Guyana Economy 2001

Economy - overview: Severe drought and political turmoil contributed to Guyana's negative growth of -1.8% for 1998 following six straight years of growth of 5% or better. Growth came back to a positive 1.8% in 1999 and 3% in 2000. Underlying 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 continued support by international organizations. President JAGDEO, the former finance minister, is taking steps to reform the economy, including drafting an investment code and restructuring the inefficient and unresponsive public sector. Problems include a shortage of skilled labor and a deficient infrastructure. The government must persist in efforts to manage its sizable external debt and attract new investment.

GDP: purchasing power parity - $3.4 billion (2000 est.)

GDP - real growth rate: 3% (2000 est.)

GDP - per capita: purchasing power parity - $4,800 (2000 est.)

GDP - composition by sector:
agriculture: 34.7%
industry: 32.5%
services: 32.8% (1998 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 5.9% (2000 est.)

Labor force: 245,492 (1992)

Labor force - by occupation: agriculture NA%, industry NA%, services NA%

Unemployment rate: 12% (1992 est.)

Budget:
revenues: $220.1 million
expenditures: $286.4 million, including capital expenditures of $86.6 million (1998)

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

Industrial production growth rate: 7.1% (1997 est.)

Electricity - production: 455 million kWh (1999)

Electricity - production by source:
fossil fuel: 98.9%
hydro: 1.1%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 423.2 million kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

Agriculture - products: sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; forest and fishery potential not exploited

Exports: $570 million (f.o.b., 2000 est.)

Exports - commodities: sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber

Exports - partners: US 22%, Canada 22%, UK 18%, Netherlands Antilles 11%, Jamaica (1999)

Imports: $660 million (c.i.f., 2000 est.)

Imports - commodities: manufactures, machinery, petroleum, food

Imports - partners: US 29%, Trinidad and Tobago 18%, Netherlands Antilles 16%, UK 7%, Japan (1999)

Debt - external: $1.1 billion (2000)

Economic aid - recipient: $84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)

Currency: Guyanese dollar (GYD)

Currency code: GYD

Exchange rates: Guyanese dollars per US dollar - 184.1 (November 2000), 182.2 (2000), 178.0 (1999), 150.5 (1998), 142.4 (1997), 140.4 (1996)

Fiscal year: calendar year

NOTE: The information regarding Guyana on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 2001 information contained here. All suggestions for corrections of any errors about Guyana Economy 2001 should be addressed to the CIA.