Economy - overview:
Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country has almost half of the world's bauxite reserves. The mining sector accounts for more than 70% of exports. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty because of the death of President Lansana CONTE in December 2008. International donors, including the G-8, the IMF, and the World Bank, cut their development programming significantly in response to the coup. Growth rose slightly in 2006-08, primarily due to increases in global demand and commodity prices on world markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food and fuel rose beyond the reach of many Guineans.
GDP (purchasing power parity):
$10.64 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$4.436 billion (2009 est.)
GDP - real growth rate:
-1% (2009 est.)
GDP - per capita (PPP):
$1,100 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 23.8%
industry:
37.9%
services:
38.3% (2009 est.)
Labor force:
4.392 million (2007 est.)
Labor force - by occupation:
agriculture: 76%
industry and services:
24% (2006 est.)
Unemployment rate:
NA% est.)
Population below poverty line:
47% (2006 est.)
Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%:
41% (2006)
Distribution of family income - Gini index:
38.1 (2006)
Investment (gross fixed):
12.6% of GDP (2009 est.)
Budget:
revenues: $632.6 million
expenditures:
$703.4 million (2009 est.)
Inflation rate (consumer prices):
9% (2009 est.)
Central bank discount rate:
NA% (31 December 2008)
Commercial bank prime lending rate:
NA% (31 December 2008) NA% (31 December 2008)
Stock of money:
$NA (31 December 2008)
Stock of quasi money:
$NA (31 December 2008) $NA (31 December 2008)
Stock of domestic credit:
$422.1 million (31 December 2005) $422.1 million (31 December 2005)
Market value of publicly traded shares:
$NA
Agriculture - products:
rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
Industries:
bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing
Industrial production growth rate:
-5% (2009 est.)
Electricity - production:
850 million kWh
note:
excludes electricity generated at interior mining sites (2007 est.)
Electricity - consumption:
790.5 million kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
9,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
8,674 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Current account balance:
$-502 million (2009 est.)
Exports:
$965 million (2009 est.)
Exports - commodities:
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partners:
India 28.9%, Spain 10%, Russia 9.5%, Germany 6.7%, US 5.8%, Ireland 4.2%, France 4.1% (2008)
Imports:
$1.122 billion (2009 est.)
Imports - commodities:
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partners:
China 9.6%, France 7.8%, Netherlands 7.6% (2008)
Reserves of foreign exchange and gold:
$53 million (31 December 2009 est.)
Debt - external:
$3.072 billion (31 December 2009 est.)
Exchange rates:
Guinean francs (GNF) per US dollar - 5,200 (2009), 5,500 (2008), 4,122.8 (2007), 5,350 (2006), 3,644.3 (2005)
NOTE: The information regarding Guinea on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2010 information contained here. All suggestions for corrections of any errors about Guinea Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10