The 2008 CIA World Factbook. United States. Central Intelligence Agency

been sapped by rampant corruption, a lack of electricity and other infrastructure, a lack of skilled workers, and the political uncertainty due to the failing health of President Lansana CONTE. Guinea is trying to reengage with the IMF and World Bank, which cut off most assistance in 2003, and is working closely with technical advisors from the U.S. Treasury Department, the World Bank and IMF, seeking to return to a fully funded program. Growth rose slightly in 2006–07, 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):

      $10.96 billion (2007 est.)

      GDP (official exchange rate):

      $4.714 billion (2007 est.)

      GDP - real growth rate:

      1.5% (2007 est.)

      GDP - per capita (PPP):

      $1,100 (2007 est.)

      GDP - composition by sector:

      agriculture: 23.8% industry: 38.6% services: 37.6% (2007 est.)

      Labor force:

      3.7 million (2006 est.)

      Labor force - by occupation:

      agriculture: 76% industry and services: 24% (2006 est.)

      Unemployment rate:

      NA%

      Population below poverty line:

      47% (2006 est.)

      Household income or consumption by percentage share:

      lowest 10%: 1.9% highest 10%: 41% (2006)

      Distribution of family income - Gini index:

      38.1 (2006)

      Investment (gross fixed):

      11.3% of GDP (2007 est.)

      Budget:

      revenues: $347.1 million expenditures: $742.7 million (2007 est.)

      Fiscal year:

      calendar year

      Inflation rate (consumer prices):

      23.4% (2007 est.)

      Central bank discount rate:

      22.25% (31 December 2005)

      Commercial bank prime lending rate:

      NA (31 December 2007)

      Stock of money:

      $309.8 million (31 December 2005)

      Stock of quasi money:

      NA (31 December 2007)

      Stock of domestic credit:

      $422.1 million (31 December 2005)

      Agriculture - products:

      rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber

      Industries:

      bauxite, gold, diamonds, iron; alumina refining; light manufacturing, and agricultural processing

      Industrial production growth rate:

      7.6% (2007 est.)

      Electricity - production:

      800 million kWh note: excludes electricity generated at interior mining sites (2006 est.)

      Electricity - consumption:

      744 million kWh (2006 est.)

      Electricity - exports:

      0 kWh (2007 est.)

      Electricity - imports:

      0 kWh (2007 est.)

      Electricity - production by source:

      fossil fuel: 45.5% hydro: 54.5% nuclear: 0% other: 0% (2001)

      Oil - production:

      0 bbl/day (2007 est.)

      Oil - consumption:

      8,559 bbl/day (2006 est.)

      Oil - exports:

      0 bbl/day (2005)

      Oil - imports:

      8,811 bbl/day (2005)

      Oil - proved reserves:

      0 bbl (1 January 2006 est.)

      Natural gas - production:

      0 cu m (2007 est.)

      Natural gas - consumption:

      0 cu m (2007 est.)

      Natural gas - exports:

      0 cu m (2007 est.)

      Natural gas - imports:

      0 cu m (2007 est.)

      Natural gas - proved reserves:

      0 cu m (1 January 2006 est.)

      Current account balance:

      -$424 million (2007 est.)

      Exports:

      $1.128 billion f.o.b. (2007 est.)

      Exports - commodities:

      bauxite, alumina, gold, diamonds, coffee, fish, agricultural products

      Exports - partners:

      Russia 10.8%, Ukraine 9.6%, Spain 8.8%, US 7.5%, Germany 7.4%, South

       Korea 7.2%, France 7%, Ireland 5.5%, China 5% (2007)

      Imports:

      $1.202 billion f.o.b. (2007 est.)

      Imports - commodities:

      petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs

      Imports - partners:

      China 10%, France 7%, Netherlands 6.3% (2007)

      Economic aid - recipient:

      $182.1 million (2005)

      Reserves of foreign exchange and gold:

      $119 million (31 December 2007 est.)

      Debt - external:

      $3.351 billion (31 December 2007 est.)

      Market value of publicly traded shares:

      $NA

      Currency (code):

      Guinean franc (GNF)

      Currency code:

      GNF

      Exchange rates:

      Guinean francs (GNF) per US dollar - 4,122.8 (2007), 5,350 (2006), 3,644.3 (2005), 2,225 (2004), 1,984.9 (2003)

      Communications

       Guinea

      Telephones - main lines in use:

      26,300 (2005)

      Telephones - mobile cellular:

      189,000 (2005)

      Telephone system:

      general assessment: inadequate system of open-wire lines, small radiotelephone communication stations, and new microwave radio relay system domestic: Conakry reasonably well served; coverage elsewhere remains inadequate