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Guyana Economy 2010
http://www.workmall.com/wfb2010/guyana/guyana_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 22, 2010

Economy - overview:
The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the country's export market, primarily in the raw materials sector. Economic recovery since a 2005 flood-related contraction was buoyed by increases in remittances and foreign direct investment in the sugar and rice industries as well as the mining sector. 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, which along with other Highly Indebted Poor Country (HIPC) debt forgiveness brought the debt-to-GDP ratio down from 183% in 2006 to 120% in 2007. Guyana became heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Growth turned negative in 2009 as a result of the world recession. The slowdown in the domestic economy and lower import costs helped to narrow the country's current account deficit in 2009, despite lower earnings from exports, but growth is expected to rebound in 2010 as exports benefit from higher commodity prices.

GDP (purchasing power parity):
$2.973 billion (2009 est.)

$3.009 billion (2008 est.)
$2.921 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$1.196 billion (2009 est.)

GDP - real growth rate:
-1.2% (2009 est.)

3% (2008 est.)
5.4% (2007 est.)

GDP - per capita (PPP):
$3,900 (2009 est.)

$4,000 (2008 est.)
$3,800 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 24.5%
industry: 23.6%
services: 51.9% (2009 est.)

Labor force:
333,900 (2007 est.)

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

Unemployment rate:
11% (2007 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 1.3%
highest 10%: 33.8% (1999)

Distribution of family income - Gini index:
43.2 (1999)

Investment (gross fixed):
31.6% of GDP (2009 est.)

Budget:
revenues: $493.7 million
expenditures: $596.9 million (2009 est.)

Public debt:
NA% of GDP

Inflation rate (consumer prices):
5.2% (2009 est.)

8.3% (2008 est.)

Central bank discount rate:
6.75% (31 December 2008)

6.5% (31 December 2007)

Commercial bank prime lending rate:
14.58% (31 December 2008)

14.61% (31 December 2007)

Stock of money:
$344.2 million (31 December 2008)

$315.2 million (31 December 2007)

Stock of quasi money:
$817.6 million (31 December 2008)

$728.8 million (31 December 2007)

Stock of domestic credit:
$829.4 million (31 December 2008)

$739.3 million (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$262.4 million (31 December 2007)
$187.4 million (31 December 2006)

Agriculture - products:
sugarcane, rice, shrimp, fish, edible oils; beef, pork, poultry

Industries:
bauxite, sugar, rice milling, timber, textiles, gold mining

Industrial production growth rate:
-6.5% (2009 est.)

Electricity - production:
821 million kWh (2007 est.)

Electricity - consumption:
667 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
11,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
10,550 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-232 million (2009 est.)

$-362 million (2008 est.)

Exports:
$652 million (2009 est.)

$797 million (2008 est.)

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

Exports - partners:
Canada 20.8%, US 15.2%, UK 12.3%, Netherlands 7.2%, Portugal 4.7%, Trinidad and Tobago 4.7%, Jamaica 4.5%, Ukraine 4.3% (2008)

Imports:
$1.066 billion (2009 est.)

$1.294 billion (2008 est.)

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
US 23.4%, Trinidad and Tobago 22.3%, Finland 7.7%, Cuba 6.1%, China 5.7% (2008)

Reserves of foreign exchange and gold:
$317 million (31 December 2009 est.)

$355.9 million (31 December 2008 est.)

Debt - external:
$804.3 million (30 September 2008 est.)

$1.2 billion (2002 est.)

Exchange rates:
Guyanese dollars (GYD) per US dollar - 204.57 (2009), 203.86 (2008), 201.89 (2007), 200.28 (2006), 200.79 (2005)


NOTE: The information regarding Guyana on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guyana Economy 2010 information contained here. All suggestions for corrections of any errors about Guyana Economy 2010 should be addressed to the CIA.



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