Economy - overview:
The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the country's export market, primarily in the raw materials sector. Economic recovery since a 2005 flood-related contraction was buoyed by increases in remittances and foreign direct investment in the sugar and rice industries as well as the mining sector. 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. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to nearly 48% of GDP, which along with other Highly Indebted Poor Country (HIPC) debt forgiveness brought the debt-to-GDP ratio down from 183% in 2006 to 120% in 2007. Guyana became heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Growth slowed in 2009-10 as a result of the world recession. The slowdown in the domestic economy and lower import costs helped to narrow the country's current account deficit, despite generally lower earnings from exports.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
NOTE: The information regarding Guyana on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 2011 information contained here. All suggestions for corrections of any errors about Guyana Economy 2011 should be addressed to the CIA.
$5.069 billion (2010 est.)
country comparison to the world: 160
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$2.197 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
2.5% (2010 est.)
country comparison to the world: 139
[see also: GDP - real growth rate country ranks ]
$6,800 (2010 est.)
country comparison to the world: 133
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 24.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
24.7%
[see also: GDP - composition by sector - industry country ranks ]
services:
51% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]
333,900 (2007 est.)
country comparison to the world: 162
[see also: Labor force country ranks ]
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
NA%
[see also: Labor force - by occupation - industry country ranks ]
services:
NA%
[see also: Labor force - by occupation - services country ranks ]
11% (2007)
country comparison to the world: 121
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%: 1.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
33.8% (1999)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
43.2 (1999)
country comparison to the world: 47
[see also: Distribution of family income - Gini index country ranks ]
34.1% of GDP (2009 est.)
country comparison to the world: 10
[see also: Investment (gross fixed) country ranks ]
revenues: $619.5 million
[see also: Budget - revenues country ranks ]
expenditures:
$655.7 million (2009 est.)
[see also: Budget - expenditures country ranks ]
57% of GDP (2010 est.)
country comparison to the world: 41
[see also: Public debt country ranks ]
6.8% (2010 est.)
country comparison to the world: 173
[see also: Inflation rate (consumer prices) country ranks ]
6.75% (31 December 2009)
country comparison to the world: 59
[see also: Central bank discount rate country ranks ]
14.54% (31 December 2009 est.)
country comparison to the world: 50
[see also: Commercial bank prime lending rate country ranks ]
$386.9 million (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$1.303 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$754 million (31 December 2010 est.)
country comparison to the world: 157
[see also: Stock of domestic credit country ranks ]
$NA (31 December 2009)
country comparison to the world: 108
[see also: Market value of publicly traded shares country ranks ]
sugarcane, rice, edible oils; shrimp, fish, beef, pork, poultry
bauxite, sugar, rice milling, timber, textiles, gold mining
2.5% (2009 est.)
country comparison to the world: 120
[see also: Industrial production growth rate country ranks ]
821 million kWh (2007 est.)
country comparison to the world: 151
[see also: Electricity - production country ranks ]
667 million kWh (2007 est.)
country comparison to the world: 152
[see also: Electricity - consumption country ranks ]
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]
0 bbl/day (2009 est.)
country comparison to the world: 189
[see also: Oil - production country ranks ]
10,000 bbl/day (2009 est.)
country comparison to the world: 150
[see also: Oil - consumption country ranks ]
0 bbl/day (2007 est.)
country comparison to the world: 150
[see also: Oil - exports country ranks ]
10,550 bbl/day (2007 est.)
country comparison to the world: 138
[see also: Oil - imports country ranks ]
0 bbl (1 January 2010 est.)
country comparison to the world: 173
[see also: Oil - proved reserves country ranks ]
0 cu m (2008 est.)
country comparison to the world: 102
[see also: Natural gas - production country ranks ]
0 cu m (2008 est.)
country comparison to the world: 147
[see also: Natural gas - consumption country ranks ]
0 cu m (2008 est.)
country comparison to the world: 68
[see also: Natural gas - exports country ranks ]
0 cu m (2008 est.)
country comparison to the world: 167
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2010 est.)
country comparison to the world: 171
[see also: Natural gas - proved reserves country ranks ]
-$311 million (2010 est.)
country comparison to the world: 97
[see also: Current account balance country ranks ]
$814 million (2010 est.)
country comparison to the world: 160
[see also: Exports country ranks ]
sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber
Canada 27.52%, US 16.93%, UK 10.84%, Ukraine 5.54%, Netherlands 5%, Trinidad and Tobago 4.33%, Jamaica 4.12% (2009)
$1.366 billion (2010 est.)
country comparison to the world: 165
[see also: Imports country ranks ]
manufactures, machinery, petroleum, food
US 25.23%, Trinidad and Tobago 23.23%, Cuba 6.41%, China 6.05% (2009)
$506 million (31 December 2010 est.)
country comparison to the world: 119
[see also: Reserves of foreign exchange and gold country ranks ]
$804.3 million (30 September 2008)
country comparison to the world: 155
[see also: Debt - external country ranks ]
Guyanese dollars (GYD) per US dollar - 204.07 (2010), 204.02 (2009), 203.86 (2008), 201.89 (2007), 200.28 (2006)
This page was last modified 09-Feb-11