Guyana Economy:
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 and came back gradually in 2004, buoyed largely by increased export earnings. 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 from restructuring and partial privatization.
GDP (purchasing power parity):
$2.9 billion (2004 est.)
GDP — real growth rate:
1.9% (2004 est.)
GDP — per capita:
purchasing power parity: $3,800 (2004 est.)
GDP — composition by sector:
agriculture: 38.3%
industry: 19.9%
services: 41.8%
(2004)
Labor force:
418,000 (2001 est.)
Labor force — by occupation:
services: NA, agriculture: NA, industry: NA
Unemployment rate:
9.1% understated (2000 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
4.5% (2004 est.)
Investment (gross fixed):
34.5% of GDP (2004 est.)
Budget:
revenues: $287.6 million (2004 est.)
expenditures: $371.6 million including capital expenditures of $93.4 million (2004 est.)
Agriculture — products:
Sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish, shrimp
Industries:
bauxite, sugar, rice milling, timber, textiles, gold mining
Industrial production growth rate:
7.1% (1997 est.)
Electricity — production:
808 million kWh (2002 est.)
Electricity — consumption:
751.4 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
11,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Current account balance:
$-129.4 million (2004 est.)
Exports:
$570.2 million (f.o.b. 2004 est.)
Exports — commodities:
sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber
Exports — partners:
Canada 23.2%, US 19.2%, UK 10.9%, Portugal 9%, Belgium 6.4%, Jamaica 5.2% (2004)
Imports:
$650.1 million (f.o.b. 2004 est.)
Imports — commodities:
manufactures, machinery, petroleum, food
Imports — partners:
US 24.5%, Cuba 6.8%, Trinidad and Tobago 24.8%, UK 5.4% (2004)
Reserves of foreign exchange and gold:
$280.6 million (2004 est.)
Debt — external:
$1.2 billion (2002 est.)
Economic aid — recipient:
$84 million Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997) (1995 est.)
Currency:
Guyanese dollar (GYD)
Exchange rates:
Guyanese dollars per US$: 198.33 (2004 est.), 193.88 (2003 est.), 190.67 (2002 est.), 187.32 (2001 est.), 182.43 (2000 est.)
Fiscal year:
calendar year
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