Overview of Guinea Bissau
Guinea Bissau is one of the least developed nations in the world. It ranks amongst the 10 poorest nations on the global level. It has a mixture of state and private economies. Guinea Bissau is now focused on rebuilding public administration, promoting economic diversification, improving the economic climate for private investments, and achieving fiscal discipline. The pandemic of COVID-19 has taken a hit on Guinea Bissau. It will take years before Guinea Bissau recovers from the loss faced during 2020.
Total population – 2,175,657 people (2024)
GDP – US $1.71 billion (2024 estimate)
Economic Overview
Guinea Bissau has a weak economy. It is a developing nation in western Africa striving to hold up its head in the world. Guinea Bissau has a PPP GDP of US $3.391 billion (1,888.48 billion XOF). Accordingly, its per capita income is US $1,951 (1,086,532.39 XOF). But the nominal GDP of Guinea Bissau is US $1.480 billion (824.23 billion XOF), with its per capita income to be US $851 (473,930.84 XOF).
Market size
The economy of Guinea Bissau is commonly driven by the agriculture and fishing sectors. The Cashew plantation has leapt during the past few years in this country. In 2019, Guinea Bissau was standing in the 9th position for cashew production. The other major sector driving the market of Guinea Bissau is the export sector. Guinea Bissau is known to export seafood, palm kernels, timber, and peanuts to several nations all over the globe.
A brief glimpse of the industries
- The financial sector of Guinea Bissau accounts for up to 4% of the total GDP of the nation. This sector is regulated by the Economic Community of West African States (ECOWAS). There are only 4 active banks in the whole country.
- The agricultural sector is the major sector when it comes to contribution to the national economy. Rice is majorly grown in this nation. The recently developed cashew plantations have given the market of Guinea Bissau a boost.
Cost of living in Guinea Bissau
Guinea Bissau has a very affordable cost of living. It is a developing nation in Africa with limited resources. That translates to a very cheap cost of living. Guinea Bissau being a developing nation, does not have that sassy lifestyle. But it is good enough to live a healthy and happy life. Guinea Bissau is one of the most affordable countries to live in the whole wide world.
| Category
|
Area of expense
|
Estimated cost
|
Range
|
| Utilities
|
Electricity, Water, Heating, Internet services, Prepaid mobile tariff
|
US $18.16 (10,115.00 XOF)
|
US $16.16 to US $21.55 (9,000 XOF to 12,000 XOF)
|
| Rental rates
|
Apartment (1 room) in city and outside city,
Apartment (2-3 rooms) In the city and outside the city.
|
US $256.17 (142,665.98 XOF)
US $353.18 (196,691.05 XOF)
|
US $69.84 to US $538.69 (38,892.15 XOF to 300,000.00 XOF)
US $119.72 to US $249.41 (66,672.26 XOF to 138,900.54 XOF)
|
| Transportation Cost
|
One way ticket local transport, Taxi tariff, Gasoline.
|
US $5.39 (3,000 XOF)
|
US $3.59 to US $7.18 (2,000 XOF to 4,000 XOF)
|
| Food and Beverage
|
Grocery, Vegetables, Meat and Poultry
|
US $139.28 (77,566.68 XOF)
|
US $107.74 to US $179.56 (60,000 XOF to 100,000 XOF)
|
| Salaries and Financing
|
Average monthly net salary
|
US $997.65 (555,602.15 XOF)
|
US $718.25 to US $1,795.62 (400,000 XOF to 1,000,000 XOF)
|
Cost of Renting
The cost of renting in Guinea Bissau is quite less. You can fit an excellent one-room apartment in the city for approximately US $256.17 (142,665.98 XOF). The cost of renting varies depending on your location and the area of the room. The amenities available are also a contributing factor to determine the rent of a housing facility.
Cost of living depending upon your location
The cost of living in Guinea Bissau is very less as compared to most countries in the world. In Guinea Bissau, the pandemic has recently caused a rise in the cost of living, but it is still far less than most other countries in the world.
- The tier 1 cities in Guinea Bissau are developed cities such as Bissau, Bafatá, Gabú, etc.
- The tier 2 cities are developing cities like Bissorã, Bolama, Cacheu, etc.
- The tier 3 cities are locations with a potential for development, such as Buba, Mansôa, Bubaque, etc.
