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Guinea Guinea

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Guinea – Quick View
ECR score28.31 (Mar 2011)
ECR rank143 (Mar 2011)
Economic
GDP 2010USD 4.54 billion
GNI per capita PPP 2010USD 953
FDI inflowUSD 49.82 million
Inflation 20119.3%
Central Bank Assets 2011USD 0.05 million
Unemployment rate 2011NA
Government deficit 2011USD 0.15 billion
Tax revenue 2008USD 0.66 billion
Political
Government typeDemocratic Republic
Recent political crisisNA
Economic freedom score137th
Freedom of information score113th
Corruption perception index 2010164th
Structural
Crude Birth rate 200939 (per '000)
Population BalanceUnder 14 - 42.8%
Population BalanceMen over 60 - 4.6%
Population BalanceWomen over 60 – 5.7%
Life expectancy yearsMale - 56 years
Life expectancy yearsFemale - 60 years
Mortality rate (2009)11 (per '000)
Literacy rate 201029.5%
Internet access 20100.9%

[Top] Economic Overview

Guinea’s economy is primarily dependent on agriculture.

(Source: Heritage.org)

Gross domestic product (GDP)

Guinea’s GDP experienced a steady increase from 2005 to 2009. In 2010, GDP was estimated to reach GNF 25,390.31 billion.

Guinea GDP at current prices

e = estimated

(Sources: Central Bank)

GDP growth rate

In 2005, GDP growth rate was registered at 3%, declining 1.8% from 2007. However, in 2011, it was projected to reach 5%.

Guinea GDP growth rate

p = projected

(Source: National Statistics)

Gross National Income (GNI) at Purchasing Power Parity (PPP)

Guinea’s GNI at PPP showed growth from 1995 to 2010.

Guinea GNI at PPP

(Source: undp.org, page: 4)

Inflation

Guinea’s inflation rate has recorded fluctuating movement from 2005 to 2010. Furthermore in 2011, inflation was estimated to reach 9.3%.

Guinea Inflation Rate

e = estimated

(Sources: National Statistics)

Income tax rate

In Guinea, income tax on individual incomes is taxed progressively at 54.6%.

(Source: Doing Business.org)

Corporate tax

Standard corporate tax in Guinea is 35%.

Tax contribution

Total tax rate (%)

Corporate income tax

14.4

Social security tax

14.3

Property tax

9.8

Payment "forfaitaire" on salary

6.8

IMF minimum forfaitaire tax

5

Apprenticeship tax

3.4

Vehicle tax

0.3

Fuel tax

0.3

Tax on insurance contracts

0.3

Tax on interest

0.1

Vehicle tax

0.17

(Source: Doing Business.org)

Foreign Direct Investment (FDI)

FDI inflow showed a steady rise from 2005 to 2009. In 2009, FDI inflow in Guinea amounted to USD 49.82 million. 

Guinea FDI

(Source: Worldbank.org)

Central bank assets

‘Banque Centrale de la République de Guinée’ (BCRG) is the regulatory authority of the country’s monetary sector. From 2005 to 2007, the bank’s gross foreign assets showed a steady decline. As of 2011, gross external assets were projected to be GNF 392.50 million.

Guinea Bank Sector Assets

p = projected

(Source: National Statistics)

[Top] Financial Indicators & Government Financial

Consumer price index (CPI)

CPI in Guinea registered a steady increase from 2008 to 2011.

Guinea Consumer Price Index

(Source: National Statistics)                

Interest rate

 

2009

2008

Savings interest rates

9%

25.25%

(Source: Central Bank)

Guinea’s savings deposit Interest rate fell from 25.25% in 2008 to 9% in 2009.

Money supply

From 2005 to 2009, Guinea’s money supply showed consistent growth. In 2011, money supply was projected to reach GNF 6,825.80 billion.

