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, escalating 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 should permit 5% growth in 2002.

GDP purchasing power parity - $15 billion (2001 est.)

GDP - real growth rate 3.3% (2001 est.)

GDP - per capita purchasing power parity - $1,970 (2001 est.)

GDP - composition by sector
agriculture: 24%
industry: 38%
services: 38% (2000 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% (2000 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 770 million kWh (2000)

Electricity - production by source
fossil fuel: 46.1%
hydro: 53.9%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 716.1 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $694.5 million (f.o.b., 2000)

Exports - commodities bauxite, alumina, gold, diamonds, coffee, fish, agricultural products

Exports - partners Belgium, US, Ireland, Russia

Imports $555.2 million (f.o.b., 2000)

Imports - commodities petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs

Imports - partners France, US, Belgium, Cote d'Ivoire

Debt - external $3.6 billion (1999 est.)

Economic aid - recipient $359.2 million (1998)

Currency Guinean franc (GNF)

Currency code GNF

Exchange rates Guinean francs per US dollar - 1,974.4 (December 2001), 1,950.6 (2001), 1,746.9 (2000), 1,387.4 (1999), 1,236.8 (1998), 1,095.3 (1997)

Fiscal year calendar year

NOTE: The information regarding Guinea on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2002 information contained here. All suggestions for corrections of any errors about Guinea Economy 2002 should be addressed to the CIA.