| Economy | Guyana |
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Economy - overview:
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The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the country's export market, primarily in the raw materials sector. Economic recovery since a 2005 flood-related contraction was buoyed by increases in remittances and foreign direct investment in the sugar and rice industries as well as the mining sector. Chronic problems include a shortage of skilled labor and a deficient infrastructure. The government is juggling a sizable external debt against the urgent need for expanded public investment. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to nearly 48% of GDP, which along with other Highly Indebted Poor Country (HIPC) debt forgiveness brought the debt-to-GDP ratio down from 183% in 2006 to 120% in 2007. Guyana became heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Growth slowed in 2009 as a result of the world recession, but picked up in 2010-11. The slowdown in the domestic economy and lower import costs helped to narrow the country's current account deficit, despite generally lower earnings from exports. |
GDP (purchasing power parity):
|
$5.814 billion (2011 est.)
$5.508 billion (2010 est.)
$5.304 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$7,500 (2011 est.)
$7,200 (2010 est.)
$6,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$2.5 billion (2011 est.) |
GDP - real growth rate:
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5.3% (2011 est.)
4.4% (2010 est.)
3.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 24.2%
industry: 24%
services: 51.8% (2011 est.) |
Investment (gross fixed):
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30.3% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 1.3%
highest 10%: 33.8% (1999) |
Distribution of family income - Gini index:
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43.2 (1999) |
Inflation rate (consumer prices):
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2.5% (2011 est.)
4.5% (2010 est.) |
Central bank discount rate:
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4.25% (31 December 2010 est.)
6.75% (31 December 2009 est.) |
Commercial bank prime lending rate:
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14.4% (31 December 2011 est.)
14.54% (31 December 2010 est.) |
Stock of money:
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$344.2 million (31 December 2008)
$315.2 million (31 December 2007) |
Stock of money - per capita:
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463 USD per capita |
Stock of quasi money:
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$817.6 million (31 December 2008)
$728.8 million (31 December 2007) |
Stock of quasi money - per capita:
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1,098 USD per capita |
Stock of domestic credit:
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$957.9 million (31 December 2011 est.)
$921.7 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,287 USD per capita |
Stock of narrow money:
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$409.5 million (31 December 2011 est.)
$397.2 million (31 December 2010 est.) |
Stock of broad money:
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$1.498 billion (31 December 2010 est.)
$1.296 billion (31 December 2009 est.) |
Labor force:
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333,900 (2007 est.) |
Labor force participation rate:
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44.83 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
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11% (2007) |
Unemployment, youth ages 15-24:
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total: 24.1%
male: 20.6%
female: 31.3% (2002) |
Budget:
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revenues: $633.6 million
expenditures: $698.4 million (2011 est.) |
Budget revenues per capita:
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851 USD per capita |
Taxes and other revenues:
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25.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.6% of GDP (2011 est.) |
Public debt:
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57% of GDP (2010 est.) |
Industries:
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bauxite, sugar, rice milling, timber, textiles, gold mining |
Industrial production growth rate:
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2.5% (2010 est.) |
Electricity - production:
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820 million kWh (2008 est.) |
Electricity - production per capita:
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1,102 kWh per capita |
Electricity - consumption:
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688 million kWh (2008 est.) |
Electricity - consumption - per capita:
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924 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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10,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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4.90 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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10,480 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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sugarcane, rice, edible oils; shrimp, fish, beef, pork, poultry |
Current account balance:
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-$297.2 million (2011 est.)
-$255.3 million (2010 est.) |
Current account balance - per capita:
|
-399 USD per capita |
Exports:
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$1.059 billion (2011 est.)
$882.7 million (2010 est.) |
Exports per capita:
|
1,422 USD per capita |
Exports - commodities:
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sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber |
Exports - partners:
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Canada 24.6%, US 24.6%, Ukraine 6%, Netherlands 4.9%, Trinidad and Tobago 4.6%, Portugal 4.5%, Jamaica 4.5%, UK 4.1% (2010) |
Imports:
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$1.601 billion (2011 est.)
$1.386 billion (2010 est.) |
Imports per capita:
|
2,150 USD per capita |
Imports - commodities:
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manufactures, machinery, petroleum, food |
Imports - partners:
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Trinidad and Tobago 24.2%, US 23.1%, Cuba 6.7%, China 6.7%, South Korea 4.1% (2010) |
Reserves of foreign exchange and gold:
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$859 million (31 December 2011 est.)
$782.1 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,154 USD per capita |
Debt - external:
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$804.3 million (30 September 2008)
$1.2 billion (2002) |
Debt - external - per capita:
|
1,080 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$339.8 million (31 December 2010)
$287 million (31 December 2009)
$289.9 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
457 USD per capita |
Currency (code):
|
Guyanese dollar (GYD) |
Exchange rates:
|
Guyanese dollars (GYD) per US dollar -
203.9 (2011 est.)
203.64 (2010 est.)
203.95 (2009)
203.86 (2008)
201.89 (2007) |
Fiscal year:
|
calendar year |
|
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