Guyana Economy
Economy—overview:
In 1997,
Guyana, posted its sixth straight year of economic growth of 5%
or better, with the advance led by gold
and bauxite mining and by sugar growing. Favorable
growth factors have included expansion in the key agricultural
and mining sectors, a more favorable atmosphere for business initiative,
a more realistic exchange rate, a moderate inflation rate, and
the continued support of international organizations. However,
a severe drought and political turmoil following the 1997 elections
contributed to a negative growth rate for 1998. Serious underlying
economic problems will continue.
Electricity
has been in short supply and constitutes a major barrier to future
gains in national output. The government must persist in efforts
to manage its sizable external debt and extend its privatization
program.
GDP:
purchasing power parity—$1.8 billion (1998 est.)
GDP—real
growth rate: -1.8% (1998 est.)
GDP—per
capita: purchasing power parity—$2,500 (1998 est.)
GDP—composition
by sector:
agriculture: 37%
industry: 22%
services: 41% (1997 est.)
Population
below poverty line: NA%
Household
income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation
rate (consumer prices): 4.1% (1998)
Labor
force: 245,492 (1992)
Labor
force—by occupation: agriculture, hunting and
forestry 30.2%, commerce 16%, manufacturing 11% (1992)
Unemployment
rate: 12% (1992 est.)
Budget:
revenues: $253.7 million
expenditures: $304.1 million, including capital expenditures
of $108.8 million (1997 est.)
Industries:
bauxite, sugar, rice milling, timber, fishing (shrimp), textiles,
gold mining
Industrial
production growth rate: 7.1% (1997 est.)
Electricity—production:
325 million kWh (1996)
Electricity—production
by source:
fossil fuel: 98.46%
hydro: 1.54%
nuclear: 0%
other: 0% (1996)
Electricity—consumption:
339 million kWh (1996)
Electricity—exports:
0 kWh (1996)
Electricity—imports:
14 million kWh (1996)
Agriculture—products:
sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy
products; forest and fishery potential not exploited
Exports:
$593.4 million (1997 est.)
Exports—commodities:
sugar, gold, bauxite/alumina, rice, shrimp, molasses
Exports—partners:
Canada 25.9%, US 20.4%, UK 22.7%, Netherlands Antilles 8.4%, Germany
4.3% (1996)
Imports:
$641.6 million (1997 est.)
Imports—commodities:
manufactures, machinery, petroleum, food
Imports—partners:
US 27.6%, Trinidad and Tobago 17.7%, Netherlands Antilles 12.1%,
UK 10.7%, Japan 4.2% (1996)
Debt—external:
$1.5 billion (1997)
Economic
aid—recipient: $84 million (1995)
Currency:
1 Guyanese dollar (G$) = 100 cents
Exchange
rates: Guyanese dollars (G$) per US$1—163.7 (December
1998), 150.5 (1998), 142.4 (1997), 140.4 (1996), 142.0 (1995),
138.3 (1994)
Fiscal
year: calendar year
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