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Guyana Economy 2017
http://www.theodora.com/wfbcurrent/guyana/guyana_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Guyana Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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. 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 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. 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 67% in 2015. 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):
$6.093 billion (2016 est.) $5.857 billion (2015 est.) $5.675 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 169
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.456 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2016 est.) 3.2% (2015 est.) 3.8% (2014 est.)
country comparison to the world: 60
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,900 (2016 est.) $7,600 (2015 est.) $7,400 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 152
[see also: GDP - per capita country ranks ]

Gross national saving:
18.6% of GDP (2016 est.) 8.1% of GDP (2015 est.) 5.6% of GDP (2014 est.)
country comparison to the world: 94
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 82.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -75.7% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 20.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 46.3% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
12% (2016 est.)
country comparison to the world: 6
[see also: Industrial production growth rate country ranks ]

Labor force:
313,800 (2013 est.)
country comparison to the world: 162
[see also: Labor force country ranks ]

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

Unemployment rate:
11.1% (2013) 11.3% (2012)
country comparison to the world: 126
[see also: Unemployment rate country ranks ]

Population below poverty line:
35% (2006 est.)
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
44.6 (2007) 43.2 (1999)
country comparison to the world: 45
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $899.8 million
[see also: Budget revenues country ranks ]
expenditures: $1.036 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
26% of GDP (2016 est.)
country comparison to the world: 107
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.9% of GDP (2016 est.)
country comparison to the world: 133
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
53.1% of GDP (2016 est.) 48.8% of GDP (2015 est.)
country comparison to the world: 81
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.8% (2016 est.) -0.9% (2015 est.)
country comparison to the world: 58
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.5% (31 December 2011) 4.25% (31 December 2010)
country comparison to the world: 72
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13% (31 December 2016 est.) 12.83% (31 December 2015 est.)
country comparison to the world: 58
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$677.9 million (31 December 2016 est.) $631 million (31 December 2015 est.)
country comparison to the world: 160
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.621 billion (31 December 2016 est.) $1.62 billion (31 December 2015 est.)
country comparison to the world: 162
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.566 billion (31 December 2016 est.) $1.492 billion (31 December 2015 est.)
country comparison to the world: 149
[see also: Stock of domestic credit country ranks ]

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.)
country comparison to the world: 110
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$72 million (2016 est.) -$181 million (2015 est.)
country comparison to the world: 47
[see also: Current account balance country ranks ]

Exports:
$1.15 billion (2016 est.) $1.17 billion (2015 est.)
country comparison to the world: 152
[see also: Exports country ranks ]

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

Exports - partners:
US 33.5%, Canada 17.9%, UK 6.7%, Ukraine 4.3%, Jamaica 4% (2015)

Imports:
$1.44 billion (2016 est.) $1.475 billion (2015 est.)
country comparison to the world: 171
[see also: Imports country ranks ]

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
US 24.6%, Trinidad and Tobago 24.1%, China 10.8%, Suriname 9.5% (2015)

Reserves of foreign exchange and gold:
$547.7 million (31 December 2016 est.) $600.9 million (31 December 2015 est.)
country comparison to the world: 146
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.303 billion (31 December 2013 est.) $1.974 billion (31 December 2012 est.)
country comparison to the world: 149
[see also: Debt - external country ranks ]

Exchange rates:
Guyanese dollars (GYD) per US dollar - 206.6 (2016 est.) 206.5 (2015 est.) 206.5 (2014 est.) 206.45 (2013 est.) 204.36 (2012 est.)


NOTE: The information regarding Guyana on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 2017 information contained here. All suggestions for corrections of any errors about Guyana Economy 2017 should be addressed to the CIA.




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