Guyana Economy - 2004

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 - $2.792 billion (2003 est.)

GDP - real growth rate:
0.3% (2003 est.)

GDP - per capita:
purchasing power parity - $4,000 (2003 est.)

GDP - composition by sector:
agriculture: 35%
industry: 21%
services: 44% (2002 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
4.7% (2002 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: $227 million
expenditures: $235.2 million, including capital expenditures of $93.4 million (2000)

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

Oil - imports:
NA

Agriculture - products:
sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; fish (shrimp)

Exports:
$512 million f.o.b. (2003 est.)

Exports - commodities:
sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber

Exports - partners:
Canada 26.3%, US 22.3%, UK 13%, Jamaica 5.1%, Portugal 5.1%, Belgium 4.2% (2002)

Imports:
$612 million f.o.b. (2003 est.)

Imports - commodities:
manufactures, machinery, petroleum, food

Imports - partners:
US 25.1%, Trinidad and Tobago 16%, Netherlands Antilles 13.7%, Italy 6.6%, UK 5.5%, Cuba 4.4% (2002)

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), 190.67 (2002), 187.32 (2001), 182.43 (2000), 178 (1999)