Economy of Guinea

Economy of Guinea
CurrencyFranc (GNF)
Calendar year
Trade organisations
AU, WTO
Statistics
GDP
  • Increase $23.33 billion (nominal, 2023)[1]
  • Increase $30.864 billion (PPP, 2018)[1]
GDP growth
  • 10.0% (2017) 5.8% (2018)
  • 5.9% (2019e) 6.0% (2020f)[2]
GDP per capita
  • Increase $1910 (nominal, 2018 est.)[1]
  • Increase $2,322 (PPP, 2018 est.)[1]
9.826% (2018)[1]
  • Decrease 0.465 low (2021)[3] (182nd)
  • Decrease 0.299 low IHDI (2021)[4]
All values, unless otherwise stated, are in US dollars.

The economy of Guinea is dependent largely on agriculture and other rural activities.[5] Guinea is richly endowed with good minerals, possessing an estimated quarter of the world's proven reserves of bauxite,[6] more than 1.8 billion tonnes (2.0 billion short tons) of high-grade iron ore, significant diamond and gold deposits, and undetermined quantities of uranium. In 2021, Guinea was the world's biggest exporter of Aluminium Ore ($3.2B/ Gold $5.5B) 2021 trade surplus was $4.3B.

Guinea also has considerable potential for growth in the agricultural and fishing sectors. Land, water, and climatic conditions provide opportunities for large-scale irrigated farming and agroindustry. Remittances from Guineans living and working abroad and coffee exports account for the rest of Guinea's foreign exchanges industry.

  1. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 22 January 2020.
  2. ^ "Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Retrieved 22 January 2020.
  3. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 22 November 2022.
  4. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 22 November 2022.
  5. ^ "Guinea". Retrieved 27 October 2019.
  6. ^ "Bauxite and alumina" (PDF), Mineral Resources Program, U.S. Geological Survey, January 2009, archived (PDF) from the original on 9 May 2009