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    Guinea Economy - 1990

      Overview: Although possessing many natural resources and considerable potential for agricultural development, Guinea is 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 about 25% of GDP. Guinea possesses over 25% of the world's bauxite reserves; exports of bauxite and alumina accounted for more than 80% of total exports in 1986.

      GDP: $2.5 billion, per capita $350; real growth rate 5.0% (1988)

      Inflation rate (consumer prices): 27.0% (1988)

      Unemployment rate: NA%

      Budget: revenues $357 million; expenditures $480 million, including capital expenditures of $229 million (1988 est.)

      Exports: $553 million (f.o.b., 1988 est.); commodities--alumina, bauxite, diamonds, coffee, pineapples, bananas, palm kernels; partners--US 33%, EC 33%, USSR and Eastern Europe 20%, Canada

      Imports: $509 million (c.i.f., 1988 est.); commodities--petroleum products, metals, machinery, transport equipment, foodstuffs, textiles and other grain; partners--US 16%, France, Brazil

      External debt: $1.6 billion (December 1988)

      Industrial production: growth rate NA%

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

      Industries: bauxite mining, alumina, 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

      Aid: US commitments, including Ex-Im (FY70-88), $203 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $882 million; OPEC bilateral aid (1979-89), $120 million; Communist countries (1970-88), $446 million

      Currency: Guinean franc (plural--francs); 1 Guinean franc (FG) = 100 centimes

      Exchange rates: Guinean francs (FG) per US$1--505.00 (October 1988), 440.00 (January 1988), 440.00 (1987), 235.63 (1986), 22.47 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Guinea on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 1990 information contained here. All suggestions for corrections of any errors about Guinea Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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