| 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 |