Economy - overview:
The Guyanese economy has exhibited moderate economic growth in 2001-02, based on expansion in the agricultural and mining sectors, a more favorable atmosphere for business initiatives, a more realistic exchange rate, fairly low inflation, and the continued support of international organizations. Chronic problems include a shortage of skilled labor and a deficient infrastructure. The government is juggling a sizable external debt against the urgent need for expanded public investment. The bauxite mining sector should benefit in the near term by restructuring and partial privatization.
GDP:
purchasing power parity - $2.7 billion (2002 est.)
GDP - real growth rate:
2.1% (2002 est.)
GDP - per capita:
purchasing power parity - $4,000 (2002 est.)
GDP - composition by sector:
agriculture: 35%
industry: 21%
services: 44% (2002 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
4.7% (2002 est.)
Labor force:
418,000 (2001 est.)
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
9.1% (understated) (2000)
Budget:
revenues: $227 million
expenditures: $235.2 million, including capital expenditures of $93.4 million (2000)
Industries:
bauxite, sugar, rice milling, timber, textiles, gold mining
Industrial production growth rate:
7.1% (1997 est.)
Electricity - production:
852 million kWh (2001)
Electricity - production by source:
fossil fuel: 99.4%
hydro: 0.6%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
792.4 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
11,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish (shrimp)
Exports:
$500 million f.o.b. (2002)
Exports - commodities:
sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber
Exports - partners:
US 22.5%, Canada 20.8%, UK 13.7%, Netherlands Antilles 11.4% (2000)
Imports:
$575 million c.i.f. (2002)
Imports - commodities:
manufactures, machinery, petroleum, food
Imports - partners:
US 32.7%, Netherlands Antilles 18.9%, Trinidad and Tobago 14.2%, UK 6.2% (2000)
Debt - external:
$1.2 billion (2002)
Economic aid - recipient:
$84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)
Currency:
Guyanese dollar (GYD)
Currency code:
GYD
Exchange rates:
Guyanese dollars per US dollar - NA (2002), 187.321 (2001), 182.43 (2000), 177.995 (1999), 150.519 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Guyana on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Guyana Economy 2003 should be addressed to the CIA.
