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| Government Type |
republic |
| Legal System |
based on French civil law system, customary law, and decree; legal codes currently being revised; has not accepted compulsory ICJ jurisdiction |
| Currency |
Guinean franc (GNF) |
| Economic Overview |
Guinea possesses major mineral, hydropower, and agricultural resources, yet remains an underdeveloped nation. The country possesses over 30% of the world's bauxite reserves and is the second-largest bauxite producer. The mining sector accounted for about 75% of exports in 1999. Long-run improvements in government fiscal arrangements, literacy, and the legal framework are needed if the country is to move out of poverty. The government made encouraging progress in budget management in 1997-99, and reform progress was praised in the World Bank/IMF October 2000 assessment. However, fighting along the Sierra Leonean and Liberian borders has caused major economic disruptions. In addition to direct defense costs, the violence has led to a sharp decline in investor confidence. Foreign mining companies have reduced expatriate staff, while panic buying has created food shortages and inflation in local markets. Multilateral aid - including Heavily Indebted Poor Countries (HIPC) debt relief - and single digit inflation permitted moderate 3.7% growth in 2002. Growth should strengthen in 2003 because of a slowly improving security situation and increased investor confidence. |
| Natural Resources |
bauxite, iron ore, diamonds, gold, uranium, hydropower, fish |
| Primary Industries |
bauxite, gold, diamonds; alumina refining; light manufacturing and agricultural processing industries |
| Agricultural Products |
rice, coffee, pineapples, palm kernels, cassava (tapioca), bananas, sweet potatoes; cattle, sheep, goats; timber |
| Import Commodities |
petroleum products, metals, machinery, transport equipment, textiles, grain and other foodstuffs |
| Export Commodities |
bauxite, alumina, gold, diamonds, coffee, fish, agricultural products |
| Export Partners |
Belgium 16.4%, US 10.9%, Spain 10.4%, France 8.8%, Ireland, Russia (2001) |
| AIRPORTS of Guinea |
| Conakry-Gbessia International Airport |
Conakry |
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