Diplomatic representation in the US: chief of mission: Ambassador Rafiou Alpha Oumar BARRY FAX: [1] (202) 478-3010 telephone: [1] (202) 986-4300 chancery: 2112 Leroy Place NW, Washington, DC 20008
Diplomatic representation from the US: chief of mission: Ambassador Barrie R. WALKLEY embassy: Rue Ka 038, Conakry mailing address: B. P. 603, Conakry telephone: [224] 41 15 20, 41 15 21, 41 15 23 FAX: [224] 41 15 22
Flag description:
three equal vertical bands of red (hoist side), yellow, and green;
uses the popular pan-African colors of Ethiopia
Economy Guinea
Economy - overview:
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. The government made
encouraging progress in budget management in 1997-99, and reform
progress was praised in the World Bank/IMF October 2000 assessment.
However, fighting along the Sierra Leonean and Liberian borders has
caused major economic disruptions. In addition to direct defense
costs, the violence has led to a sharp decline in investor
confidence. Foreign mining companies have reduced expatriate staff,
while panic buying has created food shortages and inflation in local
markets. Multilateral aid - including Heavily Indebted Poor
Countries (HIPC) debt relief - and single digit inflation permitted
moderate 3.7% growth in 2002. Growth should strengthen in 2003
because of a slowly improving security situation and increased
investor confidence.
GDP:
purchasing power parity - $18.69 billion (2002 est.)
GDP - real growth rate:
3.7% (2002 est.)
GDP - per capita:
purchasing power parity - $2,100 (2002 est.)
GDP - composition by sector: agriculture: 25% industry: 37% services: 38% (2001 est.)
Population below poverty line: 40% (1994 est.)