Agriculture > products
rice, coffee, pineapples, palm kernels, cassava, bananas, sweet potatoes; cattle, sheep, goats; timber |
|
Aid as % of GDP
|
5.1% |
|
[49th of 129]
|
|
Source: CIA World Factbook, 28 July 2005 |
|
Debt > External
|
$3,351,000,000.00 |
|
[105th of 136]
|
|
Source: calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC |
|
Distribution of family income > Gini index
|
38.1 |
|
[9th of 43]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
Economic freedom
|
1.9 |
|
[88th of 156]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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. |
|
Source: The Heritage Foundation |
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) |
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
Exports
|
$1,128,000,000.00 |
|
[133rd of 189]
|
|
Source: CIA World Factbook, 28 July 2005 |
|
GDP
|
$3,317,203,000.00 |
|
[127th of 203]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
GDP > PPP
|
$17,413,000,000.00 |
|
[105th of 163]
|
|
Source: World Development Indicators database and CIA World Factbook |
|
GDP > Real growth rate
|
1.5% |
|
[172nd of 198]
|
|
Source: World Bank. 2005. World Development Indicators 2005. |
|
GDP growth > annual %
|
3.33 annual %
|
|
[114th of 187]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
GINI index
|
38.6
|
|
[21st of 40]
|
|
Source: World Development Indicators database |
|
Gross National Income
|
$3,139,050,000.00 |
|
[118th of 172]
|
|
Source: World Development Indicators database |
|
Human Development Index
|
0.466 |
|
[157th of 178]
|
|
Income category
|
Low income |
|
|
|
Source: Human Development Report 2006, United Nations Development Programme |
|
Income distribution > Poorest 10%
|
2.6% |
|
[56th of 114]
|
|
Source: |
|
Income distribution > Richest 10%
|
32% |
|
[47th of 114]
|
|
Source: World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC |
|
Population below poverty line
|
47% |
|
[3rd of 46]
|
|
Source: World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC |
|
Tourist arrivals
|
95,000 |
|
[117th of 152]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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