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Guyana vs. Brazil

Economy

GuyanaBrazil
Economy - overview

The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana closed or consolidated several sugar estates in 2017, reducing production of sugar to a forecasted 147,000 tons in 2018, less than half of 2017 production. Much of Guyana's growth in recent years has come from a surge in gold production. With a record-breaking 700,000 ounces of gold produced in 2016, Gold production in Guyana has offset the economic effects of declining sugar production. In January 2018, estimated 3.2 billion barrels of oil were found offshore and Guyana is scheduled to become a petroleum producer by March 2020.

Guyana's entrance into the Caricom Single Market and Economy in January 2006 broadened the country's export market, primarily in the raw materials sector. Guyana has experienced positive growth almost every year over the past decade. Inflation has been kept under control. Recent years have seen the government's stock of debt reduced significantly - with external debt now less than half of what it was in the early 1990s. Despite these improvements, the government is still juggling a sizable external debt against the urgent need for expanded public investment. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to 21% of GDP, which along with other Highly Indebted Poor Country debt forgiveness, brought the debt-to-GDP ratio down from 183% in 2006 to 52% in 2017. Guyana had become heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Chronic problems include a shortage of skilled labor and a deficient infrastructure.

Brazil is the eighth-largest economy in the world, but is recovering from a recession in 2015 and 2016 that ranks as the worst in the country's history. In 2017, Brazil`s GDP grew 1%, inflation fell to historic lows of 2.9%, and the Central Bank lowered benchmark interest rates from 13.75% in 2016 to 7%.

The economy has been negatively affected by multiple corruption scandals involving private companies and government officials, including the impeachment and conviction of Former President Dilma ROUSSEFF in August 2016. Sanctions against the firms involved - some of the largest in Brazil - have limited their business opportunities, producing a ripple effect on associated businesses and contractors but creating opportunities for foreign companies to step into what had been a closed market.

The succeeding TEMER administration has implemented a series of fiscal and structural reforms to restore credibility to government finances. Congress approved legislation in December 2016 to cap public spending. Government spending growth had pushed public debt to 73.7% of GDP at the end of 2017, up from over 50% in 2012. The government also boosted infrastructure projects, such as oil and natural gas auctions, in part to raise revenues. Other economic reforms, proposed in 2016, aim to reduce barriers to foreign investment, and to improve labor conditions. Policies to strengthen Brazil's workforce and industrial sector, such as local content requirements, have boosted employment, but at the expense of investment.

Brazil is a member of the Common Market of the South (Mercosur), a trade bloc that includes Argentina, Paraguay and Uruguay - Venezuela's membership in the organization was suspended In August 2017. After the Asian and Russian financial crises, Mercosur adopted a protectionist stance to guard against exposure to volatile foreign markets and it currently is negotiating Free Trade Agreements with the European Union and Canada.

GDP (purchasing power parity)$10.24 billion (2019 est.)

$9.72 billion (2018 est.)

$9.306 billion (2017 est.)

note: data are in 2017 dollars
$3,092,216,000,000 (2019 est.)

$3,057,465,000,000 (2018 est.)

$3,017,715,000,000 (2017 est.)

note: data are in 2010 dollars
GDP - real growth rate2.1% (2017 est.)

3.4% (2016 est.)

3.1% (2015 est.)
1.13% (2019 est.)

1.2% (2018 est.)

1.62% (2017 est.)
GDP - per capita (PPP)$13,082 (2019 est.)

$12,478 (2018 est.)

$12,005 (2017 est.)

note: data are in 2017 dollars
$14,652 (2019 est.)

$14,596 (2018 est.)

$14,520 (2017 est.)

note: data are in 2010 dollars
GDP - composition by sectoragriculture: 15.4% (2017 est.)

industry: 15.3% (2017 est.)

services: 69.3% (2017 est.)
agriculture: 6.6% (2017 est.)

industry: 20.7% (2017 est.)

services: 72.7% (2017 est.)
Population below poverty line35% (2006 est.)4.2% (2016 est.)

note: approximately 4% of the population are below the "extreme" poverty line
Household income or consumption by percentage sharelowest 10%: 1.3%

highest 10%: 33.8% (1999)
lowest 10%: 0.8%

highest 10%: 43.4% (2016 est.)
Inflation rate (consumer prices)2% (2017 est.)

0.8% (2016 est.)
3.7% (2019 est.)

3.6% (2018 est.)

3.4% (2017 est.)
Labor force313,800 (2013 est.)86.621 million (2020 est.)
Labor force - by occupationagriculture: NA

industry: NA

services: NA
agriculture: 9.4%

industry: 32.1%

services: 58.5% (2017 est.)
Unemployment rate11.1% (2013)

11.3% (2012)
11.93% (2019 est.)

