. Index
. 1996 Index
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Guyana Economy 1996
Guyana, one of the poorest countries in the Western Hemisphere, has pushed
ahead strongly in 1992-94, with an 8% average annual economic growth rate,
led by gold mining, and rice, sugar, and forestry products for export.
Favorable factors include recovery in the key agricultural and mining
sectors, a more favorable atmosphere for business initiative, a more
realistic exchange rate, a sharp drop in the inflation rate, and the
continued support of international organizations. Serious underlying
economic problems will continue. Electric power has been in short supply and
constitutes a major barrier to future gains in national output. The
government will have to persist in efforts to manage its large $2.2 billion
external debt, control inflation, and to extend the privatization program.
GDP - purchasing power parity - $1.4 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$19.6 million, including capital expenditures of $NA (1994 est.)
$475 million (f.o.b., 1994)
sugar, bauxite/alumina, rice, shrimp, molasses
UK 33%, US 31%, Canada 9%, France 5%, Japan 3% (1992)
$456 million (c.i.f., 1994 est.)
manufactures, machinery, petroleum, food
US 37%, Trinidad and Tobago 13%, UK 11%, Italy 8%, Japan 5% (1992)
growth rate 5.6% (1994 est.)
bauxite mining, sugar, rice milling, timber, fishing (shrimp), textiles,
gold mining
most important sector, accounting for 25% of GDP and about half of exports;
sugar and rice are key crops; development potential exists for fishing and
forestry; not self-sufficient in food, especially wheat, vegetable oils, and
animal products
transshipment point for narcotics from South America - primarily Venezuela -
to the US and Europe; producer of cannabis
US commitments, including Ex-Im (FY70-89), $116 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $325 million;
Communist countries 1970-89, $242 million
1 Guyanese dollar (G$) = 100 cents
Guyanese dollars (G$) per US$1 - 142.7 (January 1995), 138.3 (1994), 126.7
(1993), 125.0 (1992), 111.8 (1991), 39.533 (1990)
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