Economy Guinea
Economy - overview:
Guinea possesses major mineral, hydropower, and agricultural
resources, yet remains an underdeveloped nation. The country
possesses almost half of the world's bauxite reserves and is the
second-largest bauxite producer. The mining sector accounted for
over 70% of exports in 2004. 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. 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 2005, primarily due to increases in
global demand and commodity prices on world markets.
GDP (purchasing power parity):
$18.65 billion (2005 est.)
GDP (official exchange rate):
$3.576 billion (2005 est.)
GDP - real growth rate:
2% (2005 est.)
GDP - per capita (PPP):
$2,000 (2005 est.)
GDP - composition by sector: agriculture: 23.7% industry: 36.2% services: 40.1% (2005 est.)
Labor force: 3 million (1999)
Labor force - by occupation: agriculture: 80% industry and services: 20% (2000 est.)
Unemployment rate:
NA%