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Guyana: Economy#

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's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has 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. Chronic problems include a shortage of skilled labor and a deficient infrastructure. 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 (HIPC) debt forgiveness brought the debt-to-GDP ratio down from 183% in 2006 to 60% in 2013. Guyana had become heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. 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 2013, production of sugar dropped to a 23-year low.

Economic Facts#

GDP (purchasing power parity)$6.593 billion (2013 est.)
$6.26 billion (2012 est.)
$5.972 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate5.3% (2013 est.)
4.8% (2012 est.)
5.4% (2011 est.)
GDP - per capita (PPP)$8,500 (2013 est.)
$8,100 (2012 est.)
$7,700 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 20.7%
industry: 38.5%
services: 40.8% (2013 est.)
Population below poverty line35% (2006)
Household income or consumption by percentage sharelowest 10%: 1.3%
highest 10%: 33.8% (1999)
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
Exports - commoditiessugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber
Exports - partnersUS 30.8%, Canada 28.9%, UK 6.2% (2012)
Agriculture - productssugarcane, rice, edible oils; beef, pork, poultry; shrimp, fish
Budgetrevenues: $756.7 million
expenditures: $948.5 million (2013 est.)
Imports - commoditiesmanufactures, machinery, petroleum, food
Imports - partnersUS 22.2%, Trinidad and Tobago 21.9%, China 12.3%, Cuba 6.1%, Suriname 4% (2012)
Exchange ratesGuyanese dollars (GYD) per US dollar -
205.9 (2013 est.)
204.36 (2012 est.)
203.64 (2010 est.)
203.95 (2009)
203.86 (2008)
Exports$1.337 billion (2013 est.)
$1.396 billion (2012 est.)
Debt - external$1.846 billion (31 December 2011 est.)
$1.846 billion (31 December 2011 est.)
Fiscal yearcalendar year
Imports$2.039 billion (2013 est.)
$1.978 billion (2012 est.)
Industrial production growth rate13.5% (2013 est.)
Industriesbauxite, sugar, rice milling, timber, textiles, gold mining
Inflation rate (consumer prices)3.9% (2013 est.)
2.4% (2012 est.)
Labor force313,100 (2009 est.)
Unemployment rate11% (2007)
Distribution of family income - Gini index44.6 (2007)
43.2 (1999)
Public debt59.9% of GDP (2013 est.)
59.5% of GDP (2012 est.)
Current account balance-$510.7 million (2013 est.)
-$394.8 million (2012 est.)
Reserves of foreign exchange and gold$854.7 million (31 December 2013 est.)
$864 million (31 December 2012 est.)
GDP (official exchange rate)$3.02 billion (2013 est.)
Market value of publicly traded shares$610.9 million (31 December 2012 est.)
$440.4 million (31 December 2011)
$NA (31 December 2010 est.)
Central bank discount rate5.5% (31 December 2011 est.)
4.25% (31 December 2010 est.)
Commercial bank prime lending rate13.8% (31 December 2013 est.)
13.86% (31 December 2012 est.)
Stock of domestic credit$1.352 billion (31 December 2013 est.)
$1.223 billion (31 December 2012 est.)
Stock of narrow money$601.8 million (31 December 2013 est.)
$550.4 million (31 December 2012 est.)
Stock of broad money$1.617 billion (31 December 2013 est.)
$1.49 billion (31 December 2012 est.)
Taxes and other revenues25.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-6.4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 85.6%
government consumption: 16.3%
investment in fixed capital: 22.5%
investment in inventories: -13.5%
exports of goods and services: 59.9%
imports of goods and services: -70.8%
(2013 est.)
Gross national saving6.2% of GDP (2013 est.)
8.3% of GDP (2012 est.)
9.4% of GDP (2011 est.)