Economy - overview:
Guinea is a poor country of approximately 11.7 million people that possesses the world's largest reserves of bauxite and world’s largest untapped high-grade iron ore reserves (Simandou), as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea’s main mineral exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.Following the death of long-term President Lansana CONTE in 2008 and the coup that followed, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs in Guinea. However, the IMF approved a new 3-year Extended Credit Facility (ECF) arrangement in 2012, following the December 2010 presidential elections. In September 2012, Guinea achieved Heavily Indebted Poor Countries (HIPC) completion point status. Future access to international assistance and investment will depend on the government’s ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. In April 2013, the government amended its mining code to reduce taxes and royalties. In 2014, Guinea also complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts and was found to be compliant.The biggest threats to Guinea’s economy are political instability, the continuation of the Ebolavirus epidemic, and low international commodity prices. Rising international donor support and reduced government investment spending will lessen fiscal strains created by the Ebolavirus epidemic, but economic recovery will be a long process while the government continues to fight the disease. The economic toll of Ebolavirus on the Guinean economy is considerable. Ebola stalled promising economic growth in 2014-15, and the economy will continue to stagnate in 2016, unless Ebolavirus is eradicated. Several projects have stalled, such as offshore oil exploration and the giant Simandou iron ore project. The 240 Megawatt Kaleta Dam, which was inaugurated in September 2015, has expanded access to electricity for residents of Conakry. Although the recent political stability has brought renewed interest in Guinea from the private sector, an enduring legacy of corruption, inefficiency, and lack of government transparency, combined with fears of Ebolavirus, continue to undermine Guinea's economic viability.Successive governments have failed to address the country's crumbling infrastructure, which is needed for economic development. Guinea suffers from chronic electricity shortages; poor roads, rail lines and bridges; and a lack of access to clean water continue to plague economic development. The present government, led by President Alpha CONDE, is working to create an economy to attract foreign investment and hopes to have greater participation from western countries and firms in Guinea's economic development.

GDP (purchasing power parity):
$15.28 billion (2015 est.) $15.28 billion (2014 est.) $15.12 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 152
[see also: GDP country ranks ]

GDP (official exchange rate):
$6.733 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0% (2015 est.) 1.1% (2014 est.) 2.3% (2013 est.)
country comparison to the world: 199
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$1,300 (2015 est.) $1,300 (2014 est.) $1,300 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 219
[see also: GDP - per capita country ranks ]

Gross national saving:
-4.2% of GDP (2015 est.) -14.9% of GDP (2014 est.) -3.6% of GDP (2013 est.)
country comparison to the world: 176
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 96.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -42.4% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 19.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 37.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 43.1% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, coffee, pineapples, mangoes, palm kernels, cocoa, cassava (manioc, tapioca), bananas, potatoes, sweet potatoes; cattle, sheep, goats; timber

Industries:
bauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing

Industrial production growth rate:
-2% (2015 est.)
country comparison to the world: 178
[see also: Industrial production growth rate country ranks ]

Labor force:
5.24 million (2015 est.)
country comparison to the world: 76
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 76%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 24% (2006 est.)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
47% (2006 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.3% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.4 (2007) 40.3 (1994)
country comparison to the world: 67
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.546 billion
[see also: Budget revenues country ranks ]
expenditures: $2.104 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
23% of GDP (2015 est.)
country comparison to the world: 137
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.3% of GDP (2015 est.)
country comparison to the world: 199
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.6% (2015 est.) 9.7% (2014 est.)
country comparison to the world: 202
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA% (31 December 2010) 22.25% (31 December 2005)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
23% (31 December 2015 est.) 23% (31 December 2014 est.)
country comparison to the world: 8
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.758 billion (31 December 2015 est.) $1.84 billion (31 December 2014 est.)
country comparison to the world: 134
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.093 billion (31 December 2015 est.) $2.175 billion (31 December 2014 est.)
country comparison to the world: 151
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.005 billion (31 December 2015 est.) $2.226 billion (31 December 2014 est.)
country comparison to the world: 139
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.124 billion (2015 est.) -$1.626 billion (2014 est.)
country comparison to the world: 123
[see also: Current account balance country ranks ]

Exports:
$1.81 billion (2015 est.) $1.763 billion (2014 est.)
country comparison to the world: 144
[see also: Exports country ranks ]

Exports - commodities:
bauxite, gold, diamonds, coffee, fish, agricultural products

Exports - partners:
South Korea 27%, India 20.9%, Spain 6.6%, Ireland 5.1%, Germany 4.4% (2014)

Imports:
$1.94 billion (2015 est.) $2.175 billion (2014 est.)
country comparison to the world: 163
[see also: Imports country ranks ]

Imports - commodities:
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs

Imports - partners:
China 18.4%, Netherlands 6.6%, India 4.3% (2014)

Reserves of foreign exchange and gold:
$302.8 million (31 December 2015 est.) $302.4 million (31 December 2014 est.)
country comparison to the world: 158
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.283 billion (31 December 2014 est.) $1.198 billion (31 December 2013 est.)
country comparison to the world: 159
[see also: Debt - external country ranks ]

Stock of direct foreign investment - abroad:
$67.3 million (31 December 2015 est.) $67.3 million (31 December 2014 est.)
country comparison to the world: 97
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Guinean francs (GNF) per US dollar - 7,305 (2015 est.) 7,014.1 (2014 est.) 7,014.1 (2013 est.) 6,986 (2012 est.) 6,658 (2011 est.)