Overview: Guyana is one of the world's poorest countries with a per capita income less than one-fifth the South American average. After growing on average at less than 1% a year in 1986-87, GDP dropped by 5% a year in 1988-90. The decline resulted from bad weather, labor trouble in the cane fields, and flooding and equipment problems in the bauxite industry. Consumer prices rose about 100% in 1989 and 75% in 1990, and the current account deficit widened substantially as sugar and bauxite exports fell. Moreover, electric power has been in short supply and constitutes a major barrier to future gains in national output. The government, in association with international financial agencies, seeks to reduce its payment arrears and to raise new funds. The government's stabilization program - aimed at establishing realistic exchange rates, reasonable price stability, and a resumption of growth - requires considerable public administrative abilities and continued patience by consumers during a long incubation period. Buoyed by a recovery in mining and agriculture, the economy posted 6% growth in 1991 and 7% growth in 1992, according to official figures. A large volume of illegal and quasi-legal economic activity is not captured in estimates of the country's total output.

National product: GDP - exchange rate conversion - $267.5 million (1992 est.)

National product real growth rate: 7% (1992 est.)

National product per capita: $370 (1992 est.)

Inflation rate (consumer prices): 15% (1992)

Unemployment rate: 12%-15% (1991 est.)

Budget: revenues $121 million; expenditures $225 million, including capital expenditures of $50 million (1990 est.)

External debt: $2 billion including arrears (1990)

Industrial production: growth rate 12% (1990 est.); accounts for about 24% of GDP

Electricity: 253,500 kW capacity; 276 million kWh produced, 370 kWh per capita (1992)

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

Agriculture: most important sector, accounting for 25% of GDP and about half of exports; sugar and rice are key crops; development potential exists for fishing and forestry; not self-sufficient in food, especially wheat, vegetable oils, and animal products

Economic aid: US commitments, including Ex-Im (FY70-89), $116 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $325 million; Communist countries 1970-89, $242 million

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

Exchange rates: Guyanese dollars (G$) per US$1 - 125.8 (January 1993) 125.0 (1992), 111.8 (1991), 39.533 (1990), 27.159 (1989), 10.000 (1988)

Fiscal year: calendar year