Guatemala Economy 1997

Economy - overview The economy is based on family and corporate agriculture, which accountsfor 25% of GDP, employs about 60% of the labor force, and supplies two-thirdsof exports. Manufacturing and construction, predominantly in private hands,account for about 20% of GDP and 18% of the labor force. In both 1990 and1991, the economy grew by 3%, the fourth and fifth consecutive years of mildgrowth. In 1992 growth picked up to almost 5% as government policies favoringcompetition and foreign trade and investment took stronger hold. In 1993-94,despite political unrest, this momentum continued, foreign investment heldup, and annual growth averaged 4%. Strong international prices for Guatemala'straditional commodity exports featured 4.9% growth in 1995; growth recededto 3% in 1996. Given the markedly uneven distribution of land and income,the government faces major obstacles in its program of economic modernizationand the reduction of poverty.

GDP purchasing power parity - $39 billion (1996 est.)

GDP - real growth rate 3% (1996 est.)

GDP - per capita purchasing power parity - $3,460 (1996 est.)

GDP - composition by sector
agriculture: 25%
industry: 20%
services: 55%

Inflation rate - consumer price index 10.9% (1996)

Labor force
total: 3.1 million (1995 est.)
by occupation: agriculture 58%, services 14%, manufacturing 14%, commerce 7%, construction4%, transport 2.6%, utilities 0.3%, mining 0.1% (1995)

Unemployment rate 4.9%; underemployment 30%-40% (1994 est.)

Budget
revenues: $1.25 billion (1995)
expenditures : $1.35 billion, including capital expenditures of $385 million (1995)

Industries sugar, textiles and clothing, furniture, chemicals, petroleum, metals,rubber, tourism

Industrial production growth rate NA%

Electricity - capacity 973,500 kW (1995)

Electricity - production 3.229 billion kWh (1995)

Electricity - consumption per capita 255 kWh (1995 est.)

Agriculture - products sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs,chickens

Exports
total value: $1.81 billion (f.o.b., 1996)
commodities: coffee, sugar, bananas, cardamom, beef
partners: US 30%, El Salvador, Costa Rica, Germany, Honduras

Imports
total value : $3.11 billion (f.o.b., 1996)
commodities: fuel and petroleum products, machinery, grain, fertilizers, motor vehicles
partners: US 44%, Mexico, Venezuela, Japan, Germany

Debt - external $3.1 billion (1995 est.)

Economic aid
recipient: ODA, $274 million (1994)

Currency 1 quetzal (Q) = 100 centavos

Exchange rates free market quetzales (Q) per US$1 - 6.0527 (January 1997), 6.0495 (1996),5.8103 (1995), 5.7512 (1994), 5.6354 (1993), 5.1706 (1992)

Fiscal year calendar year

NOTE: The information regarding Guatemala on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guatemala Economy 1997 information contained here. All suggestions for corrections of any errors about Guatemala Economy 1997 should be addressed to the CIA.