BARRY
chancery: 2112 Leroy Place NW, Washington, DC 20008
telephone: [1] (202) 986-4300
FAX: [1] (202) 478-3010

Diplomatic representation from the US:
chief of mission: Ambassador Jackson MCDONALD
embassy: Rue Ka 038, Conakry
mailing address: B. P. 603, Conakry
telephone: [224] 41 15 20, 41 15 21, 41 15 23
FAX: [224] 41 15 22

Flag description:
three equal vertical bands of red (hoist side), yellow, and green;
uses the popular pan-African colors of Ethiopia

Economy Guinea

Economy - 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. Fighting along the Sierra
Leonean and Liberian borders, as well as refugee movements, have
caused major economic disruptions, aggravating a loss in investor
confidence. Foreign mining companies have reduced expatriate staff.
Panic buying has created food shortages and inflation and caused
riots in local markets. Guinea is not receiving multilateral aid.
The IMF and World Bank cut off most assistance in 2003. Growth rose
slightly in 2004, primarily due to increases in global demand and
commodity prices on world markets.

GDP (purchasing power parity):
$19.5 billion (2004 est.)

GDP - real growth rate:
1% (2004 est.)

GDP - per capita:
purchasing power parity - $2,100 (2004 est.)

GDP - composition by sector:
agriculture: 25%
industry: 38.2%
services: 36.8% (2004 est.)

Labor force:
3 million (1999)

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

Unemployment rate:
NA (2002 est.)

Population below poverty line:
40% (2003 est.)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 32% (1994)

Distribution of family income - Gini index:
40.3 (1994)

Inflation rate (consumer prices):
18% (2004 est.)

Investment (gross fixed):
21% of GDP (2004 est.)

Budget:
revenues: $382.7 million
expenditures: $711.4 million, including capital expenditures of NA
(2004 est.)

Agriculture - products:
rice, coffee, pineapples, palm kernels