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EconomyEconomy - 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. Gdp (purchasing power parity) World Ranking: 150
$11.61 billion (2011 est.)
$11.21 billion (2010 est.) $11 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$5.212 billion (2011 est.)
Gdp - real growth rate World Ranking: 105
3.6% (2011 est.)
1.9% (2010 est.) -0.3% (2009 est.) Gdp - per capita (ppp) World Ranking: 210
$1,100 (2011 est.)
$1,100 (2010 est.) $1,100 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 16.9%
Industry 53.6% Services 29.5% (2011 est.) Labor force World Ranking: 84
4.638 million (2011 est.)
Labor force - by occupation
Agriculture 76%
Industry and services 24% (2006 est.) Unemployment rate
NA%
Population below poverty line
47% (2006 est.)
Household income or consumption by percentage share
Lowest 10% 2.7%
Highest 10% 30.3% (2007) Distribution of family income - gini index World Ranking: 65
39.4 (2007)
40.3 (1994) Investment (gross fixed) World Ranking: 66
22.1% of GDP (2011 est.)
Budget
Revenues $960.3 million
Expenditures $1.203 billion (2011 est.) Taxes and other revenues World Ranking: 177
18.4% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 152
-4.7% of GDP (2011 est.)
Inflation rate (consumer prices) World Ranking: 208
16% (2011 est.)
20% (2010 est.) Central bank discount rate World Ranking: 7
NA%
22.25% (31 December 2005) Commercial bank prime lending rate World Ranking: 11
28% (31 December 2011 est.)
24% (31 December 2010 est.) Stock of narrow money World Ranking: 160
$506.2 million (31 December 2011 est.) $486.2 million (31 December 2010 est.) Stock of broad money World Ranking: 160
$1.219 billion (31 December 2011 est.) $855.8 million (31 December 2010 est.) Stock of domestic credit World Ranking: 155
$1.079 billion (31 December 2011 est.) $757.4 million (31 December 2010 est.) Market value of publicly traded shares
$NA
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 World Ranking: 102
3% (2010 est.)
Electricity - production World Ranking: 146
920 million kWh
Note Excludes electricity generated at interior mining sites (2008 est.) Electricity - consumption World Ranking: 148
855.6 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 178
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 152
9,000 bbl/day (2010 est.)
Oil - exports World Ranking: 160
0 bbl/day (2009 est.)
Oil - imports World Ranking: 144
8,559 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 138
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 189
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 184
0 cu m (2009 est.)
Natural gas - exports World Ranking: 109
0 cu m (2009 est.)
Natural gas - imports World Ranking: 200
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 183
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 109
-$566.9 million (2011 est.)
-$329.2 million (2010 est.) Exports World Ranking: 145
$1.615 billion (2011 est.)
$1.471 billion (2010 est.) Exports - commodities
Bauxite, alumina, gold, diamonds, coffee, fish, agricultural products Exports - partners
Chile 24.4%, Spain 9.1%, India 7.9%, Russia 7.4%, Germany 5.1%, Ireland 5%, US 4.9%, Ukraine 4.4% (2011) Imports World Ranking: 162
$1.761 billion (2011 est.)
$1.405 billion (2010 est.) Imports - commodities
Petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs Imports - partners
China 13.4%, Netherlands 8.2%, US 5.4%, France 4% (2011) Reserves of foreign exchange and gold World Ranking: 142
$642.1 million (31 December 2011 est.) $179.4 million (31 December 2010 est.) Debt - external World Ranking: 133
$3.034 billion (31 December 2011 est.) $2.923 billion (31 December 2010 est.) Exchange rates
Guinean francs (GNF) per US dollar - 6,658 (2011 est.)5,726.1 (2010 est.) 5,500 (2009) 5,500 (2008) 4,122.8 (2007) Fiscal year
Calendar year
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Guinea (Conakry):
 
GPS points from Guinea (Conakry)
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Guinea has had a history of authoritarian rule since gaining its independence from France in 1958. Lansana CONTE came to power in 1984 when the military seized the government after the death of the first president, Sekou TOURE. Guinea did not hold democratic elections until 1993 when Gen. CONTE (head of the military government) was elected president of the civilian government. He was reelected in 1998 and again in 2003, though all the polls were marred by irregularities. History repeated itself in December 2008 when following President CONTE's death, Capt. Moussa Dadis CAMARA led a military coup, seizing power and suspending the constitution. His unwillingness to yield to domestic and international pressure to step down led to heightened political tensions that culminated in September 2009 when presidential guards opened fire on an opposition rally killing more than 150 people, and in early December 2009 when CAMARA was wounded in an assassination attempt and evacuated to Morocco and subsequently to Burkina Faso. A transitional government led by General Sekouba KONATE held democratic elections in 2010 and Alpha CONDE was elected president in the country's first free and fair elections since independence.