Economy of Guinea

Gross Domestic Product 2012

GDP (purchasing power parity): $18.45 billion

GDP real growth rate: 7.7%

GDP per capita (PPP): $2,700

GDP composition by sector

Agriculture: 27.9%

Industry: 38.5%

Services: 33.6%

Inflation: 27%

Currency: Guinean franc (GNF)

Business Languages

The commercial languages include the following

French

Pular

Transport

The key means of transport in Guinea include; Railways which covers 1,086 kilometres, road transport that covers 30,500 kilometres, 1,295 kilometres of navigable water and the sea connecting to Boké and 10 airports in the country.

Energy

The three primary energy sources that make up the energy mix in Guinea are biomass, oil and hydropower. With 78% biomass (mostly charcoal) has the largest contribution in primary energy consumption in Guinea. Guinea imports all petroleum products and the installed capacity for the production of electric power in Guinea is 226.8 Megawatts.

Challenges in Guinea

  • Low literacy rate
  • Legal challenges in the country
  • Influx of refugees has slowed progress of the country because the refugees deplete the economy
  • Border incursions from Revolutionary United Front combatants from Sierra Leone
  • Poor infrastructures
  • High rate of poverty in the country

About The Author

John Muhaise-Bikalemesa (JMB), is the founder of Muhaise.com blog and bigdrumassociates.com company. Learn more about him here and connect with him on his social medias below

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