Economy Of Guinea
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Economy overview
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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, including a loss in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Guinea is not receiving multilateral aid. The IMF and World Bank cut off most assistance in 2003. Growth should strengthen in 2004, however, because of a slowly improving security situation and increased investor confidence.
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GDP
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purchasing power parity - $19.02 billion (2004 est.)
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GDP - real growth rate
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3% (2004 est.)
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GDP - per capita
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purchasing power parity - $2,100 (2004 est.)
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GDP - composition by sector
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agriculture: 24.9%
industry: 38.2%
services: 36.9% (2004 est.)
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Investment gross fixed
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21.2% of GDP (2004 est.)
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Population below poverty line
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40% (2003 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.6%
highest 10%: 32% (1994)
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Distribution of family income - Gini index
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40.3 (1994)
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Inflation rate consumer prices
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14.8% (2004 est.)
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Labor force
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3 million (1999)
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Labor force by occupation
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agriculture 80%, industry and services 20% (2000 est.)
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Unemployment rate
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NA (2002 est.)
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Budget
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revenues: $410.7 million
expenditures: $708.5 million, including capital expenditures of $NA million (2004 est.)
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Public debt
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Agriculture products
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rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
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Industries
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bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries
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Industrial production growth rate
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3.2% (1994)
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Electricity production
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790.6 million kWh (2001)
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Electricity production by source
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fossil fuel: 45.5%
hydro: 54.5%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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735.2 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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8,600 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-252 million (2004 est.)
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Exports
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$726 million f.o.b. (2004 est.)
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Exports commodities
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bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
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Exports partners
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South Korea 14.8%, Spain 10.7%, US 10.1%, France 9.2%, Russia 9%, Ireland 7.9%, Belgium 6.4%, Germany 5.6%, Ukraine 5.3% (2003)
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Imports
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$646 million f.o.b. (2003 est.)
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Imports commodities
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petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
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Imports partners
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France 16.8%, China 9.3%, Belgium 7.1%, Italy 6.6%, Netherlands 5.4%, UK 5.4%, Cote d'Ivoire 4.8%, US 4.5% (2003)
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Reserves of foreign exchange gold
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$191 million (2004 est.)
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Debt external
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$3.25 billion (2001 est.)
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Economic aid recipient
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$359.2 million (1998)
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Currency
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Guinean franc (GNF)
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Currency code
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GNF
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Exchange rates
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Guinean francs per US dollar - NA (2003), 1,975.84 (2002), 1,950.56 (2001), 1,746.87 (2000), 1,387.4 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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