Economy of Guyana

Mother Earth Travel > Country Index > Guyana > Map Economy History

Economy - overview: Severe drought and political turmoil contributed to Guyana's negative growth of -1.8% for 1998 following six straight years of growth of 5% or better. Growth came back to a positive 1.8% in 1999 and 3% in 2000. Underlying growth factors have included expansion in the key agricultural and mining sectors, a more favorable atmosphere for business initiative, a more realistic exchange rate, a moderate inflation rate, and continued support by international organizations. President JAGDEO, the former finance minister, is taking steps to reform the economy, including drafting an investment code and restructuring the inefficient and unresponsive public sector. Problems include a shortage of skilled labor and a deficient infrastructure. The government must persist in efforts to manage its sizable external debt and attract new investment.

GDP: purchasing power parity - $3.4 billion (2000 est.)
GDP - real growth rate: 3% (2000 est.)
GDP - per capita: purchasing power parity - $4,800 (2000 est.)
GDP - composition by sector:
agriculture: 34.7%
industry: 32.5%
services: 32.8% (1998 est.)
Inflation rate (consumer prices): 5.9% (2000 est.)
Labor force: 245,492 (1992)
Unemployment rate: 12% (1992 est.)
Budget:
revenues: $220.1 million
expenditures: $286.4 million, including capital expenditures of $86.6 million (1998)
Industries: bauxite, sugar, rice milling, timber, fishing (shrimp), textiles, gold mining
Industrial production growth rate: 7.1% (1997 est.)
Electricity - production: 455 million kWh (1999)
Electricity - production by source:
fossil fuel:  98.9%
hydro:  1.1%
nuclear:  0%
other:  0% (1999)
Agriculture - products: sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; forest and fishery potential not exploited
Exports: $570 million (f.o.b., 2000 est.)
Exports - commodities: sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber
Exports - partners: United States 22%, Canada 22%, United Kingdom 18%, Netherlands Antilles 11%, Jamaica (1999)
Imports: $660 million (c.i.f., 2000 est.)
Imports - commodities: manufactures, machinery, petroleum, food
Imports - partners: United States 29%, Trinidad and Tobago 18%, Netherlands Antilles 16%, UK 7%, Japan (1999)
Debt - external: $1.1 billion (2000)
Economic aid - recipient: $84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)
Currency: Guyanese dollar (GYD)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Guyana > Map Economy History