Economy - overview: In 1996, 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 and bauxite mining and by sugar. Favorable 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 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 sizable external debt and extend its privatization program.
GDP: purchasing power parity - $1.8 billion (1996 est.)
GDP - real growth rate: 7.9% (1996 est.)
GDP - per capita: purchasing power parity - $2,490 (1996 est.)
GDP - composition by sector: agriculture: 49% industry: 28% services: 33% (1995 est.)
Inflation rate - consumer price index: 4.5% (1996 est.)
Labor force: NA
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