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 almost half of the world's bauxite reserves and is the
second-largest bauxite producer. The mining sector accounts for over
70% of exports. 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 trying to reengage with
the IMF and World Bank, which cut off most assistance in 2003.
Growth rose slightly in 2006, primarily due to increases in global
demand and commodity prices on world markets, but the standard of
living fell. The Guinea franc depreciated sharply as the prices for
basic necessities like food and fuel rose beyond the reach of most
Guineans. Dissatisfaction with economic conditions prompted
nationwide strikes in February and June 2006.
GDP (purchasing power parity):
$19.4 billion (2006 est.)
GDP (official exchange rate):
$3.737 billion (2006 est.)
GDP - real growth rate:
2% (2006 est.)
GDP - per capita (PPP):
$2,000 (2006 est.)
GDP - composition by sector: agriculture: 23.7% industry: 36.1% services: 40.2% (2006 est.)
Labor force: 3 million (1999)
Labor force - by occupation: agriculture: 80% industry and services: 20% (2000 est.)