| Economy | Guinea |
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Economy - overview:
|
Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country has almost half of the world's bauxite reserves. The mining sector accounts for over 70% of exports. Long-run improvements in government fiscal arrangements, 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 due to the death of President Lansana CONTE in December 2008. Guinea is trying to reengage with the IMF and World Bank, which cut off most assistance in 2003, and is working closely with technical advisors from the U.S. Treasury Department, the World Bank and IMF, seeking to return to a fully funded program. Growth rose slightly in 2006-08, primarily due to increases in global demand and commodity prices on world markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food and fuel rose beyond the reach of most Guineans. Dissatisfaction with economic conditions prompted nationwide strikes in February and June 2006. |
GDP (purchasing power parity):
|
$10.44 billion (2008 est.)
$10.15 billion (2007)
$9.997 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$1,100 (2008 est.)
$1,100 (2007 est.)
$1,100 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$4.454 billion (2008 est.) |
GDP - real growth rate:
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2.9% (2008 est.)
1.5% (2007 est.)
2.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 22.4%
industry: 40.9%
services: 36.6% (2008 est.) |
Investment (gross fixed):
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11.7% of GDP (2008 est.) |
Population below poverty line:
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47% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.9%
highest 10%: 41% (2006) |
Distribution of family income - Gini index:
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38.1 (2006) |
Inflation rate (consumer prices):
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30% (2008 est.) |
Central bank discount rate:
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22.25% (31 December 2005) |
Commercial bank prime lending rate:
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NA |
Stock of money:
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$309.8 million (31 December 2005) |
Stock of money - per capita:
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31 USD per capita |
Stock of quasi money:
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NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$422.1 million (31 December 2005) |
Stock of domestic credit - per capita:
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42 USD per capita |
Labor force:
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3.7 million (2006 est.) |
Labor force participation rate:
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36.79 % of population |
Labor force - by occupation:
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agriculture: 76%
industry and services: 24% (2006 est.) |
Unemployment rate:
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NA% |
Budget:
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revenues: $315 million
expenditures: $796.5 million (2008 est.) |
Budget revenues per capita:
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32 USD per capita |
Public debt:
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void |
Industries:
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bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing |
Industrial production growth rate:
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8% (2008 est.) |
Electricity - production:
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800 million kWh
note: excludes electricity generated at interior mining sites (2006 est.) |
Electricity - production per capita:
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80 kWh per capita |
Electricity - consumption:
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744 million kWh (2006 est.) |
Electricity - consumption - per capita:
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74 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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8,559 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.31 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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8,811 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber |
Current account balance:
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-$535 million (2008 est.) |
Current account balance - per capita:
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-53 USD per capita |
Exports:
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$1.202 billion f.o.b. (2008 est.) |
Exports per capita:
|
120 USD per capita |
Exports - commodities:
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bauxite, alumina, gold, diamonds, coffee, fish, agricultural products |
Exports - partners:
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Russia 10.8%, Ukraine 9.6%, Spain 8.8%, US 7.5%, Germany 7.4%, South Korea 7.2%, France 7%, Ireland 5.5%, China 5% (2007) |
Imports:
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$1.392 billion f.o.b. (2008 est.) |
Imports per capita:
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139 USD per capita |
Imports - commodities:
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petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs |
Imports - partners:
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China 10%, France 7%, Netherlands 6.3% (2007) |
Reserves of foreign exchange and gold:
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$92 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
10 USD per capita |
Debt - external:
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$3.529 billion (31 December 2008 est.) |
Debt - external - per capita:
|
351 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$182.1 million (2005) |
Economic aid - recipient per capita:
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19 USD per capita |
Currency (code):
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Guinean franc (GNF) |
Exchange rates:
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Guinean francs (GNF) per US dollar - 5,500 (2008 est.), 4,122.8 (2007), 5,350 (2006), 3,644.3 (2005), 2,225 (2004) |
Fiscal year:
|
calendar year |
|
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