Economy - overview:
Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves and significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerating rate, driving inflation and debt to perilously high levels. In early 2010, the junta collapsed and was replaced by a Transition Government, which ceded power in December 2010 to the country's first-ever democratically elected president, Alpha CONDE. International assistance and investment are expected to return to Guinea, but the levels will depend upon the ability of the new government to combat corruption, reform its banking system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in September 2011 that includes provisions to combat corruption, protect the environment, and review all existing mining contracts.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
NOTE: 1) The information regarding Guinea on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2012 information contained here. All suggestions for corrections of any errors about Guinea Economy 2012 should be addressed to the CIA.
$11.53 billion (2011 est.)
country comparison to the world: 149
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$4.6 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
4% (2011 est.)
country comparison to the world: 102
[see also: GDP - real growth rate country ranks ]
$1,100 (2011 est.)
country comparison to the world: 210
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 16.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 53.5%
[see also: GDP - composition by sector - industry country ranks ]
services: 29.7% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]
4.392 million (2007 est.)
country comparison to the world: 82
[see also: Labor force country ranks ]
agriculture: 76%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 24% (2006 est.)
NA%
[see also: Unemployment rate country ranks ]
47% (2006 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.3% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
39.4 (2007)
country comparison to the world: 67
[see also: Distribution of family income - Gini index country ranks ]
22.2% of GDP (2011 est.)
country comparison to the world: 88
[see also: Investment (gross fixed) country ranks ]
revenues: $1.121 billion
[see also: Budget revenues country ranks ]
expenditures: $1.215 billion (2011 est.)
[see also: Budget expenditures country ranks ]
24.4% of GDP (2011 est.)
country comparison to the world: 127
[see also: Taxes and other revenues country ranks ]
-2% of GDP (2011 est.)
country comparison to the world: 80
[see also: Budget surplus (+) or deficit (-) country ranks ]
16% (2011 est.)
country comparison to the world: 209
[see also: Inflation rate (consumer prices) country ranks ]
NA%
country comparison to the world: 7
[see also: Central bank discount rate country ranks ]
28% (31 December 2011 est.)
country comparison to the world: 11
[see also: Commercial bank prime lending rate country ranks ]
$530 million (31 December 2011 est.)
country comparison to the world: 162
[see also: Stock of narrow money country ranks ]
$1.219 billion (31 December 2011 est.)
country comparison to the world: 163
[see also: Stock of broad money country ranks ]
$1.079 billion (31 December 2011 est.)
country comparison to the world: 156
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing
3% (2010 est.)
country comparison to the world: 105
[see also: Industrial production growth rate country ranks ]
920 million kWh
country comparison to the world: 148
note: excludes electricity generated at interior mining sites (2008 est.)
[see also: Electricity - production country ranks ]
855.6 million kWh (2008 est.)
country comparison to the world: 149
[see also: Electricity - consumption country ranks ]
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2009 est.)
[see also: Electricity - imports country ranks ]
0 bbl/day (2010 est.)
country comparison to the world: 178
[see also: Oil - production country ranks ]
9,000 bbl/day (2010 est.)
country comparison to the world: 155
[see also: Oil - consumption country ranks ]
0 bbl/day (2009 est.)
country comparison to the world: 176
[see also: Oil - exports country ranks ]
8,559 bbl/day (2009 est.)
country comparison to the world: 145
[see also: Oil - imports country ranks ]
0 cu m (2009 est.)
country comparison to the world: 192
[see also: Natural gas - production country ranks ]
0 cu m (2009 est.)
country comparison to the world: 186
[see also: Natural gas - consumption country ranks ]
0 cu m (2009 est.)
country comparison to the world: 110
[see also: Natural gas - exports country ranks ]
0 cu m (2009 est.)
country comparison to the world: 201
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2011 est.)
country comparison to the world: 144
[see also: Natural gas - proved reserves country ranks ]
-$271.6 million (2011 est.)
country comparison to the world: 90
[see also: Current account balance country ranks ]
$1.777 billion (2011 est.)
country comparison to the world: 143
[see also: Exports country ranks ]
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
India 15.5%, Spain 8%, Chile 7.7%, Russia 6.8%, Ireland 6.1%, Ukraine 5.7%, US 5.2%, Denmark 4.2%, Germany 4.1% (2010)
$1.774 billion (2011 est.)
country comparison to the world: 161
[see also: Imports country ranks ]
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
China 11.5%, Netherlands 6.3%, France 4.2% (2010)
$643.3 million (31 December 2011 est.)
country comparison to the world: 146
[see also: Reserves of foreign exchange and gold country ranks ]
$3 billion (31 December 2011 est.)
country comparison to the world: 133
[see also: Debt - external country ranks ]
Guinean francs (GNF) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12