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Guinea:
Economy

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Guinea Page


Economy - overview
Definition
Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country has almost half of the world's bauxite reserves and is the second-largest bauxite producer. 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 failing health of President Lansana CONTE. 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 2006-07, 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)
Definition - World rank and map
$10.69 billion (2007 est.)
GDP (official exchange rate)
Definition
$4.714 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
1.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,100 (2007 est.)
GDP - composition by sector
Definition
agriculture: 22%
industry: 40.5%
services: 37.6% (2007 est.)
Labor force
Definition
3.7 million (2006 est.)
Labor force - by occupation
Definition
agriculture: 76%
industry and services: 24% (2006 est.)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
47% (2006 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 1.9%
highest 10%: 41% (2006)
Distribution of family income - Gini index
Definition - World rank and map
38.1 (2006)
Inflation rate (consumer prices)
Definition - World rank and map
22.9% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
11.3% of GDP (2007 est.)
Budget
Definition
revenues: $375 million
expenditures: $802.3 million (2007 est.)
Agriculture - products
Definition
rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
Industries
Definition
bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing
Industrial production growth rate
Definition - World rank and map
7.6% (2007 est.)
Electricity - production
Definition - World rank and map
840 million kWh
note: excludes electricity generated at interior mining sites (2006)
Electricity - consumption
Definition - World rank and map
832.9 million kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
81.6 kWh (2006)
Electricity - exports
Definition
0 kWh (2006)
Electricity - imports
Definition
0 kWh (2006)
Oil - production
Definition - World rank and map
0 bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
9,650 bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
0.9 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
8,481 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$433 million (2007 est.)
Exports
Definition - World rank and map
$894 million f.o.b. (2007 est.)
Exports - commodities
Definition
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partners
Definition
Russia 11%, Ukraine 9.6%, South Korea 8.8%, Spain 8.8%, US 7.5%, Germany 7.4%, France 7%, Ireland 5.4% (2006)
Imports
Definition - World rank and map
$936 million f.o.b. (2007 est.)
Imports - commodities
Definition
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partners
Definition
China 9.5%, France 7%, Netherlands 6.3% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$122 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$3.307 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$182.1 million (2005)
Currency (code)
Definition
Guinean franc (GNF)
Exchange rates
Definition
Guinean francs per US dollar - 4,122.8 (2007), 5,350 (2006), 3,644.3 (2005), 2,225 (2004), 1,984.9 (2003)
Fiscal year
Definition
calendar year


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