Page last updated on February 5, 2013
Economy - overview:
Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves and 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, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerating rate, driving inflation and debt to perilously high levels. In early 2010, the junta collapsed and was replaced by a Transition Government, which ceded power in December 2010 to the country's first-ever democratically elected president, Alpha CONDE. International assistance and investment are expected to return to Guinea, but the levels will depend upon the ability of the new government to combat corruption, reform its banking system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in September 2011 that includes provisions to combat corruption, protect the environment, and review all existing mining contracts. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well.
GDP (purchasing power parity):
$12.25 billion (2012 est.)
country comparison to the world: 149
$11.69 billion (2011 est.)
$11.25 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$5.744 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
4.8% (2012 est.)
country comparison to the world: 62
3.9% (2011 est.)
1.9% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$1,100 (2012 est.)
country comparison to the world: 215
$1,100 (2011 est.)
$1,100 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 12.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
48.5%
services:
38.7% (2012 est.)
Labor force:
4.778 million (2012 est.)
country comparison to the world: 81
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 76%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services:
24% (2006 est.)
Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]
Population below poverty line:
47% (2006 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
30.3% (2007)
Distribution of family income - Gini index:
39.4 (2007)
country comparison to the world: 63
40.3 (1994)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
20.1% of GDP (2012 est.)
country comparison to the world: 94
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $1.235 billion
[see also: Budget revenues country ranks ]
expenditures:
$1.61 billion (2012 est.)
Taxes and other revenues:
21.5% of GDP (2012 est.)
country comparison to the world: 149
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-6.5% of GDP (2012 est.)
country comparison to the world: 180
[see also: Budget surplus (+) or deficit (-) country ranks ]
Inflation rate (consumer prices):
15% (2012 est.)
country comparison to the world: 212
21.4% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
NA% (31 December 2010 est.)
country comparison to the world: 7
22.25% (31 December 2005)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
27% (31 December 2012 est.)
country comparison to the world: 8
28% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$1.657 billion (31 December 2012 est.)
country comparison to the world: 134
$1.38 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$1.915 billion (31 December 2012 est.)
country comparison to the world: 152
$1.731 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$1.515 billion (31 December 2012 est.)
country comparison to the world: 144
$1.533 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]
Agriculture - products:
rice, coffee, pineapples, palm kernels, cassava (manioc), bananas, sweet potatoes; cattle, sheep, goats; timber
Industries:
bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing
Industrial production growth rate:
3% (2010 est.)
country comparison to the world: 103
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$1.754 billion (2012 est.)
country comparison to the world: 134
-$1.215 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$1.785 billion (2012 est.)
country comparison to the world: 145
$1.433 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products
Exports - partners:
Chile 24.6%, Spain 9.2%, Russia 7.5%, India 5.2%, Germany 5.2%, Ireland 5.1%, US 5%, Ukraine 4.4% (2011)
Imports:
$2.708 billion (2012 est.)
country comparison to the world: 152
$2.106 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs
Imports - partners:
China 13.2%, Netherlands 8.1%, US 5.4% (2011)
Reserves of foreign exchange and gold:
$535.5 million (31 December 2012 est.)
country comparison to the world: 146
$806.8 million (31 December 2011 est.)
[see also:
Reserves of foreign exchange and gold country ranks ]
Debt - external:
$2.652 billion (31 December 2012 est.)
country comparison to the world: 138
$2.997 billion (31 December 2011 est.)
[see also:
Debt - external country ranks ]
Exchange rates:
Guinean francs (GNF) per US dollar -
7,100 (2012 est.)
6,658 (2011 est.)
5,726.1 (2010 est.)
5,500 (2009)
5,500 (2008)
Fiscal year:
calendar year
NOTE: The information regarding Guinea on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2013 information contained here. All suggestions for corrections of any errors about Guinea Economy 2013 should be addressed to the CIA.
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