Guinea

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)
GDP (official exchange rate):
$4.454 billion (2008 est.)
GDP - real growth rate:
2.9% (2008 est.)
1.5% (2007 est.)
2.2% (2006 est.)
GDP - per capita (PPP):
$1,100 (2008 est.)
$1,100 (2007 est.)
$1,100 (2006 est.)
GDP - composition by sector:
agriculture: 22.4%
industry: 40.9%
services: 36.6% (2008 est.)
Labor force:
3.7 million (2006 est.)
Labor force - by occupation:
agriculture: 76%
industry and services: 24% (2006 est.)
Unemployment rate:
NA%
Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 41% (2006)
Distribution of family income - Gini index:
38.1 (2006)
Investment (gross fixed):
11.7% of GDP (2008 est.)
Budget:
revenues: $315 million
expenditures: $796.5 million (2008 est.)
Inflation rate (consumer prices):
30% (2008 est.)
Central bank discount rate:
22.25% (31 December 2005)
Commercial bank prime lending rate:
NA
Stock of money:
$309.8 million (31 December 2005)
Stock of quasi money:
NA
Stock of domestic credit:
$422.1 million (31 December 2005)
Market value of publicly traded shares:
$NA
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:
8% (2008 est.)
Electricity - production:
800 million kWh
note: excludes electricity generated at interior mining sites (2006 est.)
Electricity - consumption:
744 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
8,559 bbl/day (2006 est.)
Oil - exports:
0 bbl/day (2005)
Oil - imports:
8,811 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
-$535 million (2008 est.)
Exports:
$1.202 billion f.o.b. (2008 est.)
Exports - commodities:
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partners:
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:
$1.392 billion f.o.b. (2008 est.)
Imports - commodities:
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partners:
China 10%, France 7%, Netherlands 6.3% (2007)
Reserves of foreign exchange and gold:
$92 million (31 December 2008 est.)
Debt - external:
$3.529 billion (31 December 2008 est.)
Exchange rates:
Guinean francs (GNF) per US dollar - 5,500 (2008 est.), 4,122.8 (2007), 5,350 (2006), 3,644.3 (2005), 2,225 (2004)