Economy

Economy—overview: In 1997 Guyana one of the poorest countries in the Western Hemisphere 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. Serious underlying economic problems will continue. Electric power 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 (1997 est.)

GDP—real growth rate: 5% (1997 est.)

GDP—per capita: purchasing power parity—$2 500 (1997 est.)

GDP—composition by sector:

agriculture: 39%

industry: 28%

services: 33% (1995 est.)

Inflation rate—consumer price index: 4.5% (1997 est.)

Labor force: NA

Unemployment rate: 12% (1992 est.)

Budget:

revenues: $278 million

expenditures: $299 million including capital expenditures of $133 million (1996 est.)

Industries: bauxite sugar rice milling timber fishing (shrimp) textiles gold mining

Industrial production growth rate: 5.6% (1994 est.)

Electricity—capacity: 114 000 kW (1995)

Electricity—production: 230 million kWh (1995)

Electricity—consumption per capita: 339 kWh (1995)

Agriculture—products: sugar rice wheat vegetable oils; beef pork poultry dairy products; development potential exists for fishing and forestry

Exports:

total value: $546 million (f.o.b. 1996)

commodities: sugar gold bauxite/alumina rice shrimp molasses

partners: Canada 33% US 24% UK 22% (1994 est.)

Imports:

total value: $589 million (c.i.f. 1996 est.)

commodities: manufactures machinery petroleum food

partners: US 29% Trinidad and Tobago 17% Netherlands Antilles 17% UK 11% (1994 est.)

Debt—external: $1.5 billion (1996 est.)

Economic aid:

recipient: ODA $NA

Currency: 1 Guyanese dollar (G$) = 100 cents

Exchange rates: Guyanese dollars (G$) per US$1—144.2 (January 1998) 142.4 (1997) 140.4 (1996) 142.0 (1995) 138.3 (1994) 126.7 (1993)

Fiscal year: calendar year