Guyana/Economy

Economy - overview: Severe drought and political turmoil contributed to Guyana's negative growth of -1.8% for 1998 following six straight years of growth of 5% or better. Growth came back to a positive 1.8% in 1999. Underlying 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 continued support by international organizations. President Jagdeo, the former finance minister, is taking steps to reform the economy, including drafting an investment code and restructuring the inefficient and unresponsive public sector. Problems include a shortage of skilled labor and an inadequate and poorly maintained transportation system. Also, electricity has been in short supply; the privatization of the sector in August 1999 is expected to improve prospects. The government must persist in efforts to manage its sizable external debt and extend its privatization program.

GDP: purchasing power parity - $1.86 billion (1999 est.)

GDP - real growth rate: 1.8% (1999 est.)

GDP - per capita: purchasing power parity - $2,500 (1999 est.)

GDP - composition by sector:
agriculture: 34.7%
industry: 32.5%
services: 32.8% (1998 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 5.5% (1999 est.)

Labor force: 245,492 (1992)

Labor force - by occupation: agriculture NA%, industry NA%, services NA%

Unemployment rate: 12% (1992 est.)

Budget:
revenues: $220.1 million
expenditures: $286.4 million, including capital expenditures of $86.6 million (1998)

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

Industrial production growth rate: 7.1% (1997 est.)

Electricity - production: 325 million kWh (1998)

Electricity - production by source:
fossil fuel: 98.46%
hydro: 1.54%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 302 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; forest and fishery potential not exploited

Exports: $574 million (f.o.b., 1999 est.)

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

Exports - partners: US 25%, Canada 24%, UK 19%, Netherlands Antilles 11%, Jamaica 5% (1998)

Imports: $620 million (c.i.f., 1999 est.)

Imports - commodities: manufactures, machinery, petroleum, food

Imports - partners: US 28%, Trinidad and Tobago 21%, Netherlands Antilles 14%, UK 7%, Japan 5% (1998)

Debt - external: $1.4 billion (1998)

Economic aid - recipient: $84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)

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

Exchange rates: Guyanese dollars (G$) per US$1 - 180.4 (December 1999), 178.0 (1999), 150.5 (1998), 142.4 (1997), 140.4 (1996), 142.0 (1995)

Fiscal year: calendar year