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Guyana Economy
Economy - overview:
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.
GDP:
purchasing power parity - $2.797 billion (2003 est.)
GDP - real growth rate:
0.5% (2003 est.)
GDP - per capita:
purchasing power parity - $4,000 (2003 est.)
GDP - composition by sector:
agriculture: 37.2%
industry: 22.7%
services: 40.1% (2003 est.)
Investment (gross fixed):
38.5% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
5.7% (2003 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: $263.4 million
expenditures: $326.7 million, including capital expenditures of $93.4 million (2003)
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)
Current account balance:
$-158 million (2003)
Exports:
$512 million f.o.b. (2003 est.)
Exports - commodities:
sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber
Exports - partners:
Canada 24.8%, US 21.2%, UK 13.2%, Portugal 6.5%, Belgium 6.3%, Jamaica 6% (2003 est.)
Imports:
$612 million f.o.b. (2003 est.)
Imports - commodities:
manufactures, machinery, petroleum, food
Imports - partners:
US 19.7%, Trinidad and Tobago 16.8%, Netherlands Antilles 14.2%, Italy 9.8%, UK 6.3%, Cuba 4.6% (2003 est.)
Reserves of foreign exchange & gold:
$257 million (2003)
Debt - external:
$1.2 billion (2002)
Economic aid - recipient:
$84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997) (2000 est.)
Currency:
Guyanese dollar (GYD)
Currency code:
GYD
Exchange rates:
Guyanese dollars per US dollar - NA (2003), 190.665 (2002), 187.321 (2001), 182.43 (2000), 177.995 (1999)
Fiscal year:
calendar year
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