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    Guinea Index 2006

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    Guinea Economy - 2006
    https://theodora.com/wfbcurrent/guinea/guinea_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses almost half of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounted for over 70% of exports in 2004. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Fighting along the Sierra Leonean and Liberian borders, as well as refugee movements, have caused major economic disruptions, aggravating a loss in investor confidence. Panic buying has created food shortages and inflation and caused riots in local markets. Guinea is not receiving multilateral aid; the IMF and World Bank cut off most assistance in 2003. Growth rose slightly in 2005, primarily due to increases in global demand and commodity prices on world markets.

      GDP (purchasing power parity):
      $20.78 billion (2005 est.)

      GDP (official exchange rate):
      $3.694 billion (2005 est.)

      GDP - real growth rate:
      2% (2005 est.)

      GDP - per capita (PPP):
      $2,200 (2005 est.)

      GDP - composition by sector:
      agriculture: 23.7%
      industry: 36.2%
      services: 40.1% (2005 est.)

      Labor force:
      3 million (1999)

      Labor force - by occupation:
      agriculture: 80%
      industry and services: 20% (2000 est.)

      Unemployment rate:
      NA%

      Population below poverty line:
      40% (2003 est.)

      Household income or consumption by percentage share:
      lowest 10%: 2.6%
      highest 10%: 32% (1994)

      Distribution of family income - Gini index:
      40.3 (1994)

      Inflation rate (consumer prices):
      25% (2005 est.)

      Investment (gross fixed):
      17.3% of GDP (2005 est.)

      Budget:
      revenues: $305.6 million
      expenditures: $590.4 million; including capital expenditures of $NA (2005 est.)

      Agriculture - products:
      rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber

      Industries:
      bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries

      Industrial production growth rate:
      3.2% (1994)

      Electricity - production:
      775 million kWh (2003)

      Electricity - consumption:
      720.8 million kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      0 bbl/day (2003 est.)

      Oil - consumption:
      8,400 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      0 cu m (2003 est.)

      Current account balance:
      -$268.4 million (2005 est.)

      Exports:
      $612.1 million f.o.b. (2005 est.)

      Exports - commodities:
      bauxite, alumina, gold, diamonds, coffee, fish, agricultural products

      Exports - partners:
      France 17.7%, Belgium 14.7%, UK 14.7%, Switzerland 12.8%, Ukraine 4.2% (2004)

      Imports:
      $680 million f.o.b. (2005 est.)

      Imports - commodities:
      petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs

      Imports - partners:
      Cote d'Ivoire 15.1%, France 8.7%, Belgium 5.9%, China 5.9%, South Africa 4.6% (2004)

      Reserves of foreign exchange and gold:
      $69.83 million (2005 est.)

      Debt - external:
      $3.46 billion (2003 est.)

      Economic aid - recipient:
      $237.5 million (2003)

      Currency (code):
      Guinean franc (GNF)

      Exchange rates:
      Guinean francs per US dollar - 2,550 (2005), 2,225 (2004), 1,984.9 (2003), 1,975.8 (2002), 1,950.6 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Guinea on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Economy 2006 information contained here. All suggestions for corrections of any errors about Guinea Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/guinea/guinea_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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