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Guatemala:
Economy

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Economy - overview
Definition
Guatemala is the most populous of the Central American countries with a GDP per capita roughly one-half that of Argentina, Brazil, and Chile. The agricultural sector accounts for about one-tenth of GDP, two-fifths of exports, and half of the labor force. Coffee, sugar, and bananas are the main products, with sugar exports benefiting from increased global demand for ethanol. The 1996 signing of peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment, and Guatemala since then has pursued important reforms and macroeconomic stabilization. On 1 July 2006, the Central American Free Trade Agreement (CAFTA) entered into force between the US and Guatemala and has since spurred increased investment in the export sector. The distribution of income remains highly unequal with about 56% of the population below the poverty line. Other ongoing challenges include increasing government revenues, negotiating further assistance from international donors, upgrading both government and private financial operations, curtailing drug trafficking and rampant crime, and narrowing the trade deficit. Given Guatemala's large expatriate community in the United States, it is the top remittance recipient in Central America, with inflows serving as a primary source of foreign income equivalent to nearly two-thirds of exports.
GDP (purchasing power parity)
Definition - World rank and map
$62.53 billion (2007 est.)
GDP (official exchange rate)
Definition
$33.69 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.7% (2007 est.)
GDP - per capita
Definition - World rank and map
$4,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 13.2%
industry: 25.9%
services: 60.8% (2007 est.)
Labor force
Definition
3.958 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 50%
industry: 15%
services: 35% (1999 est.)
Unemployment rate
Definition - World rank and map
3.2% (2005 est.)
Population below poverty line
Definition
56.2% (2004 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 0.9%
highest 10%: 43.4% (2002)
Distribution of family income - Gini index
Definition - World rank and map
55.1 (2007)
Inflation rate (consumer prices)
Definition - World rank and map
6.8% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
17.4% of GDP (2007 est.)
Budget
Definition
revenues: $4.38 billion
expenditures: $4.872 billion (2007 est.)
Public debt
Definition - World rank and map
20.8% of GDP (2007 est.)
Agriculture - products
Definition
sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs, chickens
Industries
Definition
sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
Industrial production growth rate
Definition - World rank and map
5% (2007 est.)
Electricity - production
Definition - World rank and map
7.281 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
6.361 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
489.3 kWh (2005)
Electricity - exports
Definition
339 million kWh (2005)
Electricity - imports
Definition
23 million kWh (2005)
Oil - production
Definition - World rank and map
20,100 bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
73,510 bbl/day (2006 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
5.7 bbl/day (2006 est.)
Oil - exports
Definition - World rank and map
15,560 bbl/day (2006 est.)
Oil - imports
Definition - World rank and map
72,960 bbl/day (2006 est.)
Oil - proved reserves
Definition - World rank and map
526 million 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
2.96 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$1.685 billion (2007 est.)
Exports
Definition - World rank and map
$6.94 billion f.o.b. (2007 est.)
Exports - commodities
Definition
coffee, sugar, petroleum, apparel, bananas, fruits and vegetables, cardamom
Exports - partners
Definition
US 39.6%, El Salvador 13.3%, Honduras 8.1%, Mexico 5.9%, Nicaragua 4.4%, Costa Rica 4.2% (2006)
Imports
Definition - World rank and map
$12.62 billion f.o.b. (2007 est.)
Imports - commodities
Definition
fuels, machinery and transport equipment, construction materials, grain, fertilizers, electricity
Imports - partners
Definition
US 32.6%, Mexico 9.3%, China 6.5%, El Salvador 5.6%, South Korea 5.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$4.139 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$5.908 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$253.6 million (2005 est.)
Currency (code)
Definition
quetzal (GTQ), US dollar (USD), others allowed
Exchange rates
Definition
quetzales per US dollar - 7.6833 (2007), 7.6026 (2006), 7.6339 (2005), 7.9465 (2004), 7.9409 (2003)
Fiscal year
Definition
calendar year


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