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Guyana Economy 2011
https://theodora.com/wfb2011/guyana/guyana_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

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):
$5.069 billion (2010 est.)
country comparison to the world: 160

$4.946 billion (2009 est.)
$4.834 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$2.197 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2010 est.)
country comparison to the world: 139

2.3% (2009 est.)
3% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,800 (2010 est.)
country comparison to the world: 133

$6,600 (2009 est.)
$6,400 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
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 ]

Labor force:
333,900 (2007 est.)
country comparison to the world: 162
[see also: Labor force country ranks ]

Labor force - by occupation:
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 ]

Unemployment rate:
11% (2007)
country comparison to the world: 121
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
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 ]

Distribution of family income - Gini index:
43.2 (1999)
country comparison to the world: 47
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
34.1% of GDP (2009 est.)
country comparison to the world: 10
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $619.5 million
[see also: Budget - revenues country ranks ]
expenditures: $655.7 million (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
57% of GDP (2010 est.)
country comparison to the world: 41
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
6.8% (2010 est.)
country comparison to the world: 173

2.9% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.75% (31 December 2009)
country comparison to the world: 59

6.75% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.54% (31 December 2009 est.)
country comparison to the world: 50

14.58% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$386.9 million (31 December 2010 est)

$252.9 million (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.303 billion (31 December 2010 est.)

$905.6 million (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$754 million (31 December 2010 est.)
country comparison to the world: 157

$524 million (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA (31 December 2009)
country comparison to the world: 108

$289.9 million (31 December 2008)
$262.4 million (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
sugarcane, rice, edible oils; shrimp, fish, beef, pork, poultry

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

Industrial production growth rate:
2.5% (2009 est.)
country comparison to the world: 120
[see also: Industrial production growth rate country ranks ]

Electricity - production:
821 million kWh (2007 est.)
country comparison to the world: 151
[see also: Electricity - production country ranks ]

Electricity - consumption:
667 million kWh (2007 est.)
country comparison to the world: 152
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 189
[see also: Oil - production country ranks ]

Oil - consumption:
10,000 bbl/day (2009 est.)
country comparison to the world: 150
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 150
[see also: Oil - exports country ranks ]

Oil - imports:
10,550 bbl/day (2007 est.)
country comparison to the world: 138
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 173
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 102
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 147
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 68
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 167
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 171
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$311 million (2010 est.)
country comparison to the world: 97

-$265 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$814 million (2010 est.)
country comparison to the world: 160

$763 million (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Canada 27.52%, US 16.93%, UK 10.84%, Ukraine 5.54%, Netherlands 5%, Trinidad and Tobago 4.33%, Jamaica 4.12% (2009)

Imports:
$1.366 billion (2010 est.)
country comparison to the world: 165

$1.161 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
US 25.23%, Trinidad and Tobago 23.23%, Cuba 6.41%, China 6.05% (2009)

Reserves of foreign exchange and gold:
$506 million (31 December 2010 est.)
country comparison to the world: 119

$631.4 million (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$804.3 million (30 September 2008)
country comparison to the world: 155

$1.2 billion (2002)
[see also: Debt - external country ranks ]

Exchange rates:
Guyanese dollars (GYD) per US dollar - 204.07 (2010), 204.02 (2009), 203.86 (2008), 201.89 (2007), 200.28 (2006)


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.



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This page was last modified 09-Feb-11
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