Economy Of Guinea - Guinea Information

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Economy Of Guinea
Guinea Information - Country Guides

Economy overview	Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an 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. Fighting along the Sierra Leonean and Liberian borders, as well as refugee movements, have caused major economic disruptions, including a loss in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Guinea is not receiving multilateral aid. The IMF and World Bank cut off most assistance in 2003. Growth should strengthen in 2004, however, because of a slowly improving security situation and increased investor confidence.
GDP	purchasing power parity - $19.02 billion (2004 est.)
GDP - real growth rate	3% (2004 est.)
GDP - per capita	purchasing power parity - $2,100 (2004 est.)
GDP - composition by sector	agriculture: 24.9% industry: 38.2% services: 36.9% (2004 est.)
Investment gross fixed	21.2% of GDP (2004 est.)
Population below poverty line	40% (2003 est.)
Household income or consumption by percentage share	lowest 10%: 2.6% highest 10%: 32% (1994)
Distribution of family income - Gini index	40.3 (1994)
Inflation rate consumer prices	14.8% (2004 est.)
Labor force	3 million (1999)
Labor force by occupation	agriculture 80%, industry and services 20% (2000 est.)
Unemployment rate	NA (2002 est.)
Budget	revenues: $410.7 million expenditures: $708.5 million, including capital expenditures of $na million (2004 est.)
Public debt
Agriculture products	rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
Industries	bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries
Industrial production growth rate	3.2% (1994)
Electricity production	790.6 million kWh (2001)
Electricity production by source	fossil fuel: 45.5% hydro: 54.5% other: 0% (2001) nuclear: 0%
Electricity consumption	735.2 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	8,600 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance	$-252 million (2004 est.)
Exports	$726 million f.o.b. (2004 est.)
Exports commodities	bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports partners	South Korea 14.8%, Spain 10.7%, US 10.1%, France 9.2%, Russia 9%, Ireland 7.9%, Belgium 6.4%, Germany 5.6%, Ukraine 5.3% (2003)
Imports	$646 million f.o.b. (2003 est.)
Imports commodities	petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports partners	France 16.8%, China 9.3%, Belgium 7.1%, Italy 6.6%, Netherlands 5.4%, UK 5.4%, Cote d'Ivoire 4.8%, US 4.5% (2003)
Reserves of foreign exchange gold	$191 million (2004 est.)
Debt external	$3.25 billion (2001 est.)
Economic aid recipient	$359.2 million (1998)
Currency	Guinean franc (GNF)
Currency code	GNF
Exchange rates	Guinean francs per US dollar - NA (2003), 1,975.84 (2002), 1,950.56 (2001), 1,746.87 (2000), 1,387.4 (1999)
Fiscal year	calendar year

Guinean Flag Map Of Guinea Bullom So language Kissi language Susu language

Economy Of GuineaGuinea Information - Country Guides

Economy Of Guinea
Guinea Information - Country Guides