Africa > Guinea > Economy

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Agriculture > products rice, coffee, pineapples, palm kernels, cassava, bananas, sweet potatoes; cattle, sheep, goats; timber
Aid as % of GDP	5.1%		[49th of 129]
Debt > External	$3,351,000,000.00		[105th of 136]
Distribution of family income > Gini index	38.1		[9th of 43]
Economic freedom	1.9		[88th of 156]
Economy > Overview Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country has almost half of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounts for over 70% of exports. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty due to the failing health of President Lansana CONTE. Guinea is trying to reengage with the IMF and World Bank, which cut off most assistance in 2003, and is working closely with technical advisors from the U.S. Treasury Department, the World Bank and IMF, seeking to return to a fully funded program. Growth rose slightly in 2006-07, primarily due to increases in global demand and commodity prices on world markets, but the standard of living fell. The Guinea franc depreciated sharply as the prices for basic necessities like food and fuel rose beyond the reach of most Guineans. Dissatisfaction with economic conditions prompted nationwide strikes in February and June 2006.
Exchange rates Guinean francs per US dollar - 2,550 (2004), 1,984.9 (2003), 1,975.8 (2002), 1,950.6 (2001), 1,746.9 (2000)
Exports	$1,128,000,000.00		[133rd of 189]
GDP	$3,317,203,000.00		[127th of 203]
GDP > PPP	$17,413,000,000.00		[105th of 163]
GDP > Real growth rate	1.5%		[172nd of 198]
GDP growth > annual %	3.33 annual %		[114th of 187]
GINI index	38.6		[21st of 40]
Gross National Income	$3,139,050,000.00		[118th of 172]
Human Development Index	0.466		[157th of 178]
Income category	Low income
Income distribution > Poorest 10%	2.6%		[56th of 114]
Income distribution > Richest 10%	32%		[47th of 114]
Population below poverty line	47%		[3rd of 46]
Tourist arrivals	95,000		[117th of 152]

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