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    Guinea Economy - 1991

      Overview: Although possessing many natural resources and considerable potential for agricultural development, Guinea is one of the poorest countries in the world. The agricultural sector contributes about 40% to GDP and employs more than 80% of the work force, while industry accounts for 27% of GDP. Guinea possesses over 25% of theworld's bauxite reserves; exports of bauxite and alumina accounted for about 70% of total exports in 1989.

      GDP: $2.7 billion, per capita $380; real growth rate 4.4% (1989 est.)

      Inflation rate (consumer prices): 28.2% (1989 est.)

      Unemployment rate: NA%

      Budget: revenues $394 million; expenditures $548 million, including capital expenditures of $254 million (1989 est.)

      Exports: $645 million (f.o.b., 1989 est.); commodities--alumina, bauxite, diamonds, coffee, pineapples, bananas, palm kernels; partners--US 33%, EC 33%, USSR and Eastern Europe 20%, Canada

      Imports: $551 million (c.i.f., 1989 est.); commodities--petroleum products, metals, machinery, transport equipment, foodstuffs, textiles and other grain; partners--US 16%, France, Brazil

      External debt: $2.6 billion (1990 est.)

      Industrial production: growth rate NA%; accounts for 27% of GDP

      Electricity: 113,000 kW capacity; 300 million kWh produced, 40 kWh per capita (1989)

      Industries: bauxite mining, alumina, gold, diamond mining, 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: US commitments, including Ex-Im (FY70-89), $227 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $1,075 million; OPEC bilateral aid (1979-89), $120 million; Communist countries (1970-88), $446 million

      Currency: Guinean franc (plural--francs); 1 Guinean franc (FG) = 100 centimes

      Exchange rates: Guinean francs (FG) per US$1--24.39 (1989), 19.23 (1988), 17.54 (1987), 14.29 (1986), NA (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Guinea on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 1991 information contained here. All suggestions for corrections of any errors about Guinea Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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