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