Guyana Economy 2007

Economy - overview:
The Guyanese economy exhibited moderate economic growth in 2001-02, 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. 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. The Inter-American Development Bank in November 2006 canceled Guyana's nearly $400 million debt with the Bank. The bauxite mining sector should benefit in the near term from restructuring and partial privatization. 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):
$3.757 billion (2006 est.)

GDP (official exchange rate):
$838.1 million (2006 est.)

GDP - real growth rate:
4.7% (2006 est.)

GDP - per capita (PPP):
$4,900 (2006 est.)

GDP - composition by sector:
agriculture: 34.9%
industry: 19.4%
services: 45.7% (2006 est.)

Labor force:
418,000 (2001 est.)

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

Unemployment rate:
9.1% (understated) (2000)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
7.2% (2006 est.)

Investment (gross fixed):
33.2% of GDP (2006 est.)

Budget:
revenues: $399 million
expenditures: $506.5 million (2006 est.)

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

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

Industrial production growth rate:
NA%

Electricity - production:
807.3 million kWh (2005)

Electricity - consumption:
750.7 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2004 est.)

Oil - consumption:
11,200 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Current account balance:
$-221 million (2006 est.)

Exports:
$482 million f.o.b. (2006 est.)

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

Exports - partners:
US 18.8%, Canada 18.4%, UK 8.7%, Portugal 6.5%, Trinidad and Tobago 4.9%, Netherlands 4.3%, Belgium 4.3%, Jamaica 4.1% (2006)

Imports:
$778 million f.o.b. (2006 est.)

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
Trinidad and Tobago 23%, US 21.3%, China 9.7%, Cuba 6.3%, UK 4.5% (2006)

Economic aid - recipient:
$136.8 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997) (2005)

Reserves of foreign exchange and gold:
$279.6 million (2006 est.)

Debt - external:
$1.2 billion (2002)

Market value of publicly traded shares:
$187.3 million (2005)

Currency (code):
Guyanese dollar (GYD)

Exchange rates:
Guyanese dollars per US dollar - 200.28 (2006), 200.79 (2005), 198.31 (2004), 193.88 (2003), 190.67 (2002)