Economy - overview:
The Guyanese economy exhibited moderate economic growth in 2001-02,
based on expansion in the agricultural and mining sectors, a more
favorable atmosphere for business initiatives, a more realistic
exchange rate, fairly low inflation, and the continued support of
international organizations. Growth slowed in 2003 and came back
gradually in 2004, buoyed largely by increased export earnings; it
slowed again in 2005. Chronic problems include a shortage of skilled
labor and a deficient infrastructure. The government is juggling a
sizable external debt against the urgent need for expanded public
investment. The bauxite mining sector should benefit in the near
term from restructuring and partial privatization. Export earnings
from agriculture and mining have fallen sharply, while the import
bill has risen, driven by higher energy prices. Guyana's entrance
into the Caricom Single Market and Economy (CSME) in January 2006
might broaden the country's export market, primarily in the raw
materials sector.
GDP (purchasing power parity):
$3.439 billion (2005 est.)
GDP (official exchange rate):
$782 million (2005 est.)
GDP - real growth rate:
-3% (2005 est.)
GDP - per capita (PPP):
$4,500 (2005 est.)
GDP - composition by sector: agriculture: 37% industry: 20.3% services: 42.7% (2005 est.)
Labor force: 418,000 (2001 est.)
Labor force - by occupation: agriculture: NA% industry: NA% services: NA%
Unemployment rate:
9.1% (understated) (2000)
Population below poverty line:
NA%