| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Guinea Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Guinea Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Guinea is a poor country of approximately 12.9 million people in 2016 that possesses the world's largest reserves of bauxite and largest untapped high-grade iron ore reserves, as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea’s main exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.Following the death of long-term President Lansana CONTE in 2008 and the coup that followed, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs in Guinea. However, the IMF approved a 3-year Extended Credit Facility arrangement in 2012, following the December 2010 presidential elections. In September 2012, Guinea achieved Heavily Indebted Poor Countries completion point status. Future access to international assistance and investment will depend on the government’s ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. In April 2013, the government amended its mining code to reduce taxes and royalties. In 2014, Guinea also complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts and was found to be compliant. Guinea completed its program with the IMF in October 2016 even though some targeted reforms have been delayed. Currently Guinea is negotiating a new IMF program which will be based on Guinea’s new five-year economic plan, focusing on the development of higher value-added products, including from the agro-business sector and development of the rural economy.The biggest threats to Guinea’s economy are political instability, a reintroduction of the Ebola virus epidemic, and low international commodity prices. Economic recovery will be a long process while the government adjusts to lower inflows of international donor aid following the surge of Ebola-related emergency support. Ebola stalled promising economic growth in the 2014-15 period and impeded several projects, such as offshore oil exploration and the Simandou iron ore project. The economy, however, grew by 6.6% in 2016 and 6.7% in 2017, mainly due to growth from bauxite mining and thermal energy generation as well as the resiliency of the agricultural sector. The 240-megawatt Kaleta Dam, inaugurated in September 2015, has expanded access to electricity for residents of Conakry. An enduring legacy of corruption, inefficiency, and lack of government transparency, combined with fears of Ebola virus, continue to undermine Guinea's economic viability.Guinea’s iron ore industry took a hit in 2016 when investors in the Simandou iron ore project announced plans to divest from the project. In 2017, agriculture output and public investment boosted economic growth, while the mining sector continued to play a prominent role in economic performance.Successive governments have failed to address the country's crumbling infrastructure. Guinea suffers from chronic electricity shortages; poor roads, rail lines and bridges; and a lack of access to clean water - all of which continue to plague economic development. The present government, led by President Alpha CONDE, is working to create an environment to attract foreign investment and hopes to have greater participation from western countries and firms in Guinea's economic development.

GDP (purchasing power parity):
$26.45 billion (2017 est.) $24.8 billion (2016 est.) $23.26 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 140

GDP (official exchange rate):
$9.183 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.7% (2017 est.) 6.6% (2016 est.) 3.5% (2015 est.)
country comparison to the world: 14
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,000 (2017 est.) $2,000 (2016 est.) $1,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 208

Gross national saving:
-1.8% of GDP (2017 est.) -6.7% of GDP (2016 est.) -8.1% of GDP (2015 est.)
country comparison to the world: 178
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 106.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 7.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 33.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -60.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 19.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 38.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 42.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing

Industrial production growth rate:
8% (2017 est.)
country comparison to the world: 19
[see also: Industrial production growth rate country ranks ]

Labor force:
5.558 million (2017 est.)
country comparison to the world: 75
[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:
2.8% (2017 est.) 2.4% (2016 est.)
country comparison to the world: 29
[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%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.3% (2007)

Distribution of family income - Gini index:
39.4 (2007) 40.3 (1994)
country comparison to the world: 67
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.559 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.868 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
17% of GDP (2017 est.)
country comparison to the world: 177
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.4% of GDP (2017 est.)
country comparison to the world: 131
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
56% of GDP (2016 est.) 54.7% of GDP (2015 est.)
country comparison to the world: 85
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.5% (2017 est.) 8.2% (2016 est.)
country comparison to the world: 201
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
22.25% (31 December 2005)
country comparison to the world: 4
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
21.5% (31 December 2017 est.) 21.7% (31 December 2016 est.)
country comparison to the world: 13
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.771 billion (31 December 2017 est.) $1.61 billion (31 December 2016 est.)
country comparison to the world: 139
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.315 billion (31 December 2017 est.) $2.12 billion (31 December 2016 est.)
country comparison to the world: 152
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.808 billion (31 December 2017 est.) $1.931 billion (31 December 2016 est.)
country comparison to the world: 156
[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 ]

Current account balance:
-$2.297 billion (2017 est.) -$2.706 billion (2016 est.)
country comparison to the world: 161
[see also: Current account balance country ranks ]

Exports:
$2.115 billion (2017 est.) $1.954 billion (2016 est.)
country comparison to the world: 139
[see also: Exports country ranks ]

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

Exports - partners:
China 24.6%, Ghana 17.9%, Switzerland 10.1%, UAE 7.7%, France 5.2%, Spain 4.3%, India 4.1% (2016)

Imports:
$2.475 billion (2017 est.) $2.109 billion (2016 est.)
country comparison to the world: 152
[see also: Imports country ranks ]

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

Imports - partners:
Netherlands 14.6%, China 13.5%, India 12.4%, Belgium 8.6%, France 6.9%, UAE 5.4%, Singapore 4.9% (2016)

Reserves of foreign exchange and gold:
$416.1 million (31 December 2017 est.) $383.4 million (31 December 2016 est.)
country comparison to the world: 145
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.53 billion (31 December 2017 est.) $1.462 billion (31 December 2016 est.)
country comparison to the world: 159
[see also: Debt - external country ranks ]

Stock of direct foreign investment - abroad:
$69.91 million (31 December 2017 est.) $69.19 million (31 December 2016 est.)
country comparison to the world: 105
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Guinean francs (GNF) per US dollar - 9,230 (2017 est.) 9,085 (2016 est.) 9,085 (2015 est.) 7,485.5 (2014 est.) 7,014.1 (2013 est.)


NOTE: 1) The information regarding Guinea on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2018 information contained here. All suggestions for corrections of any errors about Guinea Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
Copyright © 1995- , ITA all rights reserved.

    . Feedback