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Guinea Economy

    Economy—overview: Guinea possesses major mineral, hydropower, and agricultural resources, yet remains a poor underdeveloped nation. 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 1998. 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 1997-98. Except in the mining industry, foreign investment remains minimal but is expected to pick up in 1999.

    GDP: purchasing power parity—$8.8 billion (1998 est.)

    GDP—real growth rate: 4.9% (1998 est.)

    GDP—per capita: purchasing power parity—$1,180 (1998 est.)

    GDP—composition by sector:
    agriculture: 24%
    industry: 31%
    services: 45% (1996 est.)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: 0.9%
    highest 10%: 31.7% (1991)

    Inflation rate (consumer prices): 3.5% (1998 est.)

    Labor force: 2.4 million (1983)

    Labor force—by occupation: agriculture 80%, industry and commerce 11%, 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—production: 525 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 63.81%
    hydro: 36.19%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 525 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $695 million (f.o.b., 1998 est.)

    Exports—commodities: bauxite, alumina, diamonds, gold, coffee, fish, agricultural products

    Exports—partners: Russia, US, Belgium, Ukraine, Ireland, Spain (1997)

    Imports: $560 million (f.o.b., 1998 est.)

    Imports—commodities: petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs (1997)

    Imports—partners: France, Cote d'Ivoire, US, Belgium, Hong Kong (1997)

    Debt—external: $3.15 billion (1998 est.)

    Economic aid—recipient: $433.6 million (1995)

    Currency: 1 Guinean franc (FG) = 100 centimes

    Exchange rates: Guinean francs (FG) per US$1—1,292.5 (January 1999), 1,095.3 (1997), 1,004.0 (1996), 991.4 (1995), 976.6 (1994)
    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

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)