Guyana Economy Profile 2008

Economy - overview

The Guyanese economy exhibited moderate economic growth in 2001-07, 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. Economic recovery since the 2005 flood-related contraction has been buoyed by increases in remittances and foreign direct investment. 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. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to nearly 48% of GDP. The bauxite mining sector should benefit in the near term from restructuring and partial privatization, and the state-owned sugar industry will conduct efficiency increasing modernizations. 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 (purchasing power parity)

$4.057 billion (2007 est.)

GDP (official exchange rate)

$978 million (2007 est.)

GDP - real growth rate

4.5% (2007 est.)

GDP - per capita (PPP)

$5,300 (2007 est.)

GDP - composition by sector

agriculture: 35.2%
industry: 19%
services: 45.8% (2007 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 1.3%
highest 10%: 33.8% (1999)

Inflation rate (consumer prices)

10.4% (2007 est.)

Investment (gross fixed)

39.3% of GDP (2007 est.)

Labor force

418,000 (2001 est.)

Labor force - by occupation

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate

9.1% (understated) (2000)

Distribution of family income - Gini index

43.2 (1999)

Budget

revenues: $419.4 million
expenditures: $527.4 million (2007 est.)

Industries

bauxite, sugar, rice milling, timber, textiles, gold mining

Industrial production growth rate

2% (2007 est.)

Electricity - production

807.3 million kWh (2005)

Electricity - consumption

750.7 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

10,500 bbl/day (2005 est.)

Oil - imports

10,070 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$229.7 million (2007 est.)

Agriculture - products

sugarcane, rice, shrimp, fish, vegetable oils; beef, pork, poultry, dairy products

Exports

$499.4 million f.o.b. (2007 est.)

Exports - commodities

sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber

Exports - partners

US 18.8%, Canada 18.4%, UK 8.7%, Portugal 6.5%, Trinidad and Tobago 4.9%, Netherlands 4.3%, Belgium 4.3%, Jamaica 4.1% (2006)

Imports

$835.8 million f.o.b. (2007 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)

Reserves of foreign exchange and gold

$292 million (31 December 2007 est.)

Debt - external

$1.2 billion (2002)

Market value of publicly traded shares

$187.3 million (2005)

Economic aid - recipient

$136.8 million (2005 est.)

Currency (code)

Guyanese dollar (GYD)

Exchange rates

Guyanese dollars per US dollar - 201.89 (2007), 200.28 (2006), 200.79 (2005), 198.31 (2004), 193.88 (2003)

Fiscal year

calendar year