Economy—overview: Guinea possesses major mineral, hydropower, and agricultural resources, yet remains a poor underdeveloped nation. The agricultural sector employs 80% of the work force. Guinea possesses over 25% of the world's bauxite reserves and is the second largest bauxite producer. The mining sector accounted for about 75% of exports in 1998. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-98. Except in the mining industry, foreign investment remains minimal but is expected to pick up in 1999.
GDP: purchasing power parity—$8.8 billion (1998 est.)
GDP—real growth rate: 4.9% (1998 est.)
GDP—per capita: purchasing power parity?$1,180 (1998 est.)
GDP—composition by sector: agriculture: 24% industry: 31% services: 45% (1996 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: 0.9% highest 10%: 31.7% (1991)
Inflation rate (consumer prices): 3.5% (1998 est.)
Labor force: 2.4 million (1983)
Labor force—by occupation: agriculture 80%, industry and commerce 11%, services 5.4%, civil service 3.6%