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The Economy

Guinea’s economic freedom score is 53.5, making its economy the 133rd freest in the 2014 Index. Its overall score is 2.3 points higher than last year, with notable improvement in half of the 10 economic freedoms including investment freedom, labor freedom, and business freedom. Guinea is ranked 27th out of 46 countries in the Sub-Saharan Africa region, and its overall score is below the world and regional averages.

 

Economic growth was estimated at 2.0% in 2013 (down from 3.9% in 2012), due to political unrest linked to holding parliamentary elections and a drop in mining investment. Growth should increase to 4.2% in 2014, driven by agriculture, construction and better electricity supply.  

 

Guinea's economy is based on the mining sector (26 per cent of GDP, including processing bauxite into alumina) and agriculture (20 per cent), the former providing 95 per cent of export earnings, and the latter the remainder. Exports' share of GDP raised from 34 per cent in 2005 to 41 per cent in 2009, highlighting the strong global demand for bauxite, diamonds and gold, and the weakness of the other sectors in Guinea's economy. In 2011, substantial foreign direct investment (FDI) in the production of alumina and iron ore was planned, together with two port extensions. This investment is for an amount comparable to the country's annual GDP.

 

See Guinea Econ Outlook pdf from the AfDB for more details.

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