Guyana Economy

Guyana is one of the smallest countries of South America encircled by the countries like Suriname, Brazil and Venezuela. Guyana is the only English speaking nation in South America. Since, 1999, Guyana is experiencing a moderate economic growth and low inflation rate.

Economy of Guyana
The Guyana economy is principally dependent on the export of rice and sugar. Foreign investment plays a significant role behind the prosperity of Guyana’s economy. The mineral industry, for example, is mostly dominated by the American company Reynolds Metals, the Canadian Alcan, the Korean and Malaysian Barama Company.

Agriculture, specifically rice and sugar plays a significant role behind the growth of Guyana’s economy. Mineral industry also accounts for an appreciable portion to the economy of Guyana.Major agricultural products include sugar, wheat, rice, and vegetable oils.

Guyana Economic Performance GDP Inflation Graph 1993-2013

Industrial products in Guyana mainly comprise of textile, gold mining, timber, and bauxite.
Guyana exports commodities including sugar, gold, bauxite, alumina, rice, shrimps, and timber and imports products like manufactured items,petroleum, machinery, and food.

Trade partners: Leading trade partners of Guyana are Canada, UK, U.S., Jamaica, T Portugal, Trinidad and Tobago, China, and Cuba.

In 2006:
GDP (Gross Domestic Product): $838.1 million
GDP – real growth rate: 4.7%

GDP – composition by sector:
Agriculture: 35.5%
Industry: 19.3%
Services: 45.2%

Currency: The currency of Guyana is Guyanese dollar(GYD).

Currency exchange rate as on Saturday, September 29, 2007

1 US Dollar is equal to 203.880 Guyanese Dollar and 1 Guyanese Dollar (GYD) is equal to 0.004905 US Dollar (USD).

Guyana Economic Performance 1990-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1990 -3.01 64.3 2002 1.15 5.36
1991 6.03 103.1 2003 -0.65 5.98
1992 7.76 26.7 2004 1.57 4.67
1993 8.2 8.4 2005 -1.94 6.93
1994 8.48 12.4 2006 5.13 6.68
1995 5.06 12.22 2007 7.02 12.2
1996 7.96 7.09 2008 1.98 8.1
1997 6.19 3.56 2009 3.32 2.95
1998 -1.71 4.57 2010 4.37 3.73
1999 2.99 7.53 2011 5.44 4.96
2000 -1.35 6.11 2012 3.66 2.97
2001 2.26 2.65 2013 5.5 5.59

 

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Last Updated on : 7th August 2013