Find in the table below the cost of living in some of the top cities in Guinea Bissau. Records of only tier 1 and tier 2 cities have been included in the following table –
| Cities
|
(Cost of living) XOF
|
(Cost of living) in US $
|
| Bissau
|
233,346.68 XOF
|
US $419.00
|
| Bafatá
|
225,695.36 XOF
|
US $405.26
|
| Bolama
|
214,589.23 XOF
|
US $385.32
|
| Cacheu
|
210,369.23 XOF
|
US $377.74
|
The table below gives a list of the top 10 sectors that are expected to hire in Guinea Bissau in 2024–
| S. No
|
Top Industries looking to hire
|
|
1.
|
Health services
|
|
2.
|
Information Technology sector
|
|
3.
|
Retail sector
|
|
4.
|
Oil industry
|
|
5.
|
Tourism
|
|
6.
|
Food industry
|
|
7.
|
Economic sector
|
|
8.
|
Government schools
|
|
9.
|
Digital technology
|
|
10.
|
Personal welfare services
|
Top skills in Guinea Bissau
Guinea Bissau being a developing country, does not have many skilled and talented individuals. That is why Guinea Bissau hires individuals from the international market to fulfil its requirements. This nation is always searching for professional individuals with hands-on experience and vast knowledge that will benefit the organizations in Guinea Bissau to the fullest. Being an agriculture-based nation, Guinea Bissau has a wide range of opportunities in that sector.
Major skills and areas which have witnessed a recent growth rate
- Agriculture
- Mining
- Animal husbandry
- Production
Top skills city-wise occupation-wise
Guinea Bissau does not have a lot of variety when it comes to skills. It is a developing nation with limited resources. But even after that, there are a few cities in Guinea Bissau that have their specialities. This creates excellent work opportunities in cities such as Bissau and Bafata.
Hiring Cost
The cost of hiring is an essential expenditure for all organizations looking to hire new personnel. This mandatory expenditure is an investment for the future of the organization. Following factors are taken under consideration while allocating funds for hiring costs –
- Interview process
- Time invested
- Training
- Onboarding costs
- Advertisement costs
Salary structure for various roles
The below table is a summary of average compensations/salaries offered to employees of several sectors in Guinea Bissau –
| Business Sector
|
Average Annual Salary
|
| Education and Training
|
US $3,727.71 (2,076,000 XOF)
|
| Wholesale Trade
|
US $2,736.53 (1,524,000 XOF)
|
| Transport, Postal, Warehousing
|
US $3,404.50 (1,896,000 XOF)
|
| Accommodation, Cafes and Restaurants
|
US $5,860.91 (3,264,000 XOF)
|
| Retail Trade
|
US $8,037.20 (4,476,000 XOF)
|
| Other Services
|
US $1,859.55 (1,035,600 XOF)
|
| Professional, Scientific and Technical Services
|
US $9,847.19 (5,484,000 XOF)
|
| Financial and Insurance Services
|
US $7,670.89 (4,272,000 XOF)
|
| Information Media and Telecommunications
|
US $6,507.33 (3,624,000 XOF)
|
| Construction
|
US $4,331.04 (2,412,000 XOF)
|
| Manufacturing
|
US $5,020.56 (2,796,000 XOF)
|
| Rental, Hiring and Real Estate Services
|
US $3,124.38 (1,740,000 XOF)
|
| Arts and Recreation Services
|
US $5,580.79 (3,108,000 XOF)
|
| Electricity, Gas, Water and Waste Services
|
US $4,718.89 (2,628,000 XOF)
|
| Administrative and Support Services
|
US $6,873.64 (3,828,000 XOF)
|
| Health Care and Social Assistance
|
US $7,002.92 (3,900,000 XOF)
|
| Public Administration and Safety
|
US $3,512.23 (1,956,000 XOF)
|
| Mining
|
US $4,912.82 (2,736,000 XOF)
|
Employment laws in Guinea Bissau
Employment laws in Guinea Bissau change depending on the latest market trends and employment litigations.
- Vacation leave
- Sick leave
- Maternity / Paternity leave
- Employment termination/severance
- Compensation
- Working hours
- Health insurance benefits
The laws that determine the relationship of the employee with the employer(s) in Guinea Bissau is derived according to –
- National legislation
- Employment contracts
How Can Skuad Help You with Hiring in Guinea Bissau?
Conducting a hiring process in Guinea Bissau can be a long and complicated process that requires expert skills. With the help of the experienced consultants at Skuad, all the hassles involved in the hiring process in Guinea Bissau are taken care of. Connect with Skuad Experts to know more.
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