Economy Of Guyana
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Economy overview
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The Guyanese economy exhibited moderate economic growth in 2001-02, based on expansion in the agricultural and mining sectors, a more favorable atmosphere for business initiatives, a more realistic exchange rate, fairly low inflation, and the continued support of international organizations. Growth then slowed in 2003. 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. The bauxite mining sector should benefit in the near term by restructuring and partial privatization.
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GDP
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purchasing power parity - $2.797 billion (2004 est.)
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GDP - real growth rate
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0.5% (2004 est.)
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GDP - per capita
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purchasing power parity - $4,000 (2004 est.)
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GDP - composition by sector
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agriculture: 37.2%
industry: 22.7%
services: 40.1% (2004 est.)
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Investment gross fixed
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38.5% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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5.7% (2004 est.)
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Labor force
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418,000 (2001 est.)
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Labor force by occupation
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agriculture NA, industry NA, services NA
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Unemployment rate
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9.1% (understated) (2000)
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Budget
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revenues: $263.4 million
expenditures: $326.7 million, including capital expenditures of $93.4 million (2004 est.)
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Public debt
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Agriculture products
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sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish (shrimp)
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Industries
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bauxite, sugar, rice milling, timber, textiles, gold mining
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Industrial production growth rate
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7.1% (1997 est.)
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Electricity production
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852 million kWh (2001)
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Electricity production by source
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fossil fuel: 99.4%
hydro: 0.6%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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792.4 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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11,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-158 million (2004 est.)
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Exports
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$512 million f.o.b. (2004 est.)
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Exports commodities
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sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber
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Exports partners
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Canada 23.2%, US 21.8%, UK 13.5%, Portugal 6.7%, Belgium 6.5%, Jamaica 6.1% (2003)
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Imports
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$612 million f.o.b. (2003 est.)
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Imports commodities
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manufactures, machinery, petroleum, food
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Imports partners
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US 22.6%, Trinidad and Tobago 19.2%, Italy 11.2%, UK 7.2%, Cuba 5.2% (2003)
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Reserves of foreign exchange gold
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$257 million (2004 est.)
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Debt external
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$1.2 billion (2002)
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Economic aid recipient
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$84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997) (2000 est.)
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Currency
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Guyanese dollar (GYD)
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Currency code
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GYD
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Exchange rates
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Guyanese dollars per US dollar - NA (2003), 190.665 (2002), 187.321 (2001), 182.43 (2000), 177.995 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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