Economy of Guinea is small with regard to value of its total output. There was slight growth in the economy in the year 2006. The growth can be attributed to the increase in the costs of different commodities world wide. Guinea has rich reserves of hydro power, minerals and agriculture.
Guinea ranks second among the countries producing bauxite. It harbors almost 50% of the total bauxite reserves.
Promoting literacy, improving up on fiscal arrangements, legal system are some of the ways in which stabilization in the economy of Guinea may take place.
Guinea Economic overview :
Gross domestic product PPP was USD$19.4 billion.
Gross domestic product real growth rate was 2%.
GDP per capita PPP was USD$2,000.
Sector wise GDP in 2006,
Workforce in 2000:
The agriculture sector employed as many as 80% of the workforce.
The service industry and the industrial sector engaged 20% of the workforce.
Population of Guinea below poverty level was 40% in 2003.
Inflation rate at consumer prices was 27% in 2006.
The agricultural products include cassava, sweet potatoes, palm kernels, rice, coffee, pineapples, bananas; timber.
Livestock includes goats, sheep, cattle.
The industrial sector in Guinea consists of refining alumina, diamonds, bauxite, gold and processing agricultural products.
Export in 2005:
Guinea exports fish, bauxite, agricultural products, gold, diamonds, bauxite and coffee to Spain, Russia, Ukraine, Ireland, USA, South Korea, France, Belgium and Germany.
Import in 2005:
Guinea imports machinery, textiles, metals, petroleum products, transport equipments, grain, food products from France, Belgium, China, United States of America, Italy, Cote d’Ivoire.
External debt in 2003 was USD$3.46 billion.
The currency of Guinea is Guinean franc denoted by the code GNF.
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Last Updated on : 7th August 2013