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    Guyana Economy - 1990

      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 about 35%, 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 a resumption of growth--requires considerable public administrative abilities and continued patience by consumers during a long incubation period.

      GDP: $323 million, per capita $420; real growth rate - 3.0% (1988 est.)

      Inflation rate (consumer prices): 35% (1988 est.)

      Unemployment rate: NA%

      Budget: revenues $173 million; expenditures $414 million, including capital expenditures of $75 million (1988 est.)

      Exports: $215 million (f.o.b., 1988 est.) commodities--bauxite, sugar, rice, shrimp, gold, molasses, timber, rum; partners--UK 37%, US 12%, Canada 10.6%, CARICOM 4.8% (1986)

      Imports: $216 million (c.i.f., 1988 est.); commodities--manufactures machinery, food, petroleum; partners--CARICOM 41%, US 18%, UK 9%, Canada 3% (1984)

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

      Industrial production: growth rate - 5.0% (1988 est.)

      Electricity: 221,000 kW capacity; 583 million kWh produced, 760 kWh per capita (1989)

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

      Agriculture: most important sector, accounting for 25% of GDP and over 50% 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

      Aid: US commitments, including Ex-Im (FY70-88), $109 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $234 million; Communist countries (1970-88), $242 million

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

      Exchange rates: Guyanese dollars (G$) per US$1--33.0000 (January 1990), 27.159 (1989), 10.000 (1988), 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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 1990 information contained here. All suggestions for corrections of any errors about Guyana Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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