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. Fighting along the Sierra
Leonean and Liberian borders, as well as refugee movements, have
caused major economic disruptions, including a loss in investor
confidence. Foreign mining companies have reduced expatriate staff,
while panic buying has created food shortages and inflation in local
markets. Guinea is not receiving multilateral aid. The IMF and World
Bank cut off most assistance in 2003. Growth should strengthen in
2004, however, because of a slowly improving security situation and
increased investor confidence.
GDP:
purchasing power parity - $19.02 billion (2003 est.)
GDP - real growth rate:
3% (2003 est.)
GDP - per capita:
purchasing power parity - $2,100 (2003 est.)
GDP - composition by sector: agriculture: 24.9% industry: 38.2% services: 36.9% (2003 est.)
Investment (gross fixed):
21.2% of GDP (2003)