Guinea Economy 2001

Economy - overview: Guinea possesses major mineral, hydropower, and agricultural resources, yet remains a poor underdeveloped nation. The country possesses over 30% of the world's bauxite reserves and is the second largest bauxite producer. The mining sector accounted for about 75% of exports in 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, escalating fighting along the Sierra Leonean and Liberian borders will cause major economic disruptions. In addition to direct defense costs, the violence has led to a sharp decline in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Real GDP growth is expected to fall to 2% in 2001.

GDP: purchasing power parity - $10 billion (2000 est.)

GDP - real growth rate: 5% (2000 est.)

GDP - per capita: purchasing power parity - $1,300 (2000 est.)

GDP - composition by sector:
agriculture: 22.3%
industry: 35.3%
services: 42.4% (1998 est.)

Population below poverty line: 40% (1994 est.)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 32% (1994)

Inflation rate (consumer prices): 6% (2000 est.)

Labor force: 3 million (1999)

Labor force - by occupation: agriculture 80%, industry and services 20% (2000 est.)

Unemployment rate: NA%

Budget:
revenues: $NA
expenditures: $417.7 million, including capital expenditures of $NA million (2000 est.)

Industries: bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries

Industrial production growth rate: 3.2% (1994)

Electricity - production: 750 million kWh (1999)

Electricity - production by source:
fossil fuel: 46.67%
hydro: 53.33%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 697.5 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber

Exports: $820 million (f.o.b., 2000 est.)

Exports - commodities: bauxite, alumina, gold, diamonds, coffee, fish, agricultural products

Exports - partners: US, Benelux, Ukraine, Ireland (1999)

Imports: $634 million (f.o.b., 2000 est.)

Imports - commodities: petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs

Imports - partners: France, Belgium, US, Cote d'Ivoire (1999)

Debt - external: $3.6 billion (1999 est.)

Economic aid - recipient: $359.2 million (1998)

Currency: Guinean franc (GNF)

Currency code: GNF

Exchange rates: Guinean francs per US dollar - 1,855.0 (October 2000), 1,572.0 (2000), 1,387.4 (1999), 1,236.8 (1998), 1,095.3 (1997), 1,004.0 (1996)

Fiscal year: calendar year

NOTE: The information regarding Guinea on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2001 information contained here. All suggestions for corrections of any errors about Guinea Economy 2001 should be addressed to the CIA.