Guinea Economy 1997

Economy - overview Although possessing major mineral, hydropower, and agricultural resources,Guinea remains one of the poorest countries in the world. The agriculturalsector employs 80% of the work force. Guinea possesses over 25% of the world'sbauxite reserves and is the second largest bauxite producer. The mining sectoraccounted for about 75% of exports in 1995. Long run improvements in governmentfiscal arrangements, literacy, and the legal framework are needed if the countryis to move out of poverty. Except in the mining industry, foreign investmentremains minimal.

GDP purchasing power parity - $7.1 billion (1996 est.)

GDP - real growth rate 6% (1996 est.)

GDP - per capita purchasing power parity - $950 (1996 est.)

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

Inflation rate - consumer price index 5.1% (1995 est.)

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

Unemployment rate NA%

Budget
revenues: $519 million
expenditures: $947 million, including capital expenditures of $NA (1995 est.)

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

Industrial production growth rate 3.2% (1994)

Electricity - capacity 113,000 kW (1995)

Electricity - production 300 million kWh (1995)

Electricity - consumption per capita 40 kWh (1991 est.)

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

Exports
total value: $725 million (1995 est.)
commodities: bauxite, alumina, diamonds, gold, coffee, fish, agricultural products
partners : Belgium-Luxembourg 27%, US 15%, Ireland 10%, Spain 10% (1994)

Imports
total value: $775 million (1995 est.)
commodities: petroleum products, metals, machinery, transport equipment, textiles,grain and other foodstuffs
partners: France 20%, Cote d'Ivoire 16%, US 7%, Belgium-Luxembourg 7%, Hong Kong6%, Germany 4% (1994)

Debt - external $3 billion (1996 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), 1,006.8 (November1996), 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 weeklyagainst the US dollar until end-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 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 1997 information contained here. All suggestions for corrections of any errors about Guinea Economy 1997 should be addressed to the CIA.