Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves. The mining sector accounts for more than 70% of exports. Long-run improvements in the management of the economy, literacy, and the legal framework are needed if the country is to move out of poverty. Investor confidence has been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty resulting from the death of President Lansana CONTE in December 2008. International donors, including the G-8, the IMF, and the World Bank, cut their development programming significantly in response to the coup, and international partners have said that a resumption of aid will be contingent on a successful democratic transition with a democratically elected president and a functioning National Assembly. Growth rose slightly in 2006-08, primarily due to increases in global demand and commodity prices on world markets, but bauxite and alumina exports were negatively affected by the global economic downturn and the economy in 2009 contracted. International investors expressed renewed interest in Guinea's iron ore mines in 2010.
GDP (purchasing power parity):
$10.6 billion (2010 est.) country comparison to the world: 146 $10.3 billion (2009 est.)
$10.67 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$4.344 billion (2010 est.)
GDP - real growth rate:
3% (2010 est.) country comparison to the world: 126 -3.5% (2009 est.)
4.7% (2008 est.)