Guyana Economy - 2006

Economy - overview:
The Guyanese economy 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. Growth slowed in 2003 and came back gradually in 2004, buoyed largely by increased export earnings; it slowed again in 2005. 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 from restructuring and partial privatization. Export earnings from agriculture and mining have fallen sharply, while the import bill has risen, driven by higher energy prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 might broaden the country's export market, primarily in the raw materials sector.

GDP (purchasing power parity):
$2.895 billion (2005 est.)

GDP (official exchange rate):
$779 million (2005 est.)

GDP - real growth rate:
-2.5% (2005 est.)

GDP - per capita (PPP):
$3,800 (2005 est.)

GDP - composition by sector:
agriculture: 36.8%
industry: 20.2%
services: 43% (2005 est.)

Labor force:
418,000 (2001 est.)

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%

Unemployment rate:
9.1% (understated) (2000)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
5.5% (2005 est.)

Investment (gross fixed):
36.2% of GDP (2005 est.)

Budget:
revenues: $320.1 million
expenditures: $362.6 million; including capital expenditures of $93.4 million (2005 est.)

Agriculture - products:
sugarcane, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish, shrimp

Industries:
bauxite, sugar, rice milling, timber, textiles, gold mining

Industrial production growth rate:
NA%

Electricity - production:
779 million kWh (2003)

Electricity - consumption:
724.5 million kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
0 bbl/day (2003 est.)

Oil - consumption:
11,300 bbl/day (2003 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Natural gas - production:
0 cu m (2003 est.)

Natural gas - consumption:
0 cu m (2003 est.)

Current account balance:
-$92.72 million (2005 est.)

Exports:
$587.2 million f.o.b. (2005 est.)

Exports - commodities:
sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber

Exports - partners:
Canada 23.2%, US 19.2%, UK 10.9%, Portugal 9.1%, Belgium 6.4%, Jamaica 5.2% (2004)

Imports:
$681.6 million f.o.b. (2005 est.)

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
Trinidad and Tobago 24.8%, US 24.5%, Cuba 6.8%, UK 5.4% (2004)

Reserves of foreign exchange and gold:
$248.8 million (2005 est.)

Debt - external:
$1.2 billion (2002)

Economic aid - recipient:
$84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)

Currency (code):
Guyanese dollar (GYD)

Exchange rates:
Guyanese dollars per US dollar - 200.79 (2005), 198.31 (2004), 193.88 (2003), 190.67 (2002), 187.32 (2001)