Guyana Economy 2008

Economy - overview:
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 41% 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):
$4.057 billion (2007 est.)

GDP (official exchange rate):
$896.8 million (2007 est.)

GDP - real growth rate:
4.5% (2007 est.)

GDP - per capita (PPP):
$5,300 (2007 est.)

GDP - composition by sector:
agriculture: 35.2%
industry: 19%
services: 45.8% (2007 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%: 1.3%
highest 10%: 33.8% (1999)

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

Inflation rate (consumer prices):
10.4% (2007 est.)

Investment (gross fixed):
39.3% of GDP (2007 est.)

Budget:
revenues: $419.4 million
expenditures: $527.4 million (2007 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:
2% (2007 est.)

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 (2005 est.)

Oil - consumption:
10,500 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
10,070 bbl/day (2004)

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

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

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

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$229.7 million (2007 est.)

Exports:
$499.4 million f.o.b. (2007 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:
$835.8 million f.o.b. (2007 est.)

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:
$292 million (31 December 2007 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 - 201.89 (2007), 200.28 (2006), 200.79 (2005), 198.31 (2004), 193.88 (2003)