| Economy | Guinea |
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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 and significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerating rate, driving inflation and debt to perilously high levels. In early 2010, the junta collapsed and was replaced by a Transition Government, which ceded power in December 2010 to the country's first-ever democratically elected president, Alpha CONDE. International assistance and investment are expected to return to Guinea, but the levels will depend upon the ability of the new government to combat corruption, reform its banking system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in September 2011 that includes provisions to combat corruption, protect the environment, and review all existing mining contracts. |
GDP (purchasing power parity):
|
$11.53 billion (2011 est.)
$11.02 billion (2010 est.)
$10.81 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$1,100 (2011 est.)
$1,100 (2010 est.)
$1,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$4.6 billion (2011 est.) |
GDP - real growth rate:
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4% (2011 est.)
1.9% (2010 est.)
-0.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 16.8%
industry: 53.5%
services: 29.7% (2011 est.) |
Investment (gross fixed):
|
22.2% of GDP (2011 est.) |
Population below poverty line:
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47% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.7%
highest 10%: 30.3% (2007) |
Distribution of family income - Gini index:
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39.4 (2007)
40.3 (1994) |
Inflation rate (consumer prices):
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16% (2011 est.)
20% (2010 est.) |
Central bank discount rate:
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NA%
22.25% (31 December 2005) |
Commercial bank prime lending rate:
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28% (31 December 2011 est.)
24% (31 December 2010 est.) |
Stock of money:
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$NA (31 December 2008)
$309.8 million (31 December 2005) |
Stock of money - per capita:
|
1 USD per capita |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
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$1.079 billion (31 December 2011 est.)
$757.4 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
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102 USD per capita |
Stock of narrow money:
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$530 million (31 December 2011 est.)
$478.7 million (31 December 2010 est.) |
Stock of broad money:
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$1.219 billion (31 December 2011 est.)
$855.8 million (31 December 2010 est.) |
Labor force:
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4.392 million (2007 est.) |
Labor force participation rate:
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41.43 % 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% |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $1.121 billion
expenditures: $1.215 billion (2011 est.) |
Budget revenues per capita:
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106 USD per capita |
Taxes and other revenues:
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24.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2% of GDP (2011 est.) |
Public debt:
|
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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3% (2010 est.) |
Electricity - production:
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920 million kWh
note: excludes electricity generated at interior mining sites (2008 est.) |
Electricity - production per capita:
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87 kWh per capita |
Electricity - consumption:
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855.6 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
81 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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9,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.31 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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8,559 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber |
Current account balance:
|
-$271.6 million (2011 est.)
-$329.2 million (2010 est.) |
Current account balance - per capita:
|
-25 USD per capita |
Exports:
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$1.777 billion (2011 est.)
$1.471 billion (2010 est.) |
Exports per capita:
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168 USD per capita |
Exports - commodities:
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bauxite, alumina, gold, diamonds, coffee, fish, agricultural products |
Exports - partners:
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India 15.5%, Spain 8%, Chile 7.7%, Russia 6.8%, Ireland 6.1%, Ukraine 5.7%, US 5.2%, Denmark 4.2%, Germany 4.1% (2010) |
Imports:
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$1.774 billion (2011 est.)
$1.405 billion (2010 est.) |
Imports per capita:
|
168 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 11.5%, Netherlands 6.3%, France 4.2% (2010) |
Reserves of foreign exchange and gold:
|
$643.3 million (31 December 2011 est.)
$179.4 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
61 USD per capita |
Debt - external:
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$3 billion (31 December 2011 est.)
$2.843 billion (31 December 2010 est.) |
Debt - external - per capita:
|
283 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:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Guinean franc (GNF) |
Exchange rates:
|
Guinean francs (GNF) per US dollar -
6,600 (2011 est.)
5,800 (2010 est.)
5,500 (2009)
5,500 (2008)
4,122.8 (2007) |
Fiscal year:
|
calendar year |
|
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