About Guyana and Key Financial Statistics









About Guyana and Key Financial Statistics



Overview of Economy:

The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the country's export market, primarily in the raw materials sector. Guyana has experienced positive growth almost every year over the past decade. Inflation has been kept under control. Recent years have seen the government's stock of debt reduced significantly - with external debt now less than half of what it was in the early 1990s. Chronic problems include a shortage of skilled labor and a deficient infrastructure. Despite recent improvements, the government is still juggling a sizable external debt against the urgent need for expanded public investment. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to 21% of GDP, which along with other Highly Indebted Poor Country (HIPC) debt forgiveness, brought the debt-to-GDP ratio down from 183% in 2006 to 58% in 2014. Guyana had become heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Much of Guyana's growth in recent years has come from a surge in gold production in response to global prices, although downward trends in gold prices may threaten future growth. In 2014, production of sugar dropped to a 24-year low.



Gross Domestic Product (In USD):

$5.534 billion (2014 est.)
$5.33 billion (2013 est.)
$5.065 billion (2012 est.)



Composition of Gross Domestic Product:


% Agricuture: 21.3

% Industry: 28.6

% Services: 50.1


Composition of Labor Force by Occupation:

% Agriculture: NA%

% Industry: NA%

% Services: NA%


Per Capita Income:

$6,900 (2014 est.)
$6,700 (2013 est.)
$6,300 (2012 est.)



Exports:

$1.251 billion (2014 est.)
$1.376 billion (2013 est.)



Key Export Commodities:

sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber



Export Partners:

US 31.9%, Canada 21.3%, Venezuela 10.9%, UK 6.4% (2014)



Imports:

$1.834 billion (2014 est.)
$1.847 billion (2013 est.)



Key Import Commodities:

manufactures, machinery, petroleum, food




Import Partners:

US 21.9%, Trinidad and Tobago 19.9%, Venezuela 12%, China 9.9%, Suriname 8% (2014)



Inflation Rate (Consumer Price Index):


1% (2014 est.)
2.2% (2013 est.)



Exchange Rate to USD:






Unemployment Rate:

11.1% (2013)
11.3% (2012)


S&P Rating:



Standard & Poor's Ratings:

  • AAA: The best quality borrowers, reliable and stable
  • AA: Quality borrowers, a bit higher risk than AAA
  • A: Economic situation can affect finance
  • BBB: Medium class borrowers, which are satisfactory at the moment
  • BB: More prone to changes in the economy
  • B: Financial situation varies noticeably
  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.






Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings