Guatemala Economy - 2024

Economic overview

developing Central American economy; steady economic growth fueled by remittances; high poverty and income inequality; limited government services, lack of employment opportunities, and frequent natural disasters impede human development efforts and drive emigration

Real GDP (purchasing power parity)

$159 billion (2022 est.)
$152.734 billion (2021 est.)
$141.445 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.98% (2021 est.)
-1.76% (2020 est.)
4% (2019 est.)

Real GDP per capita

$9,200 (2022 est.)
$8,900 (2021 est.)
$8,400 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$76.678 billion (2019 est.)

Inflation rate (consumer prices)

4.26% (2021 est.)
3.21% (2020 est.)
3.7% (2019 est.)

Credit ratings

Fitch rating: BB- (2020)

Moody's rating: Ba1 (2010)

Standard & Poors rating: BB- (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 13.3% (2017 est.)

industry: 23.4% (2017 est.)

services: 63.2% (2017 est.)

GDP - composition, by end use

household consumption: 86.3% (2017 est.)

government consumption: 9.7% (2017 est.)

investment in fixed capital: 12.3% (2017 est.)

investment in inventories: -0.2% (2017 est.)

exports of goods and services: 18.8% (2017 est.)

imports of goods and services: -26.9% (2017 est.)

Agricultural products

sugar cane, eggs, bananas, oil palm fruit, maize, melons, potatoes, milk, tomatoes, poultry

Industries

sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism

Industrial production growth rate

8.49% (2021 est.)

Labor force

6.671 million (2021 est.)

Unemployment rate

3.57% (2021 est.)
3.55% (2020 est.)
2.19% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7.2% (2021 est.)

male: 6.3%

female: 9.4%

Population below poverty line

59.3% (2014 est.)

Gini Index coefficient - distribution of family income

48.3 (2014 est.)

Average household expenditures

on food: 41.2% of household expenditures (2018 est.)

on alcohol and tobacco: 1.6% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.6%

highest 10%: 38.4% (2014)

Remittances

17.9% of GDP (2021 est.)
14.69% of GDP (2020 est.)
13.81% of GDP (2019 est.)

Budget

revenues: $8.647 billion (2019 est.)

expenditures: $10.373 billion (2019 est.)

Budget surplus (+) or deficit (-)

-1.3% (of GDP) (2017 est.)

Public debt

31.56% of GDP (2020 est.)
26.49% of GDP (2019 est.)
26.48% of GDP (2018 est.)

Taxes and other revenues

9.97% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$2.113 billion (2021 est.)
$3.918 billion (2020 est.)
$1.821 billion (2019 est.)

Exports

$18.127 billion (2022 est.) note: data are in current year dollars
$15.318 billion (2021 est.) note: data are in current year dollars
$12.713 billion (2020 est.) note: data are in current year dollars

Exports - partners

United States 32%, El Salvador 12%, Honduras 10%, Nicaragua 6%, Mexico 4% (2022)

Exports - commodities

textiles (knit and non-knit garments), coffee, bananas, palm oil, raw sugar (2022)

Imports

$33.938 billion (2022 est.) note: data are in current year dollars
$27.388 billion (2021 est.) note: data are in current year dollars
$19.267 billion (2020 est.) note: data are in current year dollars

Imports - partners

United States 34%, China 15%, Mexico 9%, El Salvador 4%, Costa Rica 3% (2022)

Imports - commodities

refined petroleum, video displays, cars, packaged medicines, delivery trucks (2022)

Reserves of foreign exchange and gold

$20.935 billion (31 December 2021 est.)
$18.464 billion (31 December 2020 est.)
$14.784 billion (31 December 2019 est.)

Debt - external

$22.92 billion (31 December 2017 est.)
$21.45 billion (31 December 2016 est.)

Exchange rates

quetzales (GTQ) per US dollar -

Exchange rates:
7.734 (2021 est.)
7.722 (2020 est.)
7.697 (2019 est.)
7.519 (2018 est.)
7.348 (2017 est.)