Economic overview: In 1995, Guyana, one of the poorest countries in the Western Hemisphere, posted its fifth straight year of economic growth of 5% or better, with the advance led by gold mining and by production of 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 must persist in efforts to manage its $2 billion external debt, control inflation, and extend the privatization program.
GDP: purchasing power parity - $1.6 billion (1995 est.)
GDP real growth rate: 5.1% (1995 est.)
GDP per capita: $2,200 (1995 est.)
GDP composition by sector: agriculture: 26.5% industry: 27.8% services: 45.7% (1993 est.)
Inflation rate (consumer prices): 8.1% (1995)
Labor force: 268,000
by occupation: industry and commerce 44.5%, agriculture 33.8%,
services 21.7%
note: public-sector employment amounts to 60%-80% of the total labor
force (1985)
Unemployment rate: 12% (1992 est.)
Budget:
revenues: $209 million
expenditures: $303 million, including capital expenditures of $109
million (1995 est.)
Industries: bauxite, sugar, rice milling, timber, fishing
(shrimp), textiles, gold mining