| Economy | Guyana |
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Economy - overview:
|
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. Economic recovery since the 2005 flood-related contraction has been buoyed by increases in remittances and foreign direct investment in the sugar and rice industries as well as the mining sector. The bauxite mining sector should benefit in the near term from restructuring and partial privatization, and the state-owned sugar industry will conduct efficiency increasing modernizations. Export earnings from agriculture and mining have remained flat as rising commodity prices have offset declining production, while the import bill has risen, driven by higher energy costs. 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. 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. |
GDP (purchasing power parity):
|
$3.01 billion (2008 est.)
$2.878 billion (2007)
$2.733 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$3,900 (2008 est.)
$3,700 (2007 est.)
$3,600 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$1.134 billion (2008 est.) |
GDP - real growth rate:
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3.2% (2008 est.)
5.3% (2007 est.)
5.1% (2006 est.) |
GDP - composition by sector:
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agriculture: 31.9%
industry: 21%
services: 47.2% (2008 est.) |
Investment (gross fixed):
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40.5% of GDP (2008 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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7.8% (2008 est.) |
Central bank discount rate:
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6.5% (31 December 2007) |
Commercial bank prime lending rate:
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14.61% (31 December 2007) |
Stock of money:
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$315.2 million (31 December 2007) |
Stock of money - per capita:
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409 USD per capita |
Stock of quasi money:
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$728.8 million (31 December 2007) |
Stock of quasi money - per capita:
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944 USD per capita |
Stock of domestic credit:
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$739.3 million (31 December 2007) |
Stock of domestic credit - per capita:
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958 USD per capita |
Labor force:
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418,000 (2001 est.) |
Labor force participation rate:
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54.12 % of population |
Labor force - by occupation:
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agriculture: NA%
industry: NA%
services: NA% |
Unemployment rate:
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11% (2007) |
Budget:
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revenues: $463.7 million
expenditures: $536 million (2008 est.) |
Budget revenues per capita:
|
601 USD per capita |
Public debt:
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void |
Industries:
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bauxite, sugar, rice milling, timber, textiles, gold mining |
Industrial production growth rate:
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1% (2008 est.) |
Electricity - production:
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600 million kWh (2007) |
Electricity - production per capita:
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777 kWh per capita |
Electricity - consumption:
|
600 million kWh (2007) |
Electricity - consumption - per capita:
|
777 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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10,440 bbl/day (2006 est.) |
Oil - consumption - per capita:
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4.93 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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10,960 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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sugarcane, rice, shrimp, fish, edible oils; beef, pork, poultry |
Current account balance:
|
-$246 million (2008 est.) |
Current account balance - per capita:
|
-318 USD per capita |
Exports:
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$736.9 million f.o.b. (2008 est.) |
Exports per capita:
|
955 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 18.7%, US 16.5%, UK 9.1%, Portugal 7.6%, Trinidad and Tobago 5.2%, France 4.7%, Netherlands 4.6%, Jamaica 4% (2007) |
Imports:
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$1.162 billion f.o.b. (2008 est.) |
Imports per capita:
|
1,505 USD per capita |
Imports - commodities:
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manufactures, machinery, petroleum, food |
Imports - partners:
|
Trinidad and Tobago 26.2%, US 20.5%, Cuba 7.2%, China 7.1%, UK 5.4% (2007) |
Reserves of foreign exchange and gold:
|
$309.7 million (30 September 2008) |
Reserves of foreign exchange and gold - per capita:
|
402 USD per capita |
Debt - external:
|
$804.3 million (30 September 2008) |
Debt - external - per capita:
|
1,042 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:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$262.4 million (31 December 2007) |
Market value of publicly traded shares - per capita:
|
340 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$136.8 million (2005) |
Economic aid - recipient per capita:
|
178 USD per capita |
Currency (code):
|
Guyanese dollar (GYD) |
Exchange rates:
|
Guyanese dollars (GYD) per US dollar - 203.86 (2008 est.), 201.89 (2007), 200.28 (2006), 200.79 (2005), 198.31 (2004) |
Fiscal year:
|
calendar year |
|
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