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World > South America > Guyana > Economy (Facts)

Guyana - Economy (Facts)
Economy - overview: 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. 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 Inter-American Development Bank in November 2006 canceled Guyana's nearly $400 million debt with the Bank. The bauxite mining sector should benefit in the near term from restructuring and partial privatization. Export earnings from agriculture and mining have fallen sharply, while the import bill has risen, driven by higher energy prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 will broaden the country's export market, primarily in the raw materials sector.
GDP - real growth rate: 4.5% (2006 est.)
GDP (purchasing power parity): $3.711 billion (2006 est.)
GDP (official exchange rate): $836.7 million (2006 est.)
GDP - per capita (PPP): $4,800 (2006 est.)
GDP - composition by sector: agriculture: 35.5%
industry: 19.3%
services: 45.2% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 6% (2006 est.)
Labor force: 418,000 (2001 est.)
Labor force - by occupation: agriculture: NA
industry: NA
services: NA
Unemployment rate: 9.1% (understated) (2000)
Budget: revenues: $359.9 million
expenditures: $430.3 million; including capital expenditures of $93.4 million (2006 est.)
Industries: bauxite, sugar, rice milling, timber, textiles, gold mining
Industrial production growth rate: NA
Electricity - production: 818.8 million kWh (2004)
Electricity - consumption: 761.5 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 11,200 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: sugarcane, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish, shrimp
Exports: $621.6 million f.o.b. (2006 est.)
Exports - commodities: sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber
Exports - partners: US 18.7%, Canada 16.3%, UK 8.6%, Portugal 6.5%, Jamaica 6.1%, Trinidad and Tobago 4.9%, Netherlands 4.3%, Belgium 4.3% (2006)
Imports: $706.9 million f.o.b. (2006 est.)
Imports - commodities: manufactures, machinery, petroleum, food
Imports - partners: Trinidad and Tobago 23%, US 21.3%, China 9.7%, Cuba 6.3%, UK 4.5% (2006)
Debt - external: $1.2 billion (2002)
Economic aid - recipient: $84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)
Currency: Guyanan Dollar (GYD)
Currency code: GYD
Exchange rates: Guyanese dollars per US dollar - 200.28 (2006), 200.79 (2005), 198.31 (2004), 193.88 (2003), 190.67 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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