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Guyana Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Guyana Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

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 closed or consolidated several sugar estates in 2017, reducing production of sugar to a forecasted 147,000 tons in 2018, less than half of 2017 production. Much of Guyana's growth in recent years has come from a surge in gold production. With a record-breaking 700,000 ounces of gold produced in 2016, Gold production in Guyana has offset the economic effects of declining sugar production. In January 2018, estimated 3.2 billion barrels of oil were found offshore and Guyana is scheduled to become a petroleum producer by March 2020.

Guyana's entrance into the Caricom Single Market and Economy in January 2006 broadened the country's export market, primarily in the raw materials sector. Guyana has experienced positive growth almost every year over the past decade. Inflation has been kept under control. Recent years have seen the government's stock of debt reduced significantly - with external debt now less than half of what it was in the early 1990s. Despite these improvements, the government is still 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 21% of GDP, which along with other Highly Indebted Poor Country debt forgiveness, brought the debt-to-GDP ratio down from 183% in 2006 to 52% in 2017. Guyana had become heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Chronic problems include a shortage of skilled labor and a deficient infrastructure.

GDP (purchasing power parity):
$6.301 billion (2017 est.)
$6.169 billion (2016 est.)
$5.969 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 171
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.561 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.1% (2017 est.)
3.4% (2016 est.)
3.1% (2015 est.)
country comparison to the world: 146
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,100 (2017 est.)
$8,000 (2016 est.)
$7,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 151
[see also: GDP - per capita country ranks ]

Gross national saving:
10.5% of GDP (2017 est.)
15% of GDP (2016 est.)
8.8% of GDP (2015 est.)
country comparison to the world: 161
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 71.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.4% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.8% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -63% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 15.4% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 15.3% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 69.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
-5% (2017 est.)
country comparison to the world: 196
[see also: Industrial production growth rate country ranks ]

Labor force:
313,800 (2013 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:
11.1% (2013)
11.3% (2012)
country comparison to the world: 151
[see also: Unemployment rate country ranks ]

Population below poverty line:
35% (2006 est.)
[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:
44.6 (2007)
43.2 (1999)
country comparison to the world: 42
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 1.002 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 1.164 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28.1% (of GDP) (2017 est.)
country comparison to the world: 96
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.5% (of GDP) (2017 est.)
country comparison to the world: 165
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
52.2% of GDP (2017 est.)
50.7% of GDP (2016 est.)
country comparison to the world: 95
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2% (2017 est.)
0.8% (2016 est.)
country comparison to the world: 105
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.5% (31 December 2011)
4.25% (31 December 2010)
country comparison to the world: 75
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13% (31 December 2017 est.)
13% (31 December 2016 est.)
country comparison to the world: 62
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$758.4 million (31 December 2017 est.)
$701.4 million (31 December 2016 est.)
country comparison to the world: 163
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$758.4 million (31 December 2017 est.)
$701.4 million (31 December 2016 est.)
country comparison to the world: 167
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.903 billion (31 December 2017 est.)
$1.875 billion (31 December 2016 est.)
country comparison to the world: 153
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$610.9 million (31 December 2012 est.)
$440.4 million (31 December 2011 est.)
$339.8 million (31 December 2010 est.)
country comparison to the world: 110
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$237 million (2017 est.)
$13 million (2016 est.)
country comparison to the world: 100
[see also: Current account balance country ranks ]

Exports:
$1.439 billion (2017 est.)
$1.38 billion (2016 est.)
country comparison to the world: 149
[see also: Exports country ranks ]

Exports - partners:
Canada 24.9%, US 16.5%, Panama 9.6%, UK 7.7%, Jamaica 5.1%, Trinidad and Tobago 5% (2017)

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

Imports:
$1.626 billion (2017 est.)
$1.341 billion (2016 est.)
country comparison to the world: 172
[see also: Imports country ranks ]

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
Trinidad and Tobago 27.5%, US 26.5%, China 8.9%, Suriname 6.1% (2017)

Reserves of foreign exchange and gold:
$565.4 million (31 December 2017 est.)
$581 million (31 December 2016 est.)
country comparison to the world: 146
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.69 billion (31 December 2017 est.)
$1.542 billion (31 December 2016 est.)
country comparison to the world: 157
[see also: Debt - external country ranks ]

Exchange rates:
Guyanese dollars (GYD) per US dollar -
207 (2017 est.)
206.5 (2016 est.)
206.5 (2015 est.)
206.5 (2014 est.)
206.45 (2013 est.)


NOTE: 1) The information regarding Guyana on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 2019 information contained here. All suggestions for corrections of any errors about Guyana Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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