Guinea, the world’s biggest exporter of bauxite, said a 5 percent increase in production of the metal, as well as a rise in output of other commodities, helped the West African nation post a first-half budget surplus.
Bauxite rose to 8.2 million metric tons from 7.8 million tons, while diamond production increased 41 percent to 202,880 carats, according to the Finance Ministry. The fiscal surplus was 81.2 billion Guinea francs ($12 million) compared with a deficit of 1.5 trillion francs a year earlier, the Conakry-based ministry said in a statement handed to reporters today.
Guinea is attempting to restore economic stability after a period of military rule that ended with the November election of President Alpha Conde. The economy may grow 4 percent this year from 1.9 percent in 2010, Budget Minister Mohamed Diare said May 18.
Gold output declined 15 percent to 372,560 ounces in the period, while production of electricity dropped 6.6 percent to 269,372 megawatts, according to the statement.
Cement production rose 29 percent to 195,460 tons, coffee output increased 14 percent to 21,170 tons, palm oil processing was 30 percent higher at 6,370 tons and cocoa production jumped to 22,650 tons from 1,670 tons in the first half of 2010, the ministry said in the statement.
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