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Guinea Economy 2011
https://theodora.com/wfb2011/guinea/guinea_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves. The mining sector accounts for more than 70% of exports. Long-run improvements in the management of the economy, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty resulting from the death of President Lansana CONTE in December 2008. International donors, including the G-8, the IMF, and the World Bank, cut their development programming significantly in response to the coup, and international partners have said that a resumption of aid will be contingent on a successful democratic transition with a democratically elected president and a functioning National Assembly. Growth rose slightly in 2006-08, primarily due to increases in global demand and commodity prices on world markets, but bauxite and alumina exports were negatively affected by the global economic downturn and the economy in 2009 contracted. International investors expressed renewed interest in Guinea's iron ore mines in 2010.

GDP (purchasing power parity):
$10.6 billion (2010 est.)
country comparison to the world: 146

$10.3 billion (2009 est.)
$10.67 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$4.344 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2010 est.)
country comparison to the world: 126

-3.5% (2009 est.)
4.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,000 (2010 est.)
country comparison to the world: 214

$1,000 (2009 est.)
$1,100 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 25.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 45.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 28.5% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
4.392 million (2007 est.)
country comparison to the world: 82
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 76%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 24% (2006 est.)

Unemployment rate:
NA% est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
47% (2006 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 41% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
38.1 (2006)
country comparison to the world: 73

40.3 (1994)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
14.6% of GDP (2009 est.)
country comparison to the world: 134
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $574.1 million
[see also: Budget - revenues country ranks ]
expenditures: $875.4 million (2009 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
15% (2010 est.)
country comparison to the world: 220

9% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA% (31 December 2009)
country comparison to the world: 7

22.25% (31 December 2005)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA% (31 December 2008)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$496.2 million (31 December 2010 est)

$459.7 million (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$830 million (31 December 2010 est.)

$761.9 million (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$734.4 million (31 December 2010 est.)
country comparison to the world: 158

$674.2 million (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber

Industries:
bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing

Industrial production growth rate:
3% (2009 est.)
country comparison to the world: 112
[see also: Industrial production growth rate country ranks ]

Electricity - production:
850 million kWh
country comparison to the world: 149
note: excludes electricity generated at interior mining sites (2007 est.)
[see also: Electricity - production country ranks ]

Electricity - consumption:
790.5 million kWh (2007 est.)
country comparison to the world: 150
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 191
[see also: Oil - production country ranks ]

Oil - consumption:
9,000 bbl/day (2009 est.)
country comparison to the world: 155
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 152
[see also: Oil - exports country ranks ]

Oil - imports:
8,674 bbl/day (2007 est.)
country comparison to the world: 142
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 175
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 104
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 149
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 70
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 169
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 173
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$434 million (2010 est.)
country comparison to the world: 112

-$538 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$1.468 billion (2010 est.)
country comparison to the world: 138

$1.18 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products

Exports - partners:
India 19.68%, Spain 13.18%, Russia 7.24%, Germany 6.86%, Ireland 5.87%, US 5.71%, Ukraine 5.6% (2009)

Imports:
$1.551 billion (2010 est.)
country comparison to the world: 161

$1.236 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs

Imports - partners:
China 8.67%, Netherlands 6.67%, France 4.33%, UK 4.22% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$51 million (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.072 billion (31 December 2009 est.)
country comparison to the world: 128

$3.222 billion (31 December 2008 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Guinean francs (GNF) per US dollar - 6,100 (2010), 5,500 (2009), 5,500 (2008), 4,122.8 (2007), 5,350 (2006)


NOTE: The information regarding Guinea on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2011 information contained here. All suggestions for corrections of any errors about Guinea Economy 2011 should be addressed to the CIA.



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