Overview: Although possessing major mineral and hydropower resources and considerable potential for agricultural development, Guinea remains one of the poorest countries in the world. The agricultural sector contributes about 40% to GDP and employs more than 80% of the work force, while industry accounts for 27% of GDP. Guinea possesses over 25% of the world's bauxite reserves. The mining sector accounted for 85% of exports in 1991. Long-run improvements in literacy, financial institutions, and the legal framework are needed if the country is to move out of poverty. Except in the bauxite industry, foreign investment remains minimal.

National product: GDP - purchasing power equivalent - $3.1 billion (1993 est.)

National product real growth rate: 3.2% (1992 est.)

National product per capita: $500 (1993 est.)

Inflation rate (consumer prices): 16.6% (1992 est.)

Unemployment rate: NA%

Budget:
revenues: $449 million
expenditures: $708 million, including capital expenditures of $361 million (1990 est.)

Exports: $622 million (f.o.b., 1992 est.)
commodities: bauxite, alumina, diamonds, gold, coffee, pineapples, bananas, palm kernels
partners: US 23%, Belgium 12%, Ireland 12%, Spain 12%

Imports: $768 million (c.i.f., 1992 est.)
commodities: petroleum products, metals, machinery, transport equipment, foodstuffs, textiles, and other grain
partners: France 26%, Cote d'Ivoire 12%, Hong Kong 6%, Germany 6%

External debt: 2.5 billion (1992)

Industrial production: growth rate NA%; accounts for 27% of GDP

Electricity:
capacity: 113,000 kW
production: 300 million kWh
consumption per capita: 40 kWh (1989)

Industries: bauxite mining, alumina, gold, diamond mining, light manufacturing and agricultural processing industries

Agriculture: accounts for 40% of GDP (includes fishing and forestry); mostly subsistence farming; principal products - rice, coffee, pineapples, palm kernels, cassava, bananas, sweet potatoes, timber; livestock - cattle, sheep and goats; not self-sufficient in food grains

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $227 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.465 billion; OPEC bilateral aid (1979-89), $120 million; Communist countries (1970-89), $446 million

Currency: 1 Guinean franc (FG) = 100 centimes
Exchange rates: Guinean francs (FG) per US$1 - 810.94 (1 July 1993), 922.9 (30 September 1992), 675 (1990), 618 (1989), 515 (1988), 440 (1987), 383 (1986)

Fiscal year: calendar year

NOTE: The information regarding Guinea on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 1995 information contained here. All suggestions for corrections of any errors about Guinea Economy 1995 should be addressed to the CIA.