Economy - overview:
Guinea possesses major mineral, hydropower, and agricultural
resources, yet remains an underdeveloped nation. The country
possesses over 30% of the world's bauxite reserves and is the
second-largest bauxite producer. The mining sector accounted for
about 75% of exports in 1999. Long-run improvements in government
fiscal arrangements, literacy, and the legal framework are needed if
the country is to move out of poverty. The government made
encouraging progress in budget management in 1997-99, and reform
progress was praised in the World Bank/IMF October 2000 assessment.
However, fighting along the Sierra Leonean and Liberian borders has
caused major economic disruptions. In addition to direct defense
costs, the violence has led to a sharp decline in investor
confidence. Foreign mining companies have reduced expatriate staff,
while panic buying has created food shortages and inflation in local
markets. Multilateral aid - including Heavily Indebted Poor
Countries (HIPC) debt relief - and single digit inflation permitted
moderate 3.7% growth in 2002. Growth should strengthen in 2003
because of a slowly improving security situation and increased
investor confidence.
GDP:
purchasing power parity - $18.69 billion (2002 est.)
GDP - real growth rate:
3.7% (2002 est.)
GDP - per capita:
purchasing power parity - $2,100 (2002 est.)
GDP - composition by sector:
agriculture: 25%
industry: 37%
services: 38% (2001 est.)
Population below poverty line:
40% (1994 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 32% (1994)
Distribution of family income - Gini index:
40.3 (1994)
Inflation rate (consumer prices):
6% (2002 est.)
Labor force:
3 million (1999)
Labor force - by occupation:
agriculture 80%, industry and services 20% (2000 est.)
Unemployment rate:
NA%
Budget:
revenues: $395.7 million
expenditures: $472.4 million, including capital expenditures of $NA
million (2000 est.)
Industries:
bauxite, gold, diamonds; alumina refining; light manufacturing and
agricultural processing industries
Industrial production growth rate:
3.2% (1994)
Electricity - production:
790.6 million kWh (2001)
Electricity - production by source:
fossil fuel: 45.5%
hydro: 54.5%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
735.2 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
8,600 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas,
sweet potatoes; cattle, sheep, goats; timber
Exports:
$835 million f.o.b. (2002 est.)
Exports - commodities:
bauxite, alumina, gold, diamonds, coffee, fish, agricultural
products
Exports - partners:
South Korea 17.8%, Spain 10.1%, Cameroon 9.7%, Belgium 9.6%, US
9.2%, Ireland 8.6%, France 7.1%, Russia 6.8%, Germany 5% (2002)
Imports:
$670 million f.o.b. (2002 est.)
Imports - commodities:
petroleum products, metals, machinery, transport equipment,
textiles, grain and other foodstuffs
Imports - partners:
France 18.7%, Cote d'Ivoire 11%, Italy 8.9%, US 8.2%, Belgium 7.6%,
China 5.6%, UK 5.2% (2002)
Debt - external:
$3.4 billion (2000 est.)
Economic aid - recipient:
$359.2 million (1998)
Currency:
Guinean franc (GNF)
Currency code:
GNF
Exchange rates:
Guinean francs per US dollar - NA (2002), 1,950.56 (2001), 1,746.87
(2000), 1,387.4 (1999), 1,236.83 (1998)
Fiscal year:
calendar year