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Guinea’s economy expanded by more than 8% in 2017 and is on track to grow by around 6% this year on the back of a rebound in the mining sector, the International Monetary Fund (IMF) said on Wednesday.
Meanwhile, inflation in the West African country – a major producer of the aluminium ore bauxite – quickened to 8.9% last year, the IMF said in a statement following the first review of a three-year programme agreed late last year.
Guinea sought an IMF programme last year, hoping to revive its economy, which had struggled due to low global commodities prices and an Ebola epidemic that peaked in 2014 and killed about 11 300 people in West Africa.
“The Guinean economy is growing at a fast pace, driven by a buoyant mining sector,” Giorgia Albertin, the IMF’s mission chief for Guinea, said.
“Surging mining exports narrowed external imbalances in 2017. The pick-up in foreign-direct investments in the mining sector continued. Foreign exchange reserves strengthened,” he said.
Guinea recorded a deficit of 1.1% of GDP in 2017, the IMF said. Over-budget public investments and revenue shortfalls weakened fiscal performance however.source: Reuters