unbekannter Gast

Guinea: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$12.56 billion (2013 est.)
$12.21 billion (2012 est.)
$11.74 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.9% (2013 est.)
3.9% (2012 est.)
3.9% (2011 est.)
GDP - per capita (PPP)$1,100 (2013 est.)
$1,100 (2012 est.)
$1,100 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 22.9%
industry: 46.5%
services: 30.5% (2013 est.)
Population below poverty line47% (2006 est.)
Household income or consumption by percentage sharelowest 10%: 2.7%
highest 10%: 30.3% (2007)
Labor force - by occupationagriculture: 76%
industry and services: 24% (2006 est.)
Exports - commoditiesbauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partnersIndia 10.6%, Spain 9.6%, Chile 9.4%, US 7.1%, Ireland 6.3%, Germany 6.3%, Ukraine 5.7%, France 5% (2012)
Agriculture - productsrice, coffee, pineapples, palm kernels, cassava (manioc, tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber
Budgetrevenues: $1.508 billion
expenditures: $1.839 billion (2013 est.)
Imports - commoditiespetroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partnersChina 14.2%, Netherlands 7.6% (2012)
Exchange ratesGuinean francs (GNF) per US dollar -
6,875 (2013 est.)
6,986 (2012 est.)
5,726.1 (2010 est.)
5,500 (2009)
5,500 (2008)
Exports$1.31 billion (2013 est.)
$1.348 billion (2012 est.)
Debt - external$2.584 billion (31 December 2012 est.)
$3.139 billion (31 December 2011 est.)
Fiscal yearcalendar year
Imports$2.384 billion (2013 est.)
$2.606 billion (2012 est.)
Industrial production growth rate4.6% (2013 est.)
Industriesbauxite, gold, diamonds, iron ore; alumina refining; light manufacturing, agricultural processing
Inflation rate (consumer prices)11.9% (2013 est.)
15.2% (2012 est.)
Labor force5.409 million (2013 est.)
Unemployment rateNA%
Distribution of family income - Gini index39.4 (2007)
40.3 (1994)
Current account balance-$1.754 billion (2012 est.)
-$1.215 billion (2011 est.)
Reserves of foreign exchange and gold$183.1 million (31 December 2013 est.)
$174.3 million (31 December 2012 est.)
GDP (official exchange rate)$6.544 billion (2013 est.)
Stock of direct foreign investment - abroad$145 million (31 December 2013 est.)
$145 million
Market value of publicly traded shares$NA
Central bank discount rateNA% (31 December 2010 est.)
22.25% (31 December 2005)
Commercial bank prime lending rate26% (31 December 2013 est.)
27% (31 December 2012 est.)
Stock of domestic credit$1.518 billion (31 December 2013 est.)
$1.539 billion (31 December 2012 est.)
Stock of narrow money$1.533 billion (31 December 2013 est.)
$1.492 billion (31 December 2012 est.)
Stock of broad money$1.881 billion (31 December 2013 est.)
$1.818 billion (31 December 2012 est.)
Taxes and other revenues23% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-5.1% of GDP (2013 est.)
GDP - composition, by end usehousehold 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.)
Gross national savingNA% (2012 est.)
-6.4% of GDP (2011 est.)