Economy - overview:
Guinea is a poor country of approximately 11.7 million people that possesses the world's largest reserves of bauxite and largest untapped high-grade iron ore reserves (Simandou), 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 mineral 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 new 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.The biggest threats to Guinea’s economy are political instability, a reintroduction on of the Ebola virus epidemic, and low international commodity prices. Rising international donor support and reduced government investment spending will lessen fiscal strains created by the Ebola virus epidemic, but economic recovery will be a long process while the government continues efforts to prevent an outbreak of the disease. The economic toll of Ebola virus epidemic on the Guinean economy is considerable. Ebola stalled promising economic growth in 2014-15, and the economy will continue to stagnate in 2016. Several projects have stalled, such as offshore oil exploration and the giant Simandou iron ore project. The 240 megawatt Kaleta Dam, which was inaugurated in September 2015, has expanded access to electricity for residents of Conakry. Although the recent political stability has brought renewed interest in Guinea from the private sector, an enduring legacy of corruption, inefficiency, and lack of government transparency, combined with fears of Ebola virus, continue to undermine Guinea's economic viability.Successive governments have failed to address the country's crumbling infrastructure, which is needed for economic development. 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 economy to attract foreign investment and hopes to have greater participation from western countries and firms in Guinea's economic development.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita: Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - abroad: Exchange rates:
$16.08 billion (2016 est.)
$15.49 billion (2015 est.)
$15.47 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 154
[see also: GDP country ranks ]
$6.754 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]
3.8% (2016 est.)
0.1% (2015 est.)
1.1% (2014 est.)
country comparison to the world: 64
[see also: GDP - real growth rate country ranks ]
$1,300 (2016 est.)
$1,300 (2015 est.)
$1,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 221
[see also: GDP - per capita country ranks ]
3.7% of GDP (2016 est.)
-8.5% of GDP (2015 est.)
-8% of GDP (2014 est.)
country comparison to the world: 172
[see also: Gross national saving country ranks ]
household consumption: 97.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.3%
[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: 23.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -42.4% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 19.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 37.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 42.6% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
rice, coffee, pineapples, mangoes, palm kernels, cocoa, cassava (manioc, tapioca), bananas, potatoes, sweet potatoes; cattle, sheep, goats; timber
bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing
6.2% (2016 est.)
country comparison to the world: 25
[see also: Industrial production growth rate country ranks ]
5.392 million (2016 est.)
country comparison to the world: 74
[see also: Labor force country ranks ]
agriculture: 76%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 24% (2006 est.)
NA%
[see also: Unemployment rate country ranks ]
47% (2006 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.3% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
39.4 (2007)
40.3 (1994)
country comparison to the world: 67
[see also: Distribution of family income - Gini index country ranks ]
revenues: $1.421 billion
[see also: Budget revenues country ranks ]
expenditures: $1.857 billion (2016 est.)
[see also: Budget expenditures country ranks ]
21% of GDP (2016 est.)
country comparison to the world: 147
[see also: Taxes and other revenues country ranks ]
-6.5% of GDP (2016 est.)
country comparison to the world: 182
[see also: Budget surplus (+) or deficit (-) country ranks ]
calendar year
7.9% (2016 est.)
8.1% (2015 est.)
country comparison to the world: 193
[see also: Inflation rate (consumer prices) country ranks ]
NA% (31 December 2010)
22.25% (31 December 2005)
[see also: Central bank discount rate country ranks ]
22% (31 December 2016 est.)
23% (31 December 2015 est.)
country comparison to the world: 15
[see also: Commercial bank prime lending rate country ranks ]
$1.701 billion (31 December 2016 est.)
$1.658 billion (31 December 2015 est.)
country comparison to the world: 137
[see also: Stock of narrow money country ranks ]
$2.093 billion (31 December 2015 est.)
$2.175 billion (31 December 2014 est.)
country comparison to the world: 153
[see also: Stock of broad money country ranks ]
$1.757 billion (31 December 2016 est.)
$1.863 billion (31 December 2015 est.)
country comparison to the world: 145
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$893 million (2016 est.)
-$1.281 billion (2015 est.)
country comparison to the world: 121
[see also: Current account balance country ranks ]
$1.705 billion (2016 est.)
$1.611 billion (2015 est.)
country comparison to the world: 140
[see also: Exports country ranks ]
bauxite, gold, diamonds, coffee, fish, agricultural products
India 22.5%, Spain 8.2%, Ireland 7.3%, Germany 6.2%, Belgium 5.5%, Ukraine 5.3%, France 4.1% (2015)
$2.185 billion (2016 est.)
$2.173 billion (2015 est.)
country comparison to the world: 157
[see also: Imports country ranks ]
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
China 20.4%, Netherlands 5.4%, India 4.4% (2015)
$243.6 million (31 December 2016 est.)
$233.5 million (31 December 2015 est.)
country comparison to the world: 158
[see also: Reserves of foreign exchange and gold country ranks ]
$1.332 billion (31 December 2016 est.)
$1.329 billion (31 December 2015 est.)
country comparison to the world: 160
[see also: Debt - external country ranks ]
$67.3 million (31 December 2016 est.)
$67.3 million (31 December 2015 est.)
country comparison to the world: 100
[see also: Stock of direct foreign investment - abroad country ranks ]
Guinean francs (GNF) per US dollar -
8,230 (2016 est.)
7,485.5 (2015 est.)
7,485.5 (2014 est.)
7,014.1 (2013 est.)
6,986 (2012 est.)
