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Guyana Economy 2014
http://www.theodora.com/wfbcurrent/guyana/guyana_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

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'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 120% in 2007. Guyana became heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Growth slowed in 2009 as a result of the world recession, but picked up in 2010-11, before slowing again in 2012, as a result of a second recession, this focused mainly in Europe. The slowdown in the domestic economy and lower import costs has helped to narrow the country''s current account deficit, despite generally lower earnings from exports.

GDP (purchasing power parity):
$6.175 billion (2012 est.)
country comparison to the world: 163

$5.891 billion (2011 est.)
$5.588 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.79 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.8% (2012 est.)
country comparison to the world: 75

5.4% (2011 est.)
4.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,000 (2012 est.)
country comparison to the world: 132

$7,600 (2011 est.)
$7,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
8.3% of GDP (2012 est.)
country comparison to the world: 134

9.4% of GDP (2011 est.)
18.5% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 84.2%
government consumption: 15.8%
investment in fixed capital: 22.2%
investment in inventories: -5.9%
exports of goods and services: 60.2%
imports of goods and services: -76.5%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 21.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35.5%
services: 43.4% (2012 est.)

Agriculture - products:
sugarcane, rice, edible oils; beef, pork, poultry; shrimp, fish

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

Industrial production growth rate:
14.8% (2012 est.)
country comparison to the world: 3
[see also: Industrial production growth rate country ranks ]

Labor force:
313,100 (2009 est.)
country comparison to the world: 164
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
services: NA%

Unemployment rate:
11% (2007)
country comparison to the world: 117
[see also: Unemployment rate country ranks ]

Population below poverty line:
35% (2006)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.8% (1999)

Distribution of family income - Gini index:
44.6 (2007)
country comparison to the world: 44

43.2 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $699.1 million
[see also: Budget revenues country ranks ]
expenditures: $838.5 million (2012 est.)

Taxes and other revenues:
25.1% of GDP (2012 est.)
country comparison to the world: 126
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5% of GDP (2012 est.)
country comparison to the world: 169
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
59.5% of GDP (2012 est.)
country comparison to the world: 44

65.2% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 61

5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.5% (31 December 2011 est.)
country comparison to the world: 89

4.25% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13.86% (31 December 2012 est.)
country comparison to the world: 50

14.45% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$550.4 million (31 December 2012 est.)
country comparison to the world: 157

$477.4 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.696 billion (31 December 2011 est.)
country comparison to the world: 154

$1.499 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.223 billion (31 December 2012 est.)
country comparison to the world: 147

$1.122 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$440.4 million (31 December 2011)
country comparison to the world: 111

$339.8 million (31 December 2010)
$287 million (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-394.8 million (2012 est.)
country comparison to the world: 99

$-372.3 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$1.396 billion (2012 est.)
country comparison to the world: 147

$1.129 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber

Exports - partners:
US 30.8%, Canada 28.9%, UK 6.2% (2012)

Imports:
$1.978 billion (2012 est.)
country comparison to the world: 164

$1.771 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
US 22.2%, Trinidad and Tobago 21.9%, China 12.3%, Cuba 6.1%, Suriname 4% (2012)

Reserves of foreign exchange and gold:
$864 million (31 December 2012 est.)
country comparison to the world: 137

$801.8 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.846 billion (31 December 2011 est.)
country comparison to the world: 144

$1.846 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Guyanese dollars (GYD) per US dollar -

204.36 (2012 est.)
204.02 (2011 est.)
203.64 (2010 est.)
203.95 (2009)
203.86 (2008)


NOTE: The information regarding Guyana on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 2014 information contained here. All suggestions for corrections of any errors about Guyana Economy 2014 should be addressed to the CIA.



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