Economy - overview In 1997, Guyana, one of the poorest countries in the Western Hemisphere, posted its sixth straight year of economic growth of 5% or better, with the advance led by gold and bauxite mining and by sugar growing. Favorable growth factors have included expansion in the key agricultural and mining sectors, a more favorable atmosphere for business initiative, a more realistic exchange rate, a moderate inflation rate, and the continued support of international organizations. Serious underlying economic problems will continue. Electric power has been in short supply and constitutes a major barrier to future gains in national output. The government must persist in efforts to manage its sizable external debt and extend its privatization program.

GDP purchasing power parity - $1.8 billion (1997 est.)

GDP - real growth rate 5% (1997 est.)

GDP - per capita purchasing power parity - $2,500 (1997 est.)

GDP - composition by sector
agriculture: 39%
industry: 28%
services: 33% (1995 est.)

Inflation rate - consumer price index 4.5% (1997 est.)

Labor force NA

Unemployment rate 12% (1992 est.)

Budget
revenues: $278 million
expenditures: $299 million, including capital expenditures of $133 million (1996 est.)

Industries bauxite, sugar, rice milling, timber, fishing (shrimp), textiles, gold mining

Industrial production growth rate 5.6% (1994 est.)

Electricity - capacity 114,000 kW (1995)

Electricity - production 230 million kWh (1995)

Electricity - consumption per capita 339 kWh (1995)

Agriculture - products sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; development potential exists for fishing and forestry

Exports
total value: $546 million (f.o.b., 1996)
commodities: sugar, gold, bauxite/alumina, rice, shrimp, molasses
partners: Canada 33%, US 24%, UK 22% (1994 est.)

Imports
total value: $589 million (c.i.f., 1996 est.)
commodities: manufactures, machinery, petroleum, food
partners: US 29%, Trinidad and Tobago 17%, Netherlands Antilles 17%, UK 11%, (1994 est.)

Debt - external $1.5 billion (1996 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Guyanese dollar (G$) = 100 cents

Exchange rates Guyanese dollars (G$) per US$1 - 144.2 (January 1998), 142.4 (1997), 140.4 (1996), 142.0 (1995), 138.3 (1994), 126.7 (1993)

Fiscal year calendar year

NOTE: The information regarding Guyana on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 1998 information contained here. All suggestions for corrections of any errors about Guyana Economy 1998 should be addressed to the CIA.