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1994-05-02
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<text>
<title>
Guyana: Economy
</title>
<article><hdr>The World Factbook 1993: Guyana
Economy</hdr><body>
<p>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.
</p>
<p>National product: GDP - exchange rate conversion - $267.5 million
(1992 est.)
</p>
<p>National product real growth rate: 7% (1992 est.)
</p>
<p>National product per capita: $370 (1992 est.)
</p>
<p>Inflation rate (consumer prices): 15% (1992)
</p>
<p>Unemployment rate: 12%-15% (1991 est.)
</p>
<p>Budget: revenues $121 million; expenditures $225 million, including
capital expenditures of $50 million (1990 est.)
</p>
<list>
<l>Exports: $268 million (f.o.b., 1992 est.)</l>
<l> commodities: sugar, bauxite/alumina, rice, gold, shrimp,
molasses, timber, rum</l>
<l> partners: UK 28%, US 25%, FRG 8%, Canada 7%, Japan 6%
(1989)</l>
<l>Imports: $242.4 million (f.o.b., 1990 est.)</l>
<l> commodities: manufactures, machinery, food, petroleum</l>
<l> partners: US 40%, Trinidad & Tobago 13%, UK 11%, Japan 5%,
Netherland Antilles 3% (1989)</l>
</list>
<p>External debt: $2 billion including arrears (1990)
</p>
<p>Industrial production: growth rate 12% (1990 est.); accounts for
about 24% of GDP
</p>
<p>Electricity: 253,500 kW capacity; 276 million kWh produced, 370 kWh
per capita (1992)
</p>
<p>Industries: bauxite mining, sugar, rice milling, timber, fishing
(shrimp), textiles, gold mining
</p>
<p>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
</p>
<p>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,
$242 million
</p>
<p>Currency: 1 Guyanese dollar (G$)=100 cents
</p>
<p>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)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>