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Guinea Economy 1996

Overview:

Although possessing major mineral and hydropower resources and considerable potential for agricultural development, Guinea remains one of the poorest countries in the world. The agricultural sector contributes about 40% to GDP and employs 80% of the work force, while industry accounts for 27% of GDP. Guinea possesses over 25% of the world's bauxite reserves. The mining sector accounted for 85% of exports in 1991. Long-run improvements in literacy, financial institutions, and the legal framework are needed if the country is to move out of poverty. Except in the bauxite industry, foreign investment remains minimal.

National product:

GDP - purchasing power parity - $6.3 billion (1994 est.)

National product real growth rate:

0.8% (1994 est.)

National product per capita:

$980 (1994 est.)

Inflation rate (consumer prices):

16.6% (1992 est.)

Unemployment rate:

NA%

Budget:

revenues:

$449 million

expenditures:

$708 million, including capital expenditures of $361 million (1990 est.)

Exports:

$622 million (f.o.b., 1992 est.)

commodities:

bauxite, alumina, diamonds, gold, coffee, pineapples, bananas, palm kernels

partners:

US 23%, Belgium 12%, Ireland 12%, Spain 12%

Imports:

$768 million (c.i.f., 1992 est.)

commodities:

petroleum products, metals, machinery, transport equipment, foodstuffs, textiles, and other grain

partners:

France 26%, Cote d'Ivoire 12%, Hong Kong 6%, Germany 6%

External debt:

2.5 billion (1992)

Industrial production:

growth rate NA%; accounts for 27% of GDP

Electricity:

capacity:

180,000 kW

production:

520 million kWh

consumption per capita:

77 kWh (1993)

Industries:

mining - bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries

Agriculture:

accounts for 40% of GDP (includes fishing and forestry); mostly subsistence farming; principal products - rice, coffee, pineapples, palm kernels, cassava, bananas, sweet potatoes, timber; livestock - cattle, sheep and goats; not self-sufficient in food grains

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $227 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.465 billion; OPEC bilateral aid (1979-89), $120 million; Communist countries (1970-89), $446 million

Currency:

1 Guinean franc (FG) = 100 centimes

Exchange rates:

Guinean francs (FG) per US$1 - 810.94 (1 July 1993), 922.9 (30 September 1992), 675 (1990), 618 (1989), 515 (1988), 440 (1987), 383 (1986)

Fiscal year:

calendar year

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