Guinea:
Economy

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Other pages in this profile of Guinea:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Guinea: Economy

Guinea:
Economy