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    Guatemala Economy - 1991

      Overview: The economy is based on agriculture, which accounts for 26% of GDP, employs about 60% of the labor force, and supplies two-thirds of exports. Manufacturing accounts for about 15% of GDP and 12% of the labor force. In 1990 the economy grew by 3.5%, the fourth consecutive year of mild growth. Government economic policies, however, were erratic in 1990--an election year--and inflation shot up to 60%, the highest level in modern times.

      GDP: $11.1 billion, per capita $1,180; real growth rate 3.5% (1990 est.)

      Inflation rate (consumer prices): 60% (1990 est.)

      Unemployment rate: 13%, with 30-40% underemployment (1989 est.)

      Budget: revenues $1.05 billion; expenditures $1.3 billion, including capital expenditures of $270 million (1989 est.)

      Exports: $1.24 billion (f.o.b., 1990); commodities--coffee 24%, sugar 9%, bananas 8%, beef 4%; partners--US 28%, El Salvador, FRG, Costa Rica, Italy

      Imports: $1.77 billion (c.i.f., 1990); commodities--fuel and petroleum products, machinery, grain, fertilizers, motor vehicles; partners--US 40%, Mexico, FRG, Japan, El Salvador

      External debt: $2.8 billion (December 1990 est.)

      Industrial production: growth rate 4.0% (1988); accounts for 18% of GDP

      Electricity: 819,000 kW capacity; 2,594 million kWh produced, 280 kWh per capita (1990)

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

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

      Illicit drugs: illicit producer of opium poppy and cannabis for the international drug trade; the government has engaged in aerial eradication of opium poppy; transit country for cocaine shipments

      Economic aid: US commitments, including Ex-Im (FY70-90), $1.1 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $7.8 billion

      Currency: quetzal (plural--quetzales); 1 quetzal (Q) = 100 centavos

      Exchange rates: free market quetzales (Q) per US$1--5.4 (April 1991), 4.4858 (1990), 2.8161 (1989), 2.6196 (1988), 2.500 (1987), 1.875 (1986), 1.000 (1985); 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guatemala Economy 1991 information contained here. All suggestions for corrections of any errors about Guatemala Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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