Short facts about the economy in Guyana
| 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.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
5.9% (2000
est.) |
| Labor
force: |
245,492
(1992) |
| Labor force
- by occupation: |
agriculture NA%, industry NA%, services
NA% |
| 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) |
| Electricity
- consumption: |
423.2 million kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(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: |
US 22%, Canada 22%, UK 18%, Netherlands
Antilles 11%, Jamaica (1999) |
| Imports: |
$660 million (c.i.f., 2000
est.) |
| Imports -
commodities: |
manufactures, machinery, petroleum,
food |
| Imports -
partners: |
US 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) |
| Exchange
rates: |
Guyanese dollars per US dollar - 184.1
(November 2000), 182.2 (2000), 178.0 (1999), 150.5 (1998), 142.4 (1997), 140.4
(1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
