Economy overview: Guinea has large mineral reserves, rich hydroelectric resources and an extensive agricultural base; nevertheless, it is still a poor and underdeveloped country. Guinea holds more than 30% of the world’s bauxite reserves and is the second largest producer of this raw material. The mining sector accounted for 75% of exports in 1999. To lift a country out of poverty, its government will have to significantly improve its financial management and legal system, as well as raise the population’s literacy rate. In 1997-99 the government has made encouraging progress in budget management, and this progress was praised by the IMF and the World Bank in October 2000. However, escalating border clashes with Sierra Leone and Liberia threaten major economic losses. In addition to direct defense spending, the violence led to a sharp decline in investor confidence. Foreign mining companies have reduced the number of foreign employees, at the same time, because of the panic, there was a severe shortage of food and soared prices in the local market. Real GDP growth is expected to decline to 2% in 2001. GDP: at purchasing power parity – $10 billion (2000 est.). See cheeroutdoor.com to know more about Guinea Business.
GDP: Purchasing Power Parity $10 billion
Real GDP growth rate: 5% (2000 est.).
GDP per capita: at purchasing power parity – $1,300 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 22.3%; industry: 35.3%; services: 42.4% (1998 est.).
Proportion of population below the poverty line: 40% (1994 est.).
Percentage distribution of household income or consumption: per 10% of the poorest families: 2.6%; by the top 10% of families: 32% (1994).
Inflation rate at consumer prices: 6% (2000 est.).
Labor force: 3 million people (1999).
Employment structure: agriculture 80%, industry and services 20%.
Unemployment rate: no data.
Budget: income: no data; expenditures: $417.7 million including capital expenditures – NA (2000 est.).
Spheres of economy: mining of bauxite, gold and diamonds; alumina processing; light industry; processing of agricultural products.
Growth in industrial production: 3.2% (1994).
Electricity generation: 750 million kWh (1999).
Sources of electricity generation: fossil fuels: 46.67%; hydropower: 53.33%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 697.5 million kWh (1999)
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: rice, coffee, pineapples, palm hearts, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber.
Exports: $820 million (free on board, 2000 est.)
Exports: bauxite, alumina, gold, diamonds, coffee, fish, agricultural products.
Export partners: USA, Benelux, Ukraine, Ireland (1999).
Imports: $634 million (free on board, 2000 est.)
Imports: petroleum products, metals, machinery, transport equipment, textiles, grains and other foodstuffs (1997).
Import partners: France, Belgium, USA, Côte d’Ivoire (1999).
External debt: $3.6 billion (1999 est.) Economic aid recipient: $359.2 million (1998)
Economic aid donor:
Currency: Guinean franc.
Currency code: GNF.
Exchange rate: GNF/USD – 1,855.0 (October 2000), 1,572.0 (2000), 1,387.4 (1999), 1,236.8 (1998), 1,095.3 (1997), 1,004.0 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 20,000 (1997).
Mobile cellular telephones: 2 868 (1997).
Telephone system: a mediocre system of landlines, small radiotelephone stations and a new microwave radio relay system; internal: microwave radio relay and radiotelephone; international: satellite ground stations – 1 Intelsat (Atlantic Ocean region).
Broadcast stations: AM – 4, FM – 8, shortwave -3 (1998).
Radio receivers: 357,000 (1997).
Television broadcast stations: 6 (1997).
TVs: 85,000 (1997).
Internet country code: gn
Internet service providers: 1 (2000).
Number of users: 5,000 (2000).
Transport Railways: total length: 1,086 km; with standard gauge: 279 km (1.435 m gauge); narrow gauge: 807 km (1,000 m gauge); including 662 km of tracks for freight trains (from Kankan to Conakry).
Roads: total length: 30,500 km; coated: 5,033 km; unpaved: 25,467 km (1996 est.)
Waterways: 1,295 km are navigable for small displacement vessels.
Ports and harbours: Boke, Kamsar, Conakry.
Merchant fleet: none (2000 est.).
Airports: 15 (2000 est.).
Airports with paved runways: total: 5; over 3,047 m: 1; from 2438 to 3047 m:1; from 1524 to 2437 m: 3 (2000 est.).
Airports with unpaved runways: total: 10; from 1,524 to 2,437 m: 6; from 914 to 1523 m:3; less than 914 m: 1 (2000 est.).
Branches of the armed forces: army, navy, air force, republican guard, presidential guard, paramilitary national gendarmerie, police (Surete National).
Total military manpower: men 15 to 49: 1,764,912 (2001 est.).
Eligible for military service: males aged 15 to 49: 891,166 (2001 est.).
Number of persons reaching military age each year:
Military spending in dollar terms: $56 million (1996).
Military spending as part of GDP: 1.4%
International issues International disputes: border skirmishes with Sierra Leone’s Revolutionary United Front rebels; the civil war in this country caused a massive influx of refugees into the southern regions of Guinea.