Economy—overview: In 1997, Guyana, one of the poorest countries in the Western Hemisphere, posted its sixth straight year of economic growth of 5% or better, with the advance led by gold and bauxite mining and by sugar growing. 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. However, a severe drought and political turmoil following the 1997 elections contributed to a negative growth rate for 1998. Serious underlying economic problems will continue. Electricity 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 (1998 est.)

GDP—real growth rate: -1.8% (1998 est.)

GDP—per capita: purchasing power parity—$2,500 (1998 est.)

GDP—composition by sector:
agriculture: 37%
industry: 22%
services: 41% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 4.1% (1998)

Labor force: 245,492 (1992)

Labor force—by occupation: agriculture, hunting and forestry 30.2%, commerce 16%, manufacturing 11% (1992)

Unemployment rate: 12% (1992 est.)

Budget:
revenues: $253.7 million
expenditures: $304.1 million, including capital expenditures of $108.8 million (1997 est.)

Industries: bauxite, sugar, rice milling, timber, fishing (shrimp), textiles, gold mining

Industrial production growth rate: 7.1% (1997 est.)

Electricity—production: 325 million kWh (1996)

Electricity—production by source:
fossil fuel: 98.46%
hydro: 1.54%
nuclear: 0%
other: 0% (1996)

Electricity—consumption: 339 million kWh (1996)

Electricity—exports: 0 kWh (1996)

Electricity—imports: 14 million kWh (1996)

Agriculture—products: sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; forest and fishery potential not exploited

Exports: $593.4 million (1997 est.)

Exports—commodities: sugar, gold, bauxite/alumina, rice, shrimp, molasses

Exports—partners: Canada 25.9%, US 20.4%, UK 22.7%, Netherlands Antilles 8.4%, Germany 4.3% (1996)

Imports: $641.6 million (1997 est.)

Imports—commodities: manufactures, machinery, petroleum, food

Imports—partners: US 27.6%, Trinidad and Tobago 17.7%, Netherlands Antilles 12.1%, UK 10.7%, Japan 4.2% (1996)

Debt—external: $1.5 billion (1997)

Economic aid—recipient: $84 million (1995)

Currency: 1 Guyanese dollar (G$) = 100 cents

Exchange rates: Guyanese dollars (G$) per US$1—163.7 (December 1998), 150.5 (1998), 142.4 (1997), 140.4 (1996), 142.0 (1995), 138.3 (1994)

Fiscal year: calendar year