Guinea 

Guinea country policy

Policy established 04 April 2011

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Country class: 7

Guinea country facts

Atradius DSB Economic Research
Country Report last updated :  19 March 2007
Country :  GUINEA (CONAKRY) 

Political Situation
Increasing Volatility And Uncertainty

Head of state
President Lansane Conté (Parti de l’Unité et du Progrès, PUP, since 1984, elected in first democratic elections in 1993. Re-elected in 1998 and 2003. 

Form of government
PUP government, prime minister is Lansana Koutaye 
 
Internal Economic Situation
Very Weak

General situation
Strong growth in the mining sector supports economic growth. Investments in the gold mining and new bauxite and aliuminia projects boost the mining sector. However, the non-mining economy is performing poor and is expected to experience a contraction.  Lack of power and water supply in urban areas, poor


External Economic Situation

Solvency And Liquidity Are Weak

Main sources of foreign exchange
Bauxite (70% of total exports), alumina, gold, diamonds, fish and coffee.

Main foreign markets
Russia (15%), South Korea (11%), Spain (10%), Ukraine (8%), US (6%)

Main expenses of foreign exchange
Petroleum products, metals, machinery, transport equipment, textiles, grain and other food.

 
Balance of payments 
Imports are rising strongly due to investments in mining, which will lead to higher current account deficits. Export is being supported by demand for bauxite and gold
External economic situation
Bad. High solvency figures and liquidity is weak. Guinea is donor dependent and aid is suspended.