Guyana Economy 1997

Economy - overview In 1996, Guyana, one of the poorest countries in the Western Hemisphere,posted its fifth straight year of economic growth of 5% or better, with theadvance led by gold and bauxite mining and by sugar. Favorable growth factorshave included expansion in the key agricultural and mining sectors, a morefavorable atmosphere for business initiative, a more realistic exchange rate,a moderate inflation rate, and the continued support of international organizations.Serious underlying economic problems will continue. Electric power has beenin short supply and constitutes a major barrier to future gains in nationaloutput. The government must persist in efforts to manage its sizable externaldebt and extend its privatization program.

GDP purchasing power parity - $1.8 billion (1996 est.)

GDP - real growth rate 7.9% (1996 est.)

GDP - per capita purchasing power parity - $2,490 (1996 est.)

GDP - composition by sector
agriculture: 49%
industry: 28%
services: 33% (1995 est.)

Inflation rate - consumer price index 4.5% (1996 est.)

Labor force NA

Unemployment rate 12% (1992 est.)

Budget
revenues: $209 million
expenditures: $303 million, including capital expenditures of $109 million (1995 est.)

Industries bauxite, sugar, rice milling, timber, fishing (shrimp), textiles, goldmining

Industrial production growth rate 5.6% (1994 est.)

Electricity - capacity 157,000 kW (1995)

Electricity - production 318 million kWh (1995)

Electricity - consumption per capita 301 kWh (1995 est.)

Agriculture - products sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products;development potential exists for fishing and forestry

Exports
total value: $565 million (f.o.b., 1996 est.)
commodities : sugar, gold, bauxite/alumina, rice, shrimp, molasses
partners: Canada 33%, US 24%, UK 22% (1994 est.)

Imports
total value: $589 million (c.i.f., 1996 est.)
commodities: manufactures, machinery, petroleum, food
partners : US 29%, Trinidad and Tobago 17%, Netherlands Antilles 17%, UK 11%, (1994est.)

Debt - external $1.5 billion (1996 est.)

Economic aid
recipient : ODA, $NA

Currency 1 Guyanese dollar (G$) = 100 cents

Exchange rates Guyanese dollars (G$) per US$1 - 140.3 (February 1997), 141.1 (December1996), 140.4 (1996), 142.0 (1995), 138.3 (1994), 126.7 (1993), 125.0 (1992)

Fiscal year calendar year

NOTE: The information regarding Guyana 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 Guyana Economy 1997 information contained here. All suggestions for corrections of any errors about Guyana Economy 1997 should be addressed to the CIA.