum, of which Guinea has been the major supplier since displacing Australia in 2017. But the pandemic hurt nonmining sectors, whose growth fell to 2.5% in 2020 from 5.1% in 2019, largely because of delays of major projects and the temporary closure of borders and measures to contain COVID–19, which disrupted agricultural, manufacturing and service activities. Those disruptions also led to an increase in inflation to 10.4% in 2020 from 9.5% in 2019. The central bank narrowed the differential between the official and parallel exchange rates to limit the inflationary impact of imported capital and consumer goods. A fall in tax revenues and spending increases to mitigate the effects of pandemic combined to raise the budget deficit to 3.1% of GDP in 2020, compared with 0.5% in 2019. It will be financed through advances from the central bank and the issuance of treasury bills. The massive importation of capital goods for major projects and the reduction in exports are expected to widen the current account deficit from 11.7% in 2019 to 13.3% in 2020. It would be financed by foreign direct investment in mining. (Download detailed Analysis Source : Report African Economic Outlook 2021 ; AfDB)
At the end of 2016, the banking sector of Guinea represented a total asset of $1.1 billion.
Credit distributed to private sector in 2016 represents $0.8 billion.