Guinean Economy, Guinea Economy
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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. Fighting along the Sierra Leonean and Liberian borders, as well as refugee movements, have caused major economic disruptions, aggravating a loss in investor confidence. Foreign mining companies have reduced expatriate staff. Panic buying has created food shortages and inflation and caused riots in local markets. Guinea is not receiving multilateral aid. The IMF and World Bank cut off most assistance in 2003. Growth rose slightly in 2004, primarily due to increases in global demand and commodity prices on world markets.
GDP: 1.7% (2004)
GDP - real growth rate: 1% (2004 est.)
GDP - per capita: Purchasing power parity - $2,100 (2004 est.)
GDP - composition by sector: Agriculture: 25% industry: 38.2% services: 36.8% (2004 est.)
Population below poverty line: 40% (2003 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):
Labor force: 3 million (1999)
Labor force - by occupation: Agriculture 80%, industry and services 20% (2000 est.)
Unemployment rate: NA (2002 est.)
Budget: Revenues: $382.7 million expenditures: $711.4 million, including capital expenditures of NA (2004 est.)
Industries: Bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries
Industrial production growth rate: 3.2% (1994)
Electricity - production: 855 million kWh (2002)
Electricity - production by source:
Electricity - consumption: 795.2 million kWh (2002)
Electricity - exports: 0 kWh (2002)
Electricity - imports: 0 kWh (2002)
Oil - production: 0 bbl/day (2001 est.)
Oil - consumption: 8,600 bbl/day (2001 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: Rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
Exports: $709.2 million f.o.b. (2004 est.)
Exports - commodities: Bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partners: France 17.7%, Belgium 14.7%, UK 14.7%, Switzerland 12.8%, Ukraine 4.2% (2004)
Imports: $641.5 million f.o.b. (2004 est.)
Imports - commodities: Petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partners: Cote d'Ivoire 15.5%, France 9%, Belgium 6.1%, China 6%, South Africa 4.8% (2004)
Debt - external: $3.25 billion (2001 est.)
Economic aid - recipient: $359.2 million (1998)
Currency:
Currency code:
Exchange rates: Guinean francs per US dollar - 2,550 (2004), 1,984.9 (2003), 1,975.8 (2002), 1,950.6 (2001), 1,746.9 (2000)
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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