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Guatemala Economy 1996

    • Overview:
      The economy is based on family and corporate agriculture, which accounts for 25% of GDP, employs about 60% of the labor force, and supplies two-thirds of exports. Manufacturing, predominantly in private hands, accounts for about 15% 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 1993-94, despite political unrest, this momentum continued, foreign investment held up, and annual growth was 4%.

    • National product:
      GDP - purchasing power parity - $33 billion (1994 est.)

    • National product real growth rate:
      4% (1994 est.)

    • National product per capita:
      $3,080 (1994 est.)

    • Inflation rate (consumer prices):
      12% (1994 est.)

    • Unemployment rate:
      4.9%; underemployment 30%-40% (1994 est.)

    • Budget:

        revenues:
        $604 million (1990)

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

    • Exports:
      $1.38 billion (f.o.b., 1994 est.)

        commodities:
        coffee, sugar, bananas, cardamon, beef

        partners:
        US 30%, El Salvador, Costa Rica, Germany, Honduras

    • Imports:
      $2.6 billion (c.i.f., 1994 est.)

        commodities:
        fuel and petroleum products, machinery, grain, fertilizers, motor vehicles

        partners:
        US 44%, 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:
        700,000 kW

        production:
        2.3 billion kWh

        consumption per capita:
        211 kWh (1993)

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

    • Agriculture:
      accounts for 25% 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 - 5.7372 (January 1995), 5.7512 (1994), 5,6354 (1993), 5.1706 (1992), 5.0289 (1991), 4.4858 (1990); note - black-market rate 2.800 (May 1989)

    • Fiscal year:
      calendar year






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