Guinea Money Supply

p = projected

(Source: National Statistics)

Official exchange rate

Guinea’s exchange rate experienced fluctuations from 3,640.0 in 2005 to 4,773.5 in 2009. Guinea Exchange Rate

(Source: Central Bank)

Government financial well-being

Fiscal balance

From 2005 to 2009, Guinea’s fiscal balance only witnessed surplus in 2007. For 2011, fiscal deficit was projected to reach GNF 1,123.57 billion.

Guinea Fiscal Balance

p = projected

(Source: National Statistics)

Total evenue

The country's revenue witnessed growth from 2005 to 2009. Furthermore, in 2010 and 2011 revenue is projected to reach GNF 4,794.84 billion and GNF 5,965.09 billion respectively.

Guinea Total Revenue

p = projected

(Source: National Statistics)

Tax revenue

Guinea’s tax revenue witnessed a steady rise from 2004 to 2008. In 2008, tax revenue was registered at GNF 3,053.00 billion.

Guinea Tax Revenue

(Source: National Statistics)

Total expenditure

The country's expenditure recorded an overall rise from 2005 to 2010. As of 2011, expenditure was projected to be GNF 7,088.66 billion.

 

Guinea Total Expenditure

 

p = projected

(Source: National Statistics)

Public debt levels

 

Guinea Public debt

p = projected

(Source: National Statistics)

Guinea’s outstanding debt declined steadily from 2005 to 2009. In 2011, debt level was recorded at USD 2,904.0 million.

Total grants

Guinea Grants

 

p = projected

(Source: National Statistics)

In 2005, total grants received amounted to GNF 74.9 billion. Grants have showed fluctuations in the period  between 2005 and 2009. Aditonally, in 2011, the amount was projected to be GNF 291.33 billion.

Current account balance

Guinea fluctuated in current account balance from 2005 to 2009. As of 2011, current account surplus is projected to amount to USD 186.32 million.

 

Guinea Current Account Balance

 p = projected

(Source: National Statistics)

Balance of payments

Guinea’s balance of payments registered deficit from 2005 to 2008. In 2011, the balance was projected to reach surplus of USD 190.72 million.

Guinea Balance of Payments

 

 p = projected

(Source: National Statistics)

[Top] Labour Force and Employment Overview

About 80% of Guinea’s labour force is employed in the agriculture sector.

(Source: Winne)

Minimum wage

The Government of Guinea has not set any standard minimum wage.

(Source: Minimum Wage)

Unemployment rate

The country’s unemployment rate is approximately 60%.

 (Source: Nigerian Newspaper)

Level of unionisation

‘National Organisation of Free Trade Unions in Guinea’ is the national representative of workers in Guinea.             

Strikes are permitted under the country’s labour code.

(Source: ituc-csi, bbc)

[Top] Political Stability

Guinea is a democratic republic. Thus, political authority remains within the presidency, military and patronage networks.

In 2010, the country held its first democratic Presidential elections, and Alpha Conde was elected the President of the Republic of Guinea.

Guinea has a multi-party system:

  • Party for Unity and Progress (PUP)
  • Union for Progress and Renewal (UPR)
  • Union of Democratic Forces of Guinea (UFDG)
  • Union for Progress of Guinea (UPAGE)
  • Union of Republican Forces (UFR)

 (Source: bbc,Etat)                                                                                        

Regulatory environment

Guinea Economic Freedom Indices

(Source: Heritage.org)

Guinea stands 137th on the 2011 Index of Economic Freedom with a score of 51.7. The country is ranked 28th amongst 46 countries of the Sub-Saharan Africa region.

(Source: Heritage.org)

Freedom of information

In 2010, Guinea was ranked 113th on the Press Freedom Index, which contains countries with scores ranging from zero, implying most freedom, to about 105. Guinea scores 33.50 points on this index, indicating high regulations on the media.

(Source: rsf.org)

Corruption

The Corruption Perceptions Index (CPI) is a survey that measures the perceived level of corruption across countries worldwide. Guinea is ranked 164th out of 178 countries in the 2010 index, indicating that it is a highly corrupt country.

