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Economy - overview:
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Guinea possesses
major mineral, hydropower, and agricultural resources, yet
remains an underdeveloped nation. The country possesses over 30%
of the world's bauxite reserves and is the second-largest
bauxite producer. The mining sector accounted for about 75% of
exports in 1999. 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. Foreign mining companies have reduced
expatriate staff. 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 2004, primarily due
to increases in global demand and commodity prices on world
markets. |
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GDP:
|
purchasing power
parity - $19.5 billion (2004 est.) |
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GDP - real growth rate:
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1% (2004 est.)
|
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GDP - per capita:
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purchasing power
parity - $2,100 (2004 est.) |
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GDP - composition by sector:
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agriculture:
25%
industry: 38.2%
services: 36.8% (2004 est.) |
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Investment (gross fixed):
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21% of GDP (2004
est.) |
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Population below poverty line:
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40% (2003 est.)
|
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Household income or consumption by percentage share:
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lowest 10%:
2.6%
highest 10%: 32% (1994) |
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Distribution of family income - Gini index:
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40.3 (1994) |
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Inflation rate (consumer prices):
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18% (2004 est.)
|
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Labor force:
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3 million (1999)
|
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Labor force - by occupation:
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agriculture 80%,
industry and services 20% (2000 est.) |
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Unemployment rate:
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NA (2002 est.)
|
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Budget:
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revenues:
$382.7 million
expenditures: $711.4 million, including capital
expenditures of NA (2004 est.) |
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Agriculture - products:
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rice, coffee,
pineapples, palm kernels, cassava (tapioca), bananas, sweet
potatoes; cattle, sheep, goats; timber |
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Industries:
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bauxite, gold,
diamonds; alumina refining; light manufacturing and agricultural
processing industries |
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Industrial production growth rate:
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3.2% (1994) |
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Electricity - production:
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855 million kWh
(2002) |
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Electricity - production by source:
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fossil fuel:
45.5%
hydro: 54.5%
nuclear: 0%
other: 0% (2001)
|
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Electricity - consumption:
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795.2 million kWh
(2002) |
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Electricity - exports:
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0 kWh (2002)
|
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Electricity - imports:
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0 kWh (2002)
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Oil - production:
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0 bbl/day (2001
est.) |
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Oil - consumption:
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8,600 bbl/day
(2001 est.) |
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Oil - exports:
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NA |
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Oil - imports:
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NA |
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Current account balance:
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$-308.3 million
(2004 est.)
|
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Exports:
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$709.2 million
f.o.b. (2004 est.)
|
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Exports - commodities:
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bauxite, alumina,
gold, diamonds, coffee, fish, agricultural products |
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Exports - partners:
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South Korea
15.6%, Russia 13.1%, Spain 12.3%, Ireland 9.1%, US 7.5%, Germany
6.2%, France 5.9%, Ukraine 5.6%, Belgium 5.2% (2004) |
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Imports:
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$641.5 million
f.o.b. (2004 est.)
|
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Imports - commodities:
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petroleum
products, metals, machinery, transport equipment, textiles,
grain and other foodstuffs |
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Imports - partners:
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France 14.6%,
China 9.6%, Netherlands 6.8%, Belgium 6%, US 5.9%, Italy 5%,
South Africa 4.6%, Cote d'Ivoire 4.3%, India 4% (2004) |
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Reserves of foreign exchange and gold:
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$201.7 million
(2004 est.) |
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Debt - external:
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$3.25 billion
(2001 est.) |
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Economic aid - recipient:
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$359.2 million
(1998) |
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Currency:
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Guinean franc
(GNF) |
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Currency code:
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GNF |
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Exchange rates:
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Guinean francs
per US dollar - 2,550 (2004), 1,984.9 (2003), 1,975.8 (2002),
1,950.6 (2001), 1,746.9 (2000)
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Fiscal year:
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calendar year
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