12.26% (2018 est.)
Distribution of family income - Gini index44.6 (2007)

43.2 (1999)
53.9 (2018 est.)

54 (2004)
Budgetrevenues: 1.002 billion (2017 est.)

expenditures: 1.164 billion (2017 est.)
revenues: 733.7 billion (2017 est.)

expenditures: 756.3 billion (2017 est.)
Industriesbauxite, sugar, rice milling, timber, textiles, gold miningtextiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment
Industrial production growth rate-5% (2017 est.)0% (2017 est.)
Agriculture - productsrice, sugar cane, coconuts, pumpkins, squash, gourds, milk, eggplants, green chillies/peppers, poultrysugar cane, soybeans, maize, milk, cassava, oranges, poultry, rice, beef, cotton
Exports$1.439 billion (2017 est.)

$1.38 billion (2016 est.)
$291.452 billion (2019 est.)

$298.565 billion (2018 est.)

$286.935 billion (2017 est.)
Exports - commoditiesships, gold, shipping containers, excavation machinery, aluminum ores, rice (2019)soybeans, crude petroleum, iron, corn, wood pulp products (2019)
Exports - partnersTrinidad and Tobago 31%, Canada 11%, Portugal 11%, Ghana 8%, Norway 6%, United Arab Emirates 5% (2019)China 28%, United States 13% (2019)
Imports$1.626 billion (2017 est.)

$1.341 billion (2016 est.)
$271.257 billion (2019 est.)

$268.237 billion (2018 est.)

$248.961 billion (2017 est.)
Imports - commoditiesships, refined petroleum, excavation machinery, shipping containers, aircraft (2019)refined petroleum, vehicle parts, crude petroleum, integrated circuits, pesticides (2019)
Imports - partnersUnited States 26%, Trinidad and Tobago 16%, Singapore 18%, Liberia 11%, China 5%, Norway 5% (2019)China 21%, United States 18%, Germany 6%, Argentina 6% (2019)
Debt - external$1.69 billion (31 December 2017 est.)

$1.542 billion (31 December 2016 est.)
$681.336 billion (2019 est.)

$660.693 billion (2018 est.)
Exchange ratesGuyanese dollars (GYD) per US dollar -

207 (2017 est.)

206.5 (2016 est.)

206.5 (2015 est.)

206.5 (2014 est.)

206.45 (2013 est.)
reals (BRL) per US dollar -

5.12745 (2020 est.)

4.14915 (2019 est.)

3.862 (2018 est.)

3.3315 (2014 est.)

2.3535 (2013 est.)
Fiscal yearcalendar yearcalendar year
Public debt52.2% of GDP (2017 est.)

50.7% of GDP (2016 est.)
84% of GDP (2017 est.)

78.4% of GDP (2016 est.)
Reserves of foreign exchange and gold$565.4 million (31 December 2017 est.)

$581 million (31 December 2016 est.)
$374 billion (31 December 2017 est.)

$367.5 billion (31 December 2016 est.)
Current Account Balance-$237 million (2017 est.)

$13 million (2016 est.)
-$50.927 billion (2019 est.)

-$41.54 billion (2018 est.)
GDP (official exchange rate)$3.561 billion (2017 est.)$1,877,942,000,000 (2019 est.)
Ease of Doing Business Index scoresOverall score: 55.5 (2020)

Starting a Business score: 85.6 (2020)

Trading score: 58.3 (2020)

Enforcement score: 57.9 (2020)
Overall score: 59.1 (2020)

Starting a Business score: 81.3 (2020)

Trading score: 69.9 (2020)

Enforcement score: 64.1 (2020)
Taxes and other revenues28.1% (of GDP) (2017 est.)35.7% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-4.5% (of GDP) (2017 est.)-1.1% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 26.5%

male: 20.7%

female: 34.6% (2018 est.)
total: 27.8%

male: 24.1%

female: 32.6% (2019 est.)
GDP - composition, by end usehousehold consumption: 71.1% (2017 est.)

government consumption: 18.2% (2017 est.)

investment in fixed capital: 25.4% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 47.8% (2017 est.)

imports of goods and services: -63% (2017 est.)
household consumption: 63.4% (2017 est.)

government consumption: 20% (2017 est.)

investment in fixed capital: 15.6% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 12.6% (2017 est.)

imports of goods and services: -11.6% (2017 est.)
Gross national saving10.5% of GDP (2017 est.)

15% of GDP (2016 est.)

8.8% of GDP (2015 est.)
12.2% of GDP (2019 est.)

12.4% of GDP (2018 est.)

13.6% of GDP (2017 est.)

Source: CIA Factbook