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Economy - overview:
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The agricultural sector accounts for about one-fourth of GDP, two-thirds of exports, and half of the labor force. Coffee, sugar, and bananas are the main products. Former President ARZU (1996-2000) worked to implement a program of economic liberalization and political modernization. President PORTILLO has continued the liberalization program but with more sporadic results. The 1996 signing of the peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment, but numerous corruption scandals associated with the PORTILLO administration have dampened investor confidence. The distribution of income remains highly unequal, with perhaps 75% of the population below the poverty line. Ongoing challenges include increasing the government revenues, negotiating further assistance from international donors, upgrading both government and private financial operations, and narrowing the trade deficit. A free trade agreement between the US and Central American countries promises greater access to US and neighboring markets.
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GDP:
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purchasing power parity - $53.2 billion (2002 est.)
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GDP - real growth rate:
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2.2% (2002 est.)
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GDP - per capita:
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purchasing power parity - $3,900 (2002 est.)
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GDP - composition by sector:
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agriculture: 23%
industry: 20%
services: 57% (2001 est.)
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Population below poverty line:
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75% (2002 est.)
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Household income or consumption by percentage share:
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lowest 10%: 1.6%
highest 10%: 46% (1998)
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Distribution of family income - Gini index:
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55.8 (1998)
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Inflation rate (consumer prices):
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8.1% (2002 est.)
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Labor force:
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4.2 million (1999 est.)
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Labor force - by occupation:
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agriculture 50%, industry 15%, services 35% (1999 est.)
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Unemployment rate:
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7.5% (1999 est.)
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Budget:
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revenues: $2.3 billion
expenditures: $2.7 billion, including capital expenditures of $750 million (2002 est.)
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Industries:
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sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
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Industrial production growth rate:
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4.1% (1999)
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Electricity - production:
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6.237 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 51.9%
hydro: 35.2%
other: 12.9% (2001)
nuclear: 0%
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Electricity - consumption:
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5.559 billion kWh (2001)
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Electricity - exports:
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336 million kWh (2001)
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Electricity - imports:
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95 million kWh (2001)
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Oil - production:
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21,080 bbl/day (2001 est.)
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Oil - consumption:
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61,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Oil - proved reserves:
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263 million bbl (37257)
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Natural gas - proved reserves:
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1.543 billion cu m (37257)
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Agriculture - products:
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sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs, chickens
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Exports:
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$2.7 billion f.o.b. (2002 est.)
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Exports - commodities:
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coffee, sugar, bananas, fruits and vegetables, cardamom, meat, apparel, petroleum, electricity
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Exports - partners:
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US 58.7%, El Salvador 9.3%, Nicaragua 3.1% (2002)
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Imports:
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$5.6 billion f.o.b. (2002 est.)
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Imports - commodities:
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fuels, machinery and transport equipment, construction materials, grain, fertilizers, electricity
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Imports - partners:
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US 33.2%, Mexico 9.9%, South Korea 8.2%, El Salvador 5.7%, China 4% (2002)
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Debt - external:
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$4.9 billion (2002 est.)
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Economic aid - recipient:
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$250 million (2000 est.)
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Currency:
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quetzal (GTQ), US dollar (USD), others allowed
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Currency code:
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GTQ; USD
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Exchange rates:
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quetzales per US dollar - 7.82 (2002), 7.86 (2001), 7.76 (2000), 7.39 (1999), 6.39 (1998)
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Fiscal year:
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calendar year
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