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Economy - overview:
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The Guyanese economy 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. Growth then slowed in 2003. 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 - $2.797 billion (2003 est.)
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GDP - real growth rate:
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0.5% (2003 est.)
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GDP - per capita:
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purchasing power parity - $4,000 (2003 est.)
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GDP - composition by sector:
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agriculture: 37.2%
industry: 22.7%
services: 40.1% (2003 est.)
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Investment (gross fixed):
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38.5% of GDP (2003)
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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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5.7% (2003 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: $263.4 million
expenditures: $326.7 million, including capital expenditures of $93.4 million (2003)
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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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Current account balance:
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$-158 million (2003)
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Exports:
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$512 million f.o.b. (2003 est.)
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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 24.8%, US 21.2%, UK 13.2%, Portugal 6.5%, Belgium 6.3%, Jamaica 6% (2003 est.)
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Imports:
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$612 million f.o.b. (2003 est.)
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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 19.7%, Trinidad and Tobago 16.8%, Netherlands Antilles 14.2%, Italy 9.8%, UK 6.3%, Cuba 4.6% (2003 est.)
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Reserves of foreign exchange & gold:
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$257 million (2003)
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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) (2000 est.)
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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 (2003), 190.665 (2002), 187.321 (2001), 182.43 (2000), 177.995 (1999)
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Fiscal year:
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calendar year
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