(Sources: Transparency.org)

Newspapers

  •    La Nouvelle Tribune
  •    Le Diplomate
  •    L'Enqueteur
  •    L'Observateur
  •    Le Populaire

 (Source: BBC News)

Judicial System

Guinea’s judicial system is based on the French legal structure, hence independence of judiciary is legally guaranteed.

The highest authority of the legal system’s hierarchy is the Supreme Court, which is responsible for the highest level of appeals. Alternatively, legal powers at regional levels are executed through tribunals and courts.

(Source: Etat)

[Top] Demographic Overview

 Population

Guinea Population

(Source: imf.org) e = estimate

Guinea’s population has annually increased from 2005 to 2010, from 92 million in 2005 to 10.33 million in 2010.

Urbanisation

35.4% of Guinea’s population is classified as urban.             

(Source: undp, page: 182) 

Population balance

In 2009, population below 14 years of age constituted 42.8%, and that above 60 years of age made up 4.6% of the total population.

Migration

The international migrant stock, till mid 2010, was recorded at 394,600 people, or 3.8% of the population.

(Source: un.org)

Gender ratio

The country’s gender ratio was 104.4 men per 100 women in 2010.

(Source: undp, page: 182) 

Life expectancy

In 2010, average life expectancy in Guinea was 58.9 years, with a median age of about 18.5 years.

(Source: undp) 

Under-5 mortality rate

In 2008, under-5 mortality was registered at 146 (per 1000 live births).

(Source: undp)

Crude birth rate

In 2009, the crude birth rate was registered at 39 (per 1000 live births).   

(Source: unicef.org)

Ethnic groups

There are three main ethnic groups in Guinea namely: Peuhl, Malinke and Soussou.

(Source: State.gov)

Human development index (HDI)

The country is ranked 156th on United Nation’s Human Development Index, thus falling to the category of ‘Low Human Development.’ HDI integrates a country’s life expectancy, schooling and income.

(Source: undp)

[Top] Soft Infrastructure

Education

In 2010, Guinea’s literacy rate was registered at 29.5%.

(Source: undp.org)

Municipal directorates co-ordinate educational activities at local and regional levels.

Primary education is compulsory in Guinea and lasts for six years. Secondary education consists of two stages spanning over seven years. The majority of funding is derived from government resources.

(Source: ibe.unesco)

Health  

The 'Ministry of Health and Population’ is the governing body of Guinea’s health sector. It aims at improving administration of the national health system and increasing availability of adequate healthcare services to people. However, lack of funds and rising population hinder equal accessibility of health services. Appropriate health services are inaccessible to about 73% of population.

(Source: Guinea Development Foundation.org)

A rising number of cases of polio and measles have been reported in the country. Guinea’s government, in partnership with UNICEF, has initiated new health care programmes such as improved ambulance services and a mutual health insurance system.

(Source: unicef.org)

[Top] Hard Infrastructure

Roads

In 2009, the country’s total road length was 6,758 km.

(Source: National Statistics)

Railways                                                                            

Guinea’s national railway line measures 662 km, and is primarily utilized for transportation of bauxite to the coast. 

(Source: Bell Zone)

Sea ports

There are two sea ports in Guinea, namely, Conakry and Kamsar.

(Sources: World Port Source)

Airways

There are 14 airports in the country, the 5 major airports are:

Airport

Runway Length (ft.)

Conakry

10,800

Faranah

7,500

Fria

5,200

Kankan

8,800

Labe

6,500

(Sources: Aircraft World Charter)

Telecommunication

Telephone lines

Guinea Fixed Telephone Subscribers

(Source: itu.int)

In 2009, the number of fixed telephone line users in Guinea was 22,000.

Mobile cellular subscriptions

Guinea Mobile Subscribers

(Source: itu.int)

Guinea’s mobile subscriptions witnessed a steady rise from 2007 to 2009.

Approximately 95,000 out of 10,324,025 people, or 0.9 %of the population, used the Internet in 2010. Marking an increase from 2000 of 1,087.5%.

(Sources: Internet World Stats)

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