Guyana Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

small, hydrocarbon-driven South American export economy; major forest coverage being leveraged in carbon credit offsets to encourage preservation; strengthening financial sector; large bauxite and gold resources

Real GDP (purchasing power parity)

$17.64 billion (2021 est.)

$14.693 billion (2020 est.)

$10.24 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

20.06% (2021 est.)

43.48% (2020 est.)

5.35% (2019 est.)

Real GDP per capita

$21,900 (2021 est.)

$18,400 (2020 est.)

$12,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$3.561 billion (2017 est.)

Inflation rate (consumer prices)

5.03% (2021 est.)

0.99% (2020 est.)

2.09% (2019 est.)

GDP - composition, by sector of origin

agriculture: 15.4% (2017 est.)

industry: 15.3% (2017 est.)

services: 69.3% (2017 est.)

GDP - composition, by end use

household consumption: 71.1% (2017 est.)

government consumption: 18.2% (2017 est.)

investment in fixed capital: 25.4% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 47.8% (2017 est.)

imports of goods and services: -63% (2017 est.)

Agricultural products

rice, sugar cane, coconuts, pumpkins, squash, gourds, milk, eggplants, green chillies/peppers, poultry

Industries

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

Industrial production growth rate

33.52% (2021 est.)

Labor force

299,300 (2021 est.)

Labor force - by occupation

agriculture: NA

industry: NA

services: NA

Unemployment rate

16.42% (2021 est.)

16.43% (2020 est.)

13.99% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 29.9%

male: 23.5%

female: 39.6% (2021 est.)

Population below poverty line

35% (2006 est.)

Gini Index coefficient - distribution of family income

44.6 (2007 est.)

Household income or consumption by percentage share

lowest 10%: 1.3%

highest 10%: 33.8% (1999)

Budget

revenues: $1.333 billion (2019 est.)

expenditures: $1.467 billion (2019 est.)

Budget surplus (+) or deficit (-)

-4.5% (of GDP) (2017 est.)

Public debt

52.2% of GDP (2017 est.)

50.7% of GDP (2016 est.)

Taxes and other revenues

28.1% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$2.087 billion (2021 est.)

-$396.533 million (2020 est.)

-$2.717 billion (2019 est.)

Exports

$4.64 billion (2021 est.) note: data are in current year dollars

$2.799 billion (2020 est.) note: data are in current year dollars

$1.805 billion (2019 est.)

Exports - partners

United States 40%, Singapore 14%, United Arab Emirates 6%, United Kingdom 6%, Barbados 6% (2021)

Exports - commodities

crude petroleum, gold, rice, aluminum ores, railway shipping containers, rums   (2021)

Imports

$6.611 billion (2021 est.) note: data are in current year dollars

$3.756 billion (2020 est.) note: data are in current year dollars

$5.025 billion (2019 est.)

Imports - partners

Singapore 33%, United States 19%, Trinidad and Tobago 12%, China 8%, Brazil 2% (2021)

Imports - commodities

floating drilling platforms, refined petroleum, valves, construction vehicles, cars (2021)

Reserves of foreign exchange and gold

$790.785 million (31 December 2021 est.)

$680.634 million (31 December 2020 est.)

$573.446 million (31 December 2019 est.)

Debt - external

$1.69 billion (31 December 2017 est.)

$1.542 billion (31 December 2016 est.)

Exchange rates

Guyanese dollars (GYD) per US dollar -

208.5 (2021 est.)

208.5 (2020 est.)

208.5 (2019 est.)

207.717 (2018 est.)

206.5 (2017 est.)

NOTE: The information regarding Guyana on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Guyana 2023 information contained here. All suggestions for corrections of any errors about Guyana 2023 should be addressed to the CIA or the source cited on each page.