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Economic overview
Guyana — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | After growing on average at less than 1% a year in 1984-87, GDP dropped by 3% in 1988, the result of bad weather, labor trouble in the canefields, and flooding and equipment problems in the bauxite industry. Consumer prices rose about 35%, and the current account deficit widened substantially as sugar and bauxite exports fell. Moreover, electric power is in short supply and constitutes a major barrier to future gains in national output. The government, in association with international financial |
| 1991 | After growing on average at less than 1% a year in 1986-87, GDP dropped by 3% a year in 1988-89. The decline resulted from bad weather, labor trouble in the canefields, and flooding and equipment problems in the bauxite industry. Consumer prices rose about 35% in 1988 and by over 100% in 1989, and the current account deficit widened substantially as sugar and bauxite exports fell. Moreover, electric power is in short supply and constitutes a major barrier to future gains in national output. The |
| 1992 | 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 canefields, 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. More |
| 1993 | 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. Mor |
| 1994 | Guyana, one of the poorest countries in the Western Hemisphere, has pushed ahead strongly in 1991-93, at 7% average annual growth rate. Favorable factors include recovery in the key agricultural and mining sectors, a more favorable atmosphere for business initiative, a more realistic exchange rate, a sharp drop in the inflation rate, and the continued support of international organizations. Serious underlying economic problems will continue. Electric power has been in short supply and constitute |
| 1995 | Guyana, one of the poorest countries in the Western Hemisphere, has pushed ahead strongly in 1992-94, with an 8% average annual economic growth rate, led by gold mining, and rice, sugar, and forestry products for export. Favorable factors include recovery in the key agricultural and mining sectors, a more favorable atmosphere for business initiative, a more realistic exchange rate, a sharp drop in the inflation rate, and the continued support of international organizations. Serious underlying ec |
| 1996 | In 1995, 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 mining and by production of rice, sugar, and forestry products for export. Favorable factors include recovery in the key agricultural and mining sectors, a more favorable atmosphere for business initiative, a more realistic exchange rate, a sharp drop in the inflation rate, and the continued support of international organizations |
| 1997 | 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 problem |
| 1998 | 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. Serious underlying economic |
| 1999 | 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 a |
| 2000 | Severe drought and political turmoil contributed to Guyana's negative growth of -1.8% for 1998 following six straight years of growth of 5% or better. Growth came back to a positive 1.8% in 1999. Underlying 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 continued support by international organizations. President JAGDEO, the former finance ministe |
| 2001 | Severe drought and political turmoil contributed to Guyana's negative growth of -1.8% for 1998 following six straight years of growth of 5% or better. Growth came back to a positive 1.8% in 1999 and 3% in 2000. Underlying 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 continued support by international organizations. President JAGDEO, the former |
| 2002 | The Guyanese economy has exhibited moderate economic growth since 1999, based on an 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. 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. Low pric |
| 2003 | The Guyanese economy has 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. 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 |
| 2004 | 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 then slowed in 2003. 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 |
| 2005 | 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 then slowed in 2003 and came back gradually in 2004, buoyed largely by increased export earnings. Chronic problems include a shortage of skilled labor and a deficient infrastructure. The government is |
| 2006 | 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 infrastructur |
| 2007 | 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. 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 Inter-Ameri |
| 2008 | The Guyanese economy exhibited moderate economic growth in 2001-07, 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. Economic recovery since the 2005 flood-related contraction has been buoyed by increases in remittances and foreign direct investment. Chronic problems include a shortage of skilled labor and a deficient infr |
| 2009 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Economic recovery since the 2005 flood-related contraction has been buoyed by increases in remittances |
| 2010 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the c |
| 2011 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the c |
| 2012 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the c |
| 2013 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the c |
| 2014 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the c |
| 2015 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the c |
| 2016 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Much of Guyana's growth in recent years has come from a surge in gold production in response to global |
| 2017 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Much of Guyana's growth in recent years has come from a surge in gold production in response to global |
| 2018 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana closed or consolidated several sugar estates in 2017, reducing production of sugar to a forecast |
| 2019 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana closed or consolidated several sugar estates in 2017, reducing production of sugar to a forecast |
| 2020 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana closed or consolidated several sugar estates in 2017, reducing production of sugar to a forecast |
| 2021 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana closed or consolidated several sugar estates in 2017, reducing production of sugar to a forecast |
| 2022 | The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana closed or consolidated several sugar estates in 2017, reducing production of sugar to a forecast |
| 2023 | small, hydrocarbon-driven South American export economy; major forest coverage being leveraged in carbon credit offsets to encourage preservation; strengthening financial sector; large bauxite and gold resources |
| 2024 | small, hydrocarbon-driven South American export economy; major forest coverage being leveraged in carbon credit offsets to encourage preservation; strengthening financial sector; large bauxite and gold resources |
| 2025 | small, hydrocarbon-driven South American export economy; major forest coverage being leveraged in carbon credit offsets to encourage preservation; strengthening financial sector; large bauxite and gold resources |