Overview: The economy is based on family and corporate agriculture, which accounts for 26% of GDP, employs about 60% of the labor force, and supplies two-thirds of exports. Manufacturing, predominantly in private hands, accounts for about 18% of GDP and 12% of the labor force. In both 1990 and 1991, the economy grew by 3%, the fourth and fifth consecutive years of mild growth. In 1992 growth picked up to almost 5% as government policies favoring competition and foreign trade and investment took stronger hold. In 1993, despite political unrest, this momentum continued, foreign investment held up, and growth was estimated at 4%.

National product: GDP - purchasing power equivalent- $31.3 billion (1993 est.)

National product real growth rate: 4% (1993 est.)

National product per capita: $3,000 (1993 est.)

Inflation rate (consumer prices): 11.6% (1993 est.)

Unemployment rate: 6.1%; underemployment 30%-40% (1992 est.)

Budget:
revenues: $604 million (1990)
expenditures: $808 million, including capital expenditures of $134 million (1990)

Exports: $1.3 billion (f.o.b., 1993)
commodities: coffee, sugar, bananas, cardamon, beef
partners: US 37%, El Salvador, Costa Rica, Germany, Honduras

Imports: $2.6 billion (c.i.f., 1993)
commodities: fuel and petroleum products, machinery, grain, fertilizers, motor vehicles
partners: US 45%, Mexico, Venezuela, Japan, Germany

External debt: $2.2 billion ( 1992 est.)

Industrial production: growth rate 1.9% (1991 est.); accounts for 18% of GDP

Electricity:
capacity: 847,600 kW
production: 2.5 billion kWh
consumption per capita: 260 kWh (1992)

Industries: sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism

Agriculture: accounts for 26% of GDP; most important sector of economy; contributes two-thirds of export earnings; principal crops - sugarcane, corn, bananas, coffee, beans, cardamom; livestock - cattle, sheep, pigs, chickens; food importer

Illicit drugs: transit country for cocaine shipments; illicit producer of opium poppy and cannabis for the international drug trade; the government has an active eradication program for cannabis and opium poppy

Economic aid:
recipient: US commitments, including Ex-Im (FY70-90), $1.1 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $7.92 billion

Currency: 1 quetzal (Q) = 100 centavos
Exchange rates: free market quetzales (Q) per US$1 - 5.8542 (January 1994), 5,6354 (1993), 5.1706 (1992), 5.0289 (1991), 4.4858 (1990), 2.8161 (1989); note - black-market rate 2.800 (May 1989)

Fiscal year: calendar year

NOTE: The information regarding Guatemala on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guatemala Economy 1995 information contained here. All suggestions for corrections of any errors about Guatemala Economy 1995 should be addressed to the CIA.