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Guinea Economy 1996
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.
GDP - purchasing power parity - $6.3 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$708 million, including capital expenditures of $361 million (1990 est.)
$622 million (f.o.b., 1992 est.)
bauxite, alumina, diamonds, gold, coffee, pineapples, bananas, palm kernels
US 23%, Belgium 12%, Ireland 12%, Spain 12%
$768 million (c.i.f., 1992 est.)
petroleum products, metals, machinery, transport equipment, foodstuffs,
textiles, and other grain
France 26%, Cote d'Ivoire 12%, Hong Kong 6%, Germany 6%
growth rate NA%; accounts for 27% of GDP
mining - bauxite, gold, diamonds; alumina refining; light manufacturing and
agricultural processing industries
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
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
1 Guinean franc (FG) = 100 centimes
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)
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