Overview: Guyana, one of the poorest countries in the Western Hemisphere, has pushed ahead strongly in 1991-93, at 7% average annual growth rate. 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 control external debt and inflation and to extend the privatization program.

National product: GDP - purchasing power equivalent - $1.4 billion (1993 est.)

National product real growth rate: 8.3% (1993 est.)

National product per capita: $1,900 (1993 est.)

Inflation rate (consumer prices): 7% (1993

Unemployment rate: 12% (1992 est.)

Budget:
revenues: $121 million
expenditures: $225 million, including capital expenditures of $50 million (1990 est.)

Exports: $400 million (f.o.b., 1993 est.)
commodities: sugar, bauxite/alumina, rice, shrimp, molasses
partners: UK 33%, US 31%, Canada 9%, France 5%, Japan 3%, (1992)

Imports: $520 million (c.i.f., 1993 est.)
commodities: manufactures, machinery, petroleum, food
partners: US 37%, Trinidad and Tobago 13%, UK 11%, Italy 8%, Japan 5% (1992)

External debt: $1.9 billion including arrears (1992 est)

Industrial production: growth rate 11% (1991 est.); accounts for about 11% of GDP

Electricity:
capacity: 253,500 kW
production: 276 million kWh
consumption per capita: 370 kWh (1992)

Industries: bauxite mining, sugar, rice milling, timber, fishing (shrimp), textiles, gold mining

Agriculture: 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

Economic aid:
recipient: 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

Currency: 1 Guyanese dollar (G$) = 100 cents
Exchange rates: Guyanese dollars (G$) per US$1 - 130.7 (January 1994), 126.7 (1993), 125.0 (1992), 111.8 (1991), 39.533 (1990), 27.159 (1989)

Fiscal year: calendar year

NOTE: The information regarding Guyana 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 Guyana Economy 1995 information contained here. All suggestions for corrections of any errors about Guyana Economy 1995 should be addressed to the CIA.