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    Guyana Economy - 1991

      Overview: After growing on average at less than 1% a year in 1986-87, GDP dropped by 3% a year in 1988-89. The decline resulted from bad weather, labor trouble in the canefields, and flooding and equipment problems in the bauxite industry. Consumer prices rose about 35% in 1988 and by over 100% in 1989, 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: $287.2 million, per capita $380; real growth rate - 3.3% (1989)

      Inflation rate (consumer prices): 105% (1989)

      Unemployment rate: 12-15% (1991 est.)

      Budget: revenues $65 million; expenditures $129 million, including capital expenditures of $6 million (1989 est.)

      Exports: $234 million (f.o.b., 1991 est.); commodities--bauxite, sugar, gold, rice, shrimp, molasses, timber, rum; partners--UK 31%, US 23%, CARICOM 7%, Canada 6% (1988)

      Imports: $319 million (c.i.f., 1991 est.); commodities--manufactures machinery, food, petroleum; partners--US 33%, CARICOM 10%, UK 9%, Canada 2% (1989)

      External debt: $1.7 billion, including arrears (December 1990 est.)

      Industrial production: growth rate - 10.0% (1989 est.); accounts for more than 20% of GDP

      Electricity: 250,000 kW capacity; 635 million kWh produced, 830 kWh per capita (1990)

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

      Agriculture: most important sector, accounting for 27% of GDP and about 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

      Economic aid: US commitments, including Ex-Im (FY70-89), $116 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $244 million; Communist countries 1970-89, $242 million

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

      Exchange rates: Guyanese dollars (G$) per US$1--45.00 (since June 1990), 39.533 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 1991 information contained here. All suggestions for corrections of any errors about Guyana Economy 1991 should be addressed to the CIA.

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