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Guyana:
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Other pages in this profile of Guyana:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition The Guyanese economy exhibited moderate economic growth in 2001-07, based on expansion in the agricultural and mining sectors, a more favorable atmosphere for business initiatives, a more realistic exchange rate, fairly low inflation, and the continued support of international organizations. Economic recovery since the 2005 flood-related contraction has been buoyed by increases in remittances and foreign direct investment. Chronic problems include a shortage of skilled labor and a deficient infrastructure. The government is juggling a sizable external debt against the urgent need for expanded public investment. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to nearly 48% of GDP. The bauxite mining sector should benefit in the near term from restructuring and partial privatization, and the state-owned sugar industry will conduct efficiency increasing modernizations. Export earnings from agriculture and mining have fallen sharply, while the import bill has risen, driven by higher energy prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 will broaden the country's export market, primarily in the raw materials sector. |
GDP (purchasing power parity) |
Definition - World rank and map $2.92 billion (2007 est.) |
GDP (official exchange rate) |
Definition $1.039 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 5.4% (2007 est.) |
GDP - per capita |
Definition - World rank and map $3,800 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 31.1% industry: 21.7% services: 47.1% (2007 est.) |
Labor force |
Definition 418,000 (2001 est.) |
Labor force - by occupation |
Definition agriculture: NA% industry: NA% services: NA% |
Unemployment rate |
Definition - World rank and map 9.1% (understated) (2000) |
Population below poverty line |
Definition NA% |
Household income or consumption by percentage share |
Definition lowest 10%: 1.3% highest 10%: 33.8% (1999) |
Distribution of family income - Gini index |
Definition - World rank and map 43.2 (1999) |
Inflation rate (consumer prices) |
Definition - World rank and map 12.2% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 41.1% of GDP (2007 est.) |
Budget |
Definition revenues: $446.2 million expenditures: $531.2 million (2007 est.) |
Agriculture - products |
Definition sugarcane, rice, shrimp, fish, vegetable oils; beef, pork, poultry, dairy products |
Industries |
Definition bauxite, sugar, rice milling, timber, textiles, gold mining |
Industrial production growth rate |
Definition - World rank and map -26.4% (2007 est.) |
Electricity - production |
Definition - World rank and map 807.3 million kWh (2005) |
Electricity - consumption |
Definition - World rank and map 750.7 million kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 974 kWh (2005) |
Electricity - exports |
Definition 0 kWh (2005) |
Electricity - imports |
Definition 0 kWh (2005) |
Oil - production |
Definition - World rank and map 0 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 10,500 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 13.6 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 0 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 10,070 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 0 bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 0 cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$189 million (2007 est.) |
Exports |
Definition - World rank and map $684 million f.o.b. (2007 est.) |
Exports - commodities |
Definition sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber |
Exports - partners |
Definition Canada 17.8%, US 16.4%, UK 9.9%, Portugal 7.6%, Trinidad and Tobago 5.1%, France 4.7%, Netherlands 4.6%, Jamaica 4.3% (2006) |
Imports |
Definition - World rank and map $950 million f.o.b. (2007 est.) |
Imports - commodities |
Definition manufactures, machinery, petroleum, food |
Imports - partners |
Definition Trinidad and Tobago 25.5%, US 20%, China 8.6%, Cuba 7%, UK 5.4% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $324 million (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $1.2 billion (2002) |
Market value of publicly traded shares |
Definition $187.3 million (2005) |
Economic aid - recipient |
Definition $136.8 million (2005) |
Currency (code) |
Definition Guyanese dollar (GYD) |
Exchange rates |
Definition Guyanese dollars per US dollar - 201.89 (2007), 200.28 (2006), 200.79 (2005), 198.31 (2004), 193.88 (2003) |
Fiscal year |
Definition calendar year |
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