description: three equal vertical bands of red (hoist side),
yellow, and green; uses the popular pan-African colors of Ethiopia;
similar to the flag of Rwanda, which has a large black letter R
centered in the yellow band

Guinea Economy

Economy - overview: Guinea possesses major mineral, hydropower, and
agricultural resources, yet remains a poor 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, escalating fighting along the Sierra Leonean
and Liberian borders will cause 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. Real GDP growth is
expected to fall to 2% in 2001.

GDP: purchasing power parity - $10 billion (2000 est.)

GDP - real growth rate: 5% (2000 est.)

GDP - per capita: purchasing power parity - $1,300 (2000 est.)

GDP - composition by sector: agriculture: 22.3%

industry: 35.3%

services: 42.4% (1998 est.)

Population below poverty line: 40% (1994 est.)

Household income or consumption by percentage share: lowest 10%:
2.6%

highest 10%: 32% (1994)

Inflation rate (consumer prices): 6% (2000 est.)

Labor force: 3 million (1999)

Labor force - by occupation: agriculture 80%, industry and services
20% (2000 est.)

Unemployment rate: NA%

Budget: revenues: $NA

expenditures: $417.7 million, including capital expenditures of $NA
million (2000 est.)

Industries: bauxite, gold, diamonds; alumina refining; light
manufacturing and agricultural processing industries

Industrial production growth rate: 3.2% (1994)

Electricity - production: 750 million kWh (1999)

Electricity - production by source: fossil fuel: 46.67%

hydro: 53.33%

nuclear: 0%

other: 0% (1999)

Electricity - consumption: 697.5 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products