Guyana Economy - 2024

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.)

Unemployment rate

16.42% (2021 est.)
16.43% (2020 est.)
13.99% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 29.9% (2021 est.)

male: 23.5%

female: 39.6%

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)

Remittances

8.01% of GDP (2020 est.)
7.35% of GDP (2019 est.)
6.97% of GDP (2018 est.)

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 -

Exchange rates:
208.5 (2021 est.)
208.5 (2020 est.)
208.5 (2019 est.)
207.717 (2018 est.)
206.5 (2017 est.)