Economy - overview:
Guinea is a poor country that possesses major mineral, hydropower, solar power, and agricultural resources. Guinea has historically been an exporter of agricultural commodities, but in recent years has shifted to importing the majority of food crops. Bauxite is Guinea�??s main mineral resource as well as its main source of foreign currency. Guinea is the second largest producer of bauxite in the world and has the largest reserves of bauxite, estimated at 29 billion tons. The country also has 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, significantly curtailed their development programs but, following the December 2010 presidential elections, the IMF approved a new 3-year ECF arrangement in 2012. Guinea in September 2012 reached HIPC completion point status. Further international assistance and investment are contingent on the ability of the government to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could propel the country's growth. The government in April 2013 amended the September 2011 mining code to reduce taxes and royalties. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well. The biggest threats to Guinea�??s economy are political instability and low international commodity prices.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: 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: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: 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: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - abroad: Exchange rates:
$12.56 billion (2013 est.)
country comparison to the world: 151
$12.21 billion (2012 est.)
$11.74 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$6.544 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
2.9% (2013 est.)
country comparison to the world: 121
3.9% (2012 est.)
3.9% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$1,100 (2013 est.)
country comparison to the world: 218
$1,100 (2012 est.)
$1,100 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
NA% (2012 est.)
-6.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
84.7%
government consumption:
12.4%
investment in fixed capital:
37.1%
investment in inventories:
0%
exports of goods and services:
22.8%
imports of goods and services:
-57%
(2013 est.)
agriculture:
22.9%
industry:
46.5%
services:
30.5% (2013 est.)
rice, coffee, pineapples, palm kernels, cassava (manioc, tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
bauxite, gold, diamonds, iron ore; alumina refining; light manufacturing, agricultural processing
4.6% (2013 est.)
country comparison to the world: 63
[see also: Industrial production growth rate country ranks ]
5.409 million (2013 est.)
country comparison to the world: 69
[see also: Labor force country ranks ]
agriculture:
76%
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%
highest 10%:
30.3% (2007)
39.4 (2007)
country comparison to the world: 63
40.3 (1994)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$1.508 billion
expenditures:
$1.839 billion (2013 est.)
23% of GDP (2013 est.)
country comparison to the world: 146
[see also: Taxes and other revenues country ranks ]
-5.1% of GDP (2013 est.)
country comparison to the world: 169
[see also: Budget surplus (+) or deficit (-) country ranks ]
calendar year
11.9% (2013 est.)
country comparison to the world: 214
15.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
NA% (31 December 2010 est.)
country comparison to the world: 6
22.25% (31 December 2005)
[see also: Central bank discount rate country ranks ]
26% (31 December 2013 est.)
country comparison to the world: 9
27% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$1.533 billion (31 December 2013 est.)
country comparison to the world: 136
$1.492 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$1.881 billion (31 December 2013 est.)
country comparison to the world: 154
$1.818 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$1.518 billion (31 December 2013 est.)
country comparison to the world: 143
$1.539 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$1.754 billion (2012 est.)
country comparison to the world: 136
-$1.215 billion (2011 est.)
[see also: Current account balance country ranks ]
$1.31 billion (2013 est.)
country comparison to the world: 153
$1.348 billion (2012 est.)
[see also: Exports country ranks ]
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
India 10.6%, Spain 9.6%, Chile 9.4%, US 7.1%, Ireland 6.3%, Germany 6.3%, Ukraine 5.7%, France 5% (2012)
$2.384 billion (2013 est.)
country comparison to the world: 158
$2.606 billion (2012 est.)
[see also: Imports country ranks ]
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
China 14.2%, Netherlands 7.6% (2012)
$183.1 million (31 December 2013 est.)
country comparison to the world: 161
$174.3 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$2.584 billion (31 December 2012 est.)
country comparison to the world: 140
$3.139 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]
$145 million (31 December 2013 est.)
country comparison to the world: 84
$145 million
[see also: Stock of direct foreign investment - abroad country ranks ]
Guinean francs (GNF) per US dollar -
6,875 (2013 est.)
6,986 (2012 est.)
5,726.1 (2010 est.)
5,500 (2009)
5,500 (2008)