Economy of Guyana

source: CIA World Fact Book 1997

Economy - overview: In 1996, Guyana, one of the poorest countries in the Western Hemisphere, posted its fifth straight year of economic growth of 5% or better, with the advance led by gold and bauxite mining and by sugar. 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 (1996 est.)

GDP - real growth rate: 7.9% (1996 est.)

GDP - per capita: purchasing power parity - $2,490 (1996 est.)

• agriculture: 49%
• industry: 28%
• services: 33% (1995 est.)

Inflation rate - consumer price index: 4.5% (1996 est.)

Unemployment rate: 12% (1992 est.)

• revenues: $209 million
• expenditures: $303 million, including capital expenditures of $109 million (1995 est.)

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

Industrial production growth rate: 5.6% (1994 est.)

Electricity - capacity: 157,000 kW (1995)

Electricity - production: 318 million kWh (1995)

Electricity - consumption per capita: 301 kWh (1995 est.)

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

• total value: $565 million (f.o.b., 1996 est.)
• commodities : sugar, gold, bauxite/alumina, rice, shrimp, molasses
• partners: Canada 33%, US 24%, UK 22% (1994 est.)

• 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.)

• recipient : ODA, $NA

Currency: 1 Guyanese dollar (G$) = 100 cents

Exchange rates: Guyanese dollars (G$) per US$1 - 140.3 (February 1997), 141.1 (December 1996), 140.4 (1996), 142.0 (1995), 138.3 (1994), 126.7 (1993), 125.0 (1992)

Fiscal year: calendar year