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Guyana Economy Profile 2018

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Economy - overviewThe 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. Much of Guyana's growth in recent years has come from a surge in gold production in response to global prices, although downward trends in gold prices may threaten future growth. In 2014, production of sugar dropped to a 24-year low.

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 recent 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.
GDP (purchasing power parity)$6.367 billion (2017 est.)
$6.15 billion (2016 est.)
$5.953 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$3.591 billion (2016 est.)
GDP - real growth rate3.5% (2017 est.)
3.3% (2016 est.)
3.1% (2015 est.)
GDP - per capita (PPP)$8,300 (2017 est.)
$8,000 (2016 est.)
$7,800 (2015 est.)
note: data are in 2017 dollars
Gross national saving14.8% of GDP (2017 est.)
15.3% of GDP (2016 est.)
8.2% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 73.3%
government consumption: 19.1%
investment in fixed capital: 23.1%
investment in inventories: 3.2%
exports of goods and services: 51.4%
imports of goods and services: -70.1% (2017 est.)
GDP - composition by sectoragriculture: 17.5%
industry: 37.8%
services: 44.7% (2017 est.)
Population below poverty line35% (2006 est.)
Labor force313,800 (2013 est.)
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
Unemployment rate11.1% (2013)
11.3% (2012)
Household income or consumption by percentage sharelowest 10%: 1.3%
highest 10%: 33.8% (1999)
Distribution of family income - Gini index44.6 (2007)
43.2 (1999)
Budgetrevenues: $939.1 million
expenditures: $1.152 billion (2017 est.)
Taxes and other revenues26.2% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-5.9% of GDP (2017 est.)
Public debt52.3% of GDP (2017 est.)
46.8% of GDP (2016 est.)
Inflation rate (consumer prices)2.3% (2017 est.)
0.8% (2016 est.)
Central bank discount rate5.5% (31 December 2011)
4.25% (31 December 2010)
Commercial bank prime lending rate13.3% (31 December 2017 est.)
13% (31 December 2016 est.)
Stock of narrow money$772.3 million (31 December 2017 est.)
$701.4 million (31 December 2016 est.)
Stock of broad money$1.735 billion (31 December 2017 est.)
$1.7 billion (31 December 2016 est.)
Stock of domestic credit$1.986 billion (31 December 2017 est.)
$1.875 billion (31 December 2016 est.)
Market value of publicly traded shares$610.9 million (31 December 2012 est.)
$440.4 million (31 December 2011 est.)
$339.8 million (31 December 2010 est.)
Agriculture - productssugarcane, rice, edible oils; beef, pork, poultry; shrimp, fish
Industriesbauxite, sugar, rice milling, timber, textiles, gold mining
Industrial production growth rate9% (2017 est.)
Current Account Balance-$70 million (2017 est.)
$14 million (2016 est.)
Exports$1.474 billion (2017 est.)
$1.38 billion (2016 est.)
Exports - commoditiessugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber
Exports - partnersCanada 30.6%, US 20.7%, Trinidad and Tobago 11.4% (2016)
Imports$1.776 billion (2017 est.)
$1.555 billion (2016 est.)
Imports - commoditiesmanufactures, machinery, petroleum, food
Imports - partnersTrinidad and Tobago 29%, US 27.5%, China 7.3%, Suriname 5.5% (2016)
Reserves of foreign exchange and gold$607.7 million (31 December 2017 est.)
$581 million (31 December 2016 est.)
Debt - external$1.726 billion (31 December 2017 est.)
$1.542 billion (31 December 2016 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.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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