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Guyana Economy Profile

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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.

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
GDP (official exchange rate)$3.561 billion (2017 est.)
GDP - real growth rate2.1% (2017 est.)

3.4% (2016 est.)

3.1% (2015 est.)
GDP - per capita (PPP)$13,082 (2019 est.)

$12,478 (2018 est.)

$12,005 (2017 est.)

note: data are in 2017 dollars
Gross national saving10.5% of GDP (2017 est.)

15% of GDP (2016 est.)

8.8% of GDP (2015 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.)
GDP - composition by sectoragriculture: 15.4% (2017 est.)

industry: 15.3% (2017 est.)

services: 69.3% (2017 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)
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)
Unemployment, youth ages 15-24total: 26.5%

male: 20.7%

female: 34.6% (2018 est.)
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: 1.002 billion (2017 est.)

expenditures: 1.164 billion (2017 est.)
Taxes and other revenues28.1% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-4.5% (of GDP) (2017 est.)
Public debt52.2% of GDP (2017 est.)

50.7% of GDP (2016 est.)
Inflation rate (consumer prices)2% (2017 est.)

0.8% (2016 est.)
Agriculture - productsrice, sugar cane, coconuts, pumpkins, squash, gourds, milk, eggplants, green chillies/peppers, poultry
Industriesbauxite, sugar, rice milling, timber, textiles, gold mining
Industrial production growth rate-5% (2017 est.)
Current Account Balance-$237 million (2017 est.)

$13 million (2016 est.)
Exports$1.439 billion (2017 est.)

$1.38 billion (2016 est.)
Exports - commoditiesships, gold, shipping containers, excavation machinery, aluminum ores, rice (2019)
Exports - partnersTrinidad and Tobago 31%, Canada 11%, Portugal 11%, Ghana 8%, Norway 6%, United Arab Emirates 5% (2019)
Imports$1.626 billion (2017 est.)

$1.341 billion (2016 est.)
Imports - commoditiesships, refined petroleum, excavation machinery, shipping containers, aircraft (2019)
Imports - partnersUnited States 26%, Trinidad and Tobago 16%, Singapore 18%, Liberia 11%, China 5%, Norway 5% (2019)
Reserves of foreign exchange and gold$565.4 million (31 December 2017 est.)

$581 million (31 December 2016 est.)
Debt - external$1.69 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 September 18, 2021

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