Guatemala/Economy

Economy - overview: The agricultural sector accounts for one-fourth of GDP, two-thirds of exports, and half of the labor force. Coffee, sugar, and bananas are the main products. Manufacturing and construction account for one-fifth of GDP. Since assuming office in January 1996, former President ARZU worked to implement a program of economic liberalization and political modernization. The signing of the peace accords in December 1996, which ended 36 years of civil war, removed a major obstacle to foreign investment. In 1998, Hurricane Mitch caused relatively little damage to Guatemala compared to its neighbors. Remaining challenges include beefing up government revenues, negotiating further assistance from international donors, and increasing the efficiency and openness of both government and private financial operations. Growth should remain at the same level in 2000 provided world agricultural prices do not plunge.

GDP: purchasing power parity - $47.9 billion (1999 est.)

GDP - real growth rate: 3.5% (1999 est.)

GDP - per capita: purchasing power parity - $3,900 (1999 est.)

GDP - composition by sector:
agriculture: 23%
industry: 20%
services: 57% (1999 est.)

Population below poverty line: 75%

Household income or consumption by percentage share:
lowest 10%: 0.6%
highest 10%: 46.6% (1989)

Inflation rate (consumer prices): 6.8% (1999 est.)

Labor force: 3.32 million (1997 est.)

Labor force - by occupation: agriculture 50%, industry 15%, services 35% (1999 est.)

Unemployment rate: 7.5% (1999 est.)

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Industries: sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism

Industrial production growth rate: NA%

Electricity - production: 3.085 billion kWh (1998)

Electricity - production by source:
fossil fuel: 26.42%
hydro: 66.61%
nuclear: 0%
other: 6.97% (1998)

Electricity - consumption: 2.914 billion kWh (1998)

Electricity - exports: 6 million kWh (1998)

Electricity - imports: 51 million kWh (1998)

Agriculture - products: sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs, chickens

Exports: $2.4 billion (f.o.b., 1999)

Exports - commodities: coffee, sugar, bananas, fruits and vegetables, meat, apparel, petroleum, electricity

Exports - partners: US 48%, El Salvador 10%, Honduras 6%, Germany 5%, Costa Rica 4% (1997)

Imports: $4.5 billion (c.i.f., 1999)

Imports - commodities: fuels, machinery and transport equipment, construction materials, grain, fertilizers, electricity

Imports - partners: US 46%, Mexico 13%, El Salvador 5%, Venezuela 5%, Japan 4% (1997)

Debt - external: $4.4 billion (1998 est.)

Economic aid - recipient: $212 million (1995)

Currency: 1 quetzal (Q) = 100 centavos

Exchange rates: quetzales (Q) per US$1 - 7.8829 (January 2000), 7.3856 (1999), 6.3947 (1998), 6.0653 (1997), 6.0495 (1996), 5.8103 (1995)

Fiscal year: calendar year