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. The government made encouraging progress in budget management in 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, fighting along the Sierra Leonean and Liberian borders has caused major economic disruptions. In addition to direct defense costs, the violence has led to a sharp decline in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Multilateral aid - including Heavily Indebted Poor Countries (HIPC) debt relief - and single digit inflation permitted moderate 3.7% growth in 2002. Growth should strengthen in 2003 because of a slowly improving security situation and increased investor confidence.
GDP:
purchasing power parity - $15.9 billion (2002 est.)
GDP - real growth rate:
3.7% (2002 est.)
GDP - per capita:
purchasing power parity - $2,000 (2002 est.)
GDP - composition by sector:
agriculture: 25%
industry: 37%
services: 38% (2001 est.)
Population below poverty line:
40% (1994 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):
6% (2002 est.)
Labor force:
3 million (1999)
Labor force - by occupation:
agriculture 80%, industry and services 20% (2000 est.)
Unemployment rate:
NA%
Budget:
revenues: $395.7 million
expenditures: $472.4 million, including capital expenditures of $NA million (2000 est.)
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)
Agriculture - products:
rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
Exports:
$835 million f.o.b. (2002 est.)
Exports - commodities:
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partners:
Belgium 16.4%, US 10.9%, Spain 10.4%, France 8.8%, Ireland, Russia (2001)
Imports:
$670 million f.o.b. (2002 est.)
Imports - commodities:
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partners:
France 15.9%, US 11.5%, Cote d'Ivoire 8.6%, Belgium 7.7%
Debt - external:
$3.4 billion (2000 est.)
Economic aid - recipient:
$359.2 million (1998)
Currency:
Guinean franc (GNF)
Currency code:
GNF
Exchange rates:
Guinean francs per US dollar - NA (2002), 1,950.56 (2001), 1,746.87 (2000), 1,387.4 (1999), 1,236.83 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Guinea on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Guinea Economy 2003 should be addressed to the CIA.
