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Guyana: Economy

Economy Guyana
Economy - overview:
The Guyanese economy has exhibited moderate economic growth in 2001-02, 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. 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. The bauxite mining sector should benefit in the near term by restructuring and partial privatization.
GDP:
purchasing power parity - $2.628 billion (2002 est.)
GDP - real growth rate:
1.1% (2002 est.)
GDP - per capita:
purchasing power parity - $3,800 (2002 est.)
GDP - composition by sector:
agriculture: 35%
industry: 21%
services: 44% (2002 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
4.7% (2002 est.)
Labor force:
418,000 (2001 est.)
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
9.1% (understated) (2000)
Budget:
revenues: $227 million
expenditures: $235.2 million, including capital expenditures of $93.4 million (2000)
Industries:
bauxite, sugar, rice milling, timber, textiles, gold mining
Industrial production growth rate:
7.1% (1997 est.)
Electricity - production:
852 million kWh (2001)
Electricity - production by source:
fossil fuel: 99.4%
hydro: 0.6%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
792.4 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
11,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish (shrimp)
Exports:
$500 million f.o.b. (2002)
Exports - commodities:
sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber
Exports - partners:
Canada 21.1%, US 17.9%, Netherlands Antilles 12.9%, UK 10.4%, Jamaica 5.3%, Portugal 4.2% (2002)
Imports:
$575 million c.i.f. (2002)
Imports - commodities:
manufactures, machinery, petroleum, food
Imports - partners:
US 23.7%, Netherlands Antilles 20.2%, Trinidad and Tobago 15.2%, Italy 6.3%, UK 5.1%, Cuba 4.2% (2002)
Debt - external:
$1.2 billion (2002)
Economic aid - recipient:
$84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)
Currency:
Guyanese dollar (GYD)
Currency code:
GYD
Exchange rates:
Guyanese dollars per US dollar - NA (2002), 187.32 (2001), 182.43 (2000), 178 (1999), 150.52 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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