Flag of Guatemala

Guatemala Economy Profile

Home > Factbook > Countries > Guatemala

Economy - overview

Guatemala is the most populous country in Central America with a GDP per capita roughly half the average for Latin America and the Caribbean. The agricultural sector accounts for 13.5% of GDP and 31% of the labor force; key agricultural exports include sugar, coffee, bananas, and vegetables. Guatemala is the top remittance recipient in Central America as a result of Guatemala's large expatriate community in the US. These inflows are a primary source of foreign income, equivalent to two-thirds of the country's exports and about a tenth of its GDP.

The 1996 peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment, and Guatemala has since pursued important reforms and macroeconomic stabilization. The Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) entered into force in July 2006, spurring increased investment and diversification of exports, with the largest increases in ethanol and non-traditional agricultural exports. While CAFTA-DR has helped improve the investment climate, concerns over security, the lack of skilled workers, and poor infrastructure continue to hamper foreign direct investment.

The distribution of income remains highly unequal with the richest 20% of the population accounting for more than 51% of Guatemala's overall consumption. More than half of the population is below the national poverty line, and 23% of the population lives in extreme poverty. Poverty among indigenous groups, which make up more than 40% of the population, averages 79%, with 40% of the indigenous population living in extreme poverty. Nearly one-half of Guatemala's children under age five are chronically malnourished, one of the highest malnutrition rates in the world.

GDP (purchasing power parity)$143.416 billion (2019 est.)

$138.106 billion (2018 est.)

$133.804 billion (2017 est.)

note: data are in 2017 dollars
GDP (official exchange rate)$76.678 billion (2019 est.)
GDP - real growth rate2.8% (2017 est.)

3.1% (2016 est.)

4.1% (2015 est.)
GDP - per capita (PPP)$8,637 (2019 est.)

$8,448 (2018 est.)

$8,317 (2017 est.)

note: data are in 2017 dollars
Gross national saving16.9% of GDP (2019 est.)

14.7% of GDP (2018 est.)

14.7% of GDP (2017 est.)
GDP - composition, by end usehousehold consumption: 86.3% (2017 est.)

government consumption: 9.7% (2017 est.)

investment in fixed capital: 12.3% (2017 est.)

investment in inventories: -0.2% (2017 est.)

exports of goods and services: 18.8% (2017 est.)

imports of goods and services: -26.9% (2017 est.)
GDP - composition by sectoragriculture: 13.3% (2017 est.)

industry: 23.4% (2017 est.)

services: 63.2% (2017 est.)
Ease of Doing Business Index scoresOverall score: 62.6 (2020)

Starting a Business score: 86.8 (2020)

Trading score: 77.2 (2020)

Enforcement score: 34.5 (2020)
Population below poverty line59.3% (2014 est.)
Labor force6.664 million (2017 est.)
Labor force - by occupationagriculture: 31.4%

industry: 12.8%

services: 55.8% (2017 est.)
Unemployment rate2.3% (2017 est.)

2.4% (2016 est.)
Unemployment, youth ages 15-24total: 5%

male: 3.7%

female: 8.1% (2017 est.)
Household income or consumption by percentage sharelowest 10%: 1.6%

highest 10%: 38.4% (2014)
Distribution of family income - Gini index48.3 (2014 est.)

56 (2011)
Budgetrevenues: 8.164 billion (2017 est.)

expenditures: 9.156 billion (2017 est.)
Taxes and other revenues10.8% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-1.3% (of GDP) (2017 est.)
Public debt24.7% of GDP (2017 est.)

24.5% of GDP (2016 est.)
Inflation rate (consumer prices)3.7% (2019 est.)

3.7% (2018 est.)

4.4% (2017 est.)
Credit ratingsFitch rating: BB- (2020)

Moody's rating: Ba1 (2010)

Standard & Poors rating: BB- (2017)
Agriculture - productssugar cane, bananas, oil palm fruit, maize, melons, potatoes, milk, plantains, pineapples, rubber
Industriessugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
Industrial production growth rate1.8% (2017 est.)
Current Account Balance$1.134 billion (2017 est.)

$1.023 billion (2016 est.)
Exports$11.12 billion (2017 est.)

$10.58 billion (2016 est.)
Exports - commoditiesbananas, raw sugar, coffee, cardamom, palm oil (2019)
Exports - partnersUnited States 33%, El Salvador 12%, Honduras 8%, Mexico 5%, Nicaragua 5% (2019)
Imports$17.11 billion (2017 est.)

$15.77 billion (2016 est.)
Imports - commoditiesrefined petroleum, broadcasting equipment, packaged medicines, cars, delivery trucks (2019)
Imports - partnersUnited States 36%, China 12%, Mexico 11%, El Salvador 5% (2019)
Reserves of foreign exchange and gold$11.77 billion (31 December 2017 est.)

$9.156 billion (31 December 2016 est.)
Debt - external$22.92 billion (31 December 2017 est.)

$21.45 billion (31 December 2016 est.)
Exchange ratesquetzales (GTQ) per US dollar -

7.323 (2017 est.)

7.5999 (2016 est.)

7.5999 (2015 est.)

7.6548 (2014 est.)

7.7322 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on September 18, 2021

Economy Comparison