Economy - overview Although possessing major mineral, hydropower, and agricultural resources, Guinea remains one of the poorest countries in the world. The agricultural sector employs 80% of the work force. Guinea possesses over 25% of the world's bauxite reserves and is the second largest bauxite producer. The mining sector accounted for about 75% of exports in 1995. 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. Except in the mining industry, foreign investment remains minimal.

GDP purchasing power parity - $8.3 billion (1997 est.)

GDP - real growth rate 4.8% (1997 est.)

GDP - per capita purchasing power parity - $1,100 (1997 est.)

GDP - composition by sector
agriculture: 24%
industry: 31%
services: 45% (1995 est.)

Inflation rate - consumer price index 3.5% (1996 est.)

Labor force
total: 2.4 million (1983)
by occupation: agriculture 80.0%, industry and commerce 11.0%, services 5.4%, civil service 3.6%

Unemployment rate NA%

Budget
revenues: $553 million
expenditures: $652 million, including capital expenditures of $317 million (1995 est.)

Industries bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries

Industrial production growth rate 3.2% (1994)

Electricity - capacity 176,000 kW (1995)

Electricity - production 500 million kWh (1995)

Electricity - consumption per capita 76 kWh (1995)

Agriculture - products rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber

Exports
total value: $748 million (1995 est.)
commodities: bauxite, alumina, diamonds, gold, coffee, fish, agricultural products
partners: US 21%, Belgium-Luxembourg 21%, Ireland 15%, Spain 15% (1995)

Imports
total value: $809 million (1995 est.)
commodities: petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
partners: France 35%, Cote d'Ivoire 31%, US 14%, Belgium-Luxembourg 10%, Hong Kong 10% (1995)

Debt - external $3 billion (1997 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Guinean franc (FG) = 100 centimes

Exchange rates Guinean francs (FG) per US$1 - 1,004.0 (January 1997), 1,004.0 (1997), 991.4 (1995), 976.6 (1994), 955.5 (1993), 902.0 (1992)
note: the official exchange rate of the Guinean franc was set and quoted weekly against the US dollar until the end of October 1993; since 1 November 1994, the exchange rate is determined in the interbank market for foreign exchange

Fiscal year calendar year

NOTE: The information regarding Guinea on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 1998 information contained here. All suggestions for corrections of any errors about Guinea Economy 1998 should be addressed to the CIA.