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Guyana:
Economy

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Economy - overview
Definition
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 48% 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)
Definition - World rank and map
$2.92 billion (2007 est.)
GDP (official exchange rate)
Definition
$1.039 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$3,800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 31.1%
industry: 21.7%
services: 47.1% (2007 est.)
Labor force
Definition
418,000 (2001 est.)
Labor force - by occupation
Definition
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate
Definition - World rank and map
9.1% (understated) (2000)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: 1.3%
highest 10%: 33.8% (1999)
Distribution of family income - Gini index
Definition - World rank and map
43.2 (1999)
Inflation rate (consumer prices)
Definition - World rank and map
12.2% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
41.1% of GDP (2007 est.)
Budget
Definition
revenues: $446.2 million
expenditures: $531.2 million (2007 est.)
Agriculture - products
Definition
sugarcane, rice, shrimp, fish, vegetable oils; beef, pork, poultry, dairy products
Industries
Definition
bauxite, sugar, rice milling, timber, textiles, gold mining
Industrial production growth rate
Definition - World rank and map
-26.4% (2007 est.)
Electricity - production
Definition - World rank and map
807.3 million kWh (2005)
Electricity - consumption
Definition - World rank and map
750.7 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
974 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
10,500 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
13.6 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
10,070 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 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
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$189 million (2007 est.)
Exports
Definition - World rank and map
$684 million f.o.b. (2007 est.)
Exports - commodities
Definition
sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber
Exports - partners
Definition
Canada 17.8%, US 16.4%, UK 9.9%, Portugal 7.6%, Trinidad and Tobago 5.1%, France 4.7%, Netherlands 4.6%, Jamaica 4.3% (2006)
Imports
Definition - World rank and map
$950 million f.o.b. (2007 est.)
Imports - commodities
Definition
manufactures, machinery, petroleum, food
Imports - partners
Definition
Trinidad and Tobago 25.5%, US 20%, China 8.6%, Cuba 7%, UK 5.4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$324 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$1.2 billion (2002)
Market value of publicly traded shares
Definition
$187.3 million (2005)
Economic aid - recipient
Definition
$136.8 million (2005)
Currency (code)
Definition
Guyanese dollar (GYD)
Exchange rates
Definition
Guyanese dollars per US dollar - 201.89 (2007), 200.28 (2006), 200.79 (2005), 198.31 (2004), 193.88 (2003)
Fiscal year
Definition
calendar year


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