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    Guyana Economy - 1989

      Overview: After growing on average at less than 1% a year in 1984-87, GDP dropped by 3% in 1988, the result of bad weather, labor trouble in the canefields, and flooding and equipment problems in the bauxite industry. Consumer prices rose 51.5%, and the current account deficit widened substantially as sugar and bauxite exports fell. Moreover, electric power is in short supply and constitutes a major barrier to future gains in national output. The government, in association with international financial agencies, seeks to reduce its payment arrears and to raise new funds. The government's stabilization program--aimed at establishing realistic exchange rates, reasonable price stability, and resumption of growth--requires considerable public administrative abilities and continued patience by consumers during a long incubation period.

      GDP: $344 million, per capita $450; real growth rate 0.7% (1987)

      Inflation rate (consumer prices): 29% (1987)

      Unemployment rate: 13% (1986)

      Budget: revenues $110 million; expenditures $293 million, including capital expenditures of $60 million (1987 est.)

      Exports: $240 million (f.o.b., 1987) @m5commodities--bauxite, sugar, rice, shrimp, gold, molasses, timber, rum; @m5partners--UK 37%, US 12%, Canada 10.6%, CARICOM 4.8% (1986)

      Imports: $254 million (c.i.f., 1987); @m5commodities--manufactures machinery, food, petroleum; @m5partners--CARICOM 41%, US 18%, UK 9%, Canada 3% (1984)

      External debt: $1.8 billion, including arrears (December 1988)

      Industrial production: growth rate - 3.0% (1986)

      Electricity: 200,000 kW capacity; 530 million kWh produced, 690 kWh per capita (1988)

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

      Agriculture: sugarcane, rice, other food crops; food shortages--wheat flour, cooking oil, processed meat, dairy products

      Aid: NA

      Currency: Guyanese dollar (plural--dollars); 1 Guyanese dollar (G$) = 100 cents

      Exchange rates: Guyanese dollars (G$) per US$1--10.0000 (fixed rate since 1987), 9.756 (1987), 4.272 (1986), 4.252 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Guyana on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 1989 information contained here. All suggestions for corrections of any errors about Guyana Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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