Economy - overview:
Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves and significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerating rate, driving inflation and debt to perilously high levels. In early 2010, the junta collapsed and was replaced by a transition government, which ceded power in December 2010 to the country's first-ever democratically elected president, Alpha CONDE. International assistance and investment are expected to return to Guinea, but the levels will depend upon the ability of the new government to combat corruption, reform its banking system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in September 2011 that includes provisions to combat corruption, protect the environment, and review all existing mining contracts. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Guinea on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2014 information contained here. All suggestions for corrections of any errors about Guinea Economy 2014 should be addressed to the CIA.
$12.04 billion (2012 est.)
country comparison to the world: 149
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$5.556 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
3.9% (2012 est.)
country comparison to the world: 92
[see also: GDP - real growth rate country ranks ]
$1,100 (2012 est.)
country comparison to the world: 215
note:
data are in 2012 US dollars
[see also: GDP - per capita country ranks ]
NA% (2012 est.)
[see also: Gross national saving country ranks ]
household consumption: 87%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption:
12%
investment in fixed capital:
38.1%
investment in inventories:
0%
exports of goods and services:
28.7%
imports of goods and services:
-65.8%
agriculture: 22.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry:
46.1%
services:
31.1% (2012 est.)
rice, coffee, pineapples, palm kernels, cassava (manioc), bananas, sweet potatoes; cattle, sheep, goats; timber
bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing
5.1% (2012 est.)
country comparison to the world: 55
[see also: Industrial production growth rate country ranks ]
5.24 million (2012 est.)
country comparison to the world: 72
[see also: Labor force country ranks ]
agriculture: 76%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services:
24% (2006 est.)
NA%
[see also: Unemployment rate country ranks ]
47% (2006 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
30.3% (2007)
39.4 (2007)
country comparison to the world: 64
[see also: Distribution of family income - Gini index country ranks ]
revenues: $1.296 billion
[see also: Budget revenues country ranks ]
expenditures:
$1.483 billion (2012 est.)
23.3% of GDP (2012 est.)
country comparison to the world: 141
[see also: Taxes and other revenues country ranks ]
-3.4% of GDP (2012 est.)
country comparison to the world: 131
[see also: Budget surplus (+) or deficit (-) country ranks ]
calendar year
15.2% (2012 est.)
country comparison to the world: 212
[see also: Inflation rate (consumer prices) country ranks ]
NA% (31 December 2010 est.)
country comparison to the world: 6
[see also: Central bank discount rate country ranks ]
27% (31 December 2012 est.)
country comparison to the world: 8
[see also: Commercial bank prime lending rate country ranks ]
$1.492 billion (31 December 2012 est.)
country comparison to the world: 133
[see also: Stock of narrow money country ranks ]
$1.915 billion (31 December 2012 est.)
country comparison to the world: 152
[see also: Stock of broad money country ranks ]
$1.539 billion (31 December 2012 est.)
country comparison to the world: 139
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
$-1.754 billion (2012 est.)
country comparison to the world: 136
[see also: Current account balance country ranks ]
$1.348 billion (2012 est.)
country comparison to the world: 149
[see also: Exports country ranks ]
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
India 10.6%, Spain 9.6%, Chile 9.4%, US 7.1%, Ireland 6.3%, Germany 6.3%, Ukraine 5.7%, France 5% (2012)
$2.606 billion (2012 est.)
country comparison to the world: 153
[see also: Imports country ranks ]
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
China 14.2%, Netherlands 7.6% (2012)
$174.3 million (31 December 2012 est.)
country comparison to the world: 161
[see also: Reserves of foreign exchange and gold country ranks ]
$2.584 billion (31 December 2012 est.)
country comparison to the world: 141
[see also: Debt - external country ranks ]
$145 million (31 December 2012 est.)
country comparison to the world: 88
[see also: Stock of direct foreign investment - abroad country ranks ]
Guinean francs (GNF) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 06-Nov-14