GeographyIQ.comGeographyIQ.com
  Home
  Rankings


A B C D E F
G H I J K L
M N O P Q R
S T U V W Y
Z          


Currency Converter

 


World > Africa > Guinea > Economy (Facts)

Guinea - Economy (Facts)
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 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, 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 - real growth rate: 3.7% (2006 est.)
GDP (purchasing power parity): $20.16 billion (2006 est.)
GDP (official exchange rate): $3.798 billion (2006 est.)
GDP - per capita (PPP): $2,100 (2006 est.)
GDP - composition by sector: agriculture: 23.7%
industry: 36.1%
services: 40.2% (2006 est.)
Population below poverty line: 47% (2006 est.)
Household income or consumption by percentage share: lowest 10%: 1.9%
highest 10%: 41% (2006)
Inflation rate (consumer prices): 29% (2006 est.)
Labor force: 3.7 million (2006 est.)
Labor force - by occupation: agriculture: 76%
industry and services: 24% (2006 est.)
Unemployment rate: NA
Budget: revenues: $342.3 million
expenditures: $556.7 million; including capital expenditures of NA (2006 est.)
Industries: bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing
Industrial production growth rate: NA
Electricity - production: 840 million kWh
note: excludes electricity generated at interior mining sites (2006)
Electricity - consumption: 832.9 million kWh (2006)
Electricity - exports: 0 kWh (2006)
Electricity - imports: 0 kWh (2006)
Oil - production: 0 bbl/day (2006 est.)
Oil - consumption: 9,650 bbl/day (2006 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
Exports: $615.1 million f.o.b. (2006 est.)
Exports - commodities: bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partners: South Korea 13.1%, Russia 11.1%, Ukraine 9.2%, Spain 7.7%, France 7.4%, US 7.4%, Germany 5.2%, Ireland 4.9% (2006)
Imports: $730 million f.o.b. (2006 est.)
Imports - commodities: petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partners: China 8.5%, France 7.9%, Netherlands 4.7%, Belgium 4.3% (2006)
Debt - external: $3.02 billion (2006 est.)
Economic aid - recipient: $212.2 million (2006)
Currency: Guiniea Franc (GNF)
Currency code: GNF
Exchange rates: Guinean francs per US dollar - 5,350 (2006), 3,644.3 (2005), 2,225 (2004), 1,984.9 (2003), 1,975.8 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





   Privacy Policy

   Portions of this site are based on public domain works from the U.S. Dept. of State and the CIA World Fact Book
   All original material copyright © 2002 - GeographyIQ.com. All Rights Reserved.
   For comments and feedback, write to us at info@GeographyIQ.com.