Overview: Guyana, one of the poorest countries in the Western Hemisphere, has pushed ahead strongly in 1992-94, with an 8% average annual economic growth rate, led by gold mining, and rice, sugar, and forestry products for export. Favorable factors include recovery in the key agricultural and mining sectors, a more favorable atmosphere for business initiative, a more realistic exchange rate, a sharp drop in the inflation rate, and the continued support of international organizations. Serious underlying economic problems will continue. Electric power has been in short supply and constitutes a major barrier to future gains in national output. The government will have to persist in efforts to manage its large $2.2 billion external debt, control inflation, and to extend the privatization program.
National product: GDP - purchasing power parity - $1.4 billion (1994 est.)
National product real growth rate: 8.5% (1994 est.)
National product per capita: $1,950 (1994 est.)
Inflation rate (consumer prices): 15.5% (1994 est.)
Unemployment rate: 12% (1992 est.)
Budget:
revenues: $23.7 million
expenditures: $19.6 million, including capital expenditures of $NA
(1994 est.)
Exports: $475 million (f.o.b., 1994) commodities: sugar, bauxite/alumina, rice, shrimp, molasses partners: UK 33%, US 31%, Canada 9%, France 5%, Japan 3% (1992)
Imports: $456 million (c.i.f., 1994 est.) commodities: manufactures, machinery, petroleum, food partners: US 37%, Trinidad and Tobago 13%, UK 11%, Italy 8%, Japan 5% (1992)
External debt: $2.2 billion (1994 est.)