Current GDP per capita of Guinea shrank by 16% in the Nineties.
Since 1985, the Guinean Government has adopted policies to return commercial activity to the private sector, promote investment, reduce the role of the state in the economy, and improve the administrative and judicial framework. The government has eliminated restrictions on agricultural enterprise and foreign trade, liquidated many parastatals, increased spending on education, and vastly downsized the civil service. The government also has made major strides in restructuring the public finances.
The IMF and the World Bank are heavily involved in the development of Guinea's economy, as are many bilateral donor nations, including the United States. Guinea's economic reforms have had recent notable success, improving the rate of economic to 5% and reducing the rate of inflation to about 2%, as well as increasing government revenues while restraining official expenditures. Although Guinea's external debt burden remains high, the country is now current on external debt payments.
The government revised the private investment code in 1998 to stimulate economic activity in the spirit of a free enterprise. The code does not discriminate between foreigners and nationals and provides for repatriation of profits. Foreign investments outside Conakry are entitled to especially favorable conditions. A national investment commission has been formed to review all investment proposals. The United States and Guinea have signed an investment guarantee agreement that offers political risk insurance to American investors through OPIC. Guinea plans to inaugurate an arbitration court system to allow for the quick resolution of commercial disputes.
Average wages in 2007 hover around $2-3 per day.
Guinea is richly endowed with minerals, possessing an estimated one-third of the world's proven reserves of bauxite, more than 1.8 billion metric tons (MT) of high-grade iron ore, significant diamond and gold deposits, and undetermined quantities of uranium.
Lately, with the increase of alumina demand thanks to booming mainland China, there is a renew interest in Guinea riches. The consortium Alcan and Alcoa, partner with the Guinean government in the CBG mining in north western Guinea, have announced the feasibility study for the construction of a 1 million TPa alumina smelter. This come with a similar project from Canadian start-up Global Alumina trying to come with 2 billions dollars alumina plant in the same region. As of April 2005, the National Assembly of Guinea has not ratified Global's project.
GDP: purchasing power parity - $19.5 billion (2004 est.)
GDP - real growth rate: 1% (2004 est.)
GDP - per capita: purchasing power parity - $2,100 (2004 est.)
GDP - composition by sector:
services: 36.8% (2004 est.)
Population below poverty line: 40% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6% (1994)
highest 10%: 32% (1994)
Inflation rate (consumer prices): 18% (2004 est.)
Labor force: 3 million (1999)
Labor force - by occupation: agriculture 80%, industry and services 20% (2000 est.)
Unemployment rate: NA%
revenues: $382.7 million
expenditures: $711.4 million, including capital expenditures of NA (2004 est.)
Industrial production growth rate: 3.2% (1994)
Electricity - production: 855 GWh (2002)
Electricity - production by source:
fossil fuel: 63.55%
other: 0% (1998)
Electricity - consumption: 795.2 GWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Exports: $709.2 million f.o.b. (2004 est.)
Imports: $641.5 million f.o.b. (2004 est.)
Imports - commodities: petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs (1997)
Debt - external: $3.25 billion (2001 est.)
Economic aid - recipient: $359.2 million (1998)
Currency: 1 Guinean franc (GNF) = 100 centimes
Exchange rates: Guinean francs per US dollar - 2,550 (2004), 1,984.9 (2003), 1,975.8 (2002), 1,950.6 (2001), 1,746.9 (2000), 1,292.5 (January 1999), 1,236.8 (1998), 1,095.3 (1997), 1,004.0 (1996), 991.4 (1995)
Fiscal year: calendar year
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