Guatemala Economy

Guatemala is one of the thickly populated countries in Central America with a total population of 12,728,111(2007 est.). The economy of Guatemala is principally dependent on the agricultural sector, which accounts for about 50% of the overall GDP of Guatemala.
Economy of Guatemala
Agriculture contribute the major portion to the economy of Guatemala. The other major sectors include sugar, chemical, textile, petroleum and tourism industry.

In 2005:
GDP (Gross Domestic Product): $62.97 billion
GDP– Real growth rate:3.1%

In 2006:
Real GDP growth : 4.6%
In 2006, the service sector in Guatemala accounted for 58.7% of GDP, agriculture sector accounted for 22.1% and the industrial sector accounted for 19.1% of the overall GDP of Guatemala.

Major agricultural products include sugarcane, bananas, beans, corn, coffee and cardamom. In 1999, agriculture contributed 50% to the GDP of Guatemala.

Industries in Guatemala are principally dependent on sugar, metals, chemicals, textiles, furniture, petroleum, rubber and tourism industry.

Natural resources: Guatemala is rich in natural resources like petroleum, nickel, and rare woods. Energy industry in Guatemala is primarily dependent on hydro power energy.

Tourism industry plays an important role behind the growth of Guatemala’s economy.

Guatemala exports commodities like petroleum, coffee, apparel, sugar, fruits and vegetables and imports products like fuels, grain, construction materials, fertilizers, electricity, machinery and transport equipments.

Trade partners: Leading trading partners of Guatemala are U.S., El Salvador, Mexico, Honduras, South Korea, China, and Japan.

Currency: Currency of Guatemala is Quetzal (GTQ).

Currency exchange rate as on Thursday, September 27, 2007

1 US Dollar is equal to 7.87529 Guatemalan Quetzal and 1 Guatemalan Quetzal (GTQ) is equal to 0.12698 US Dollar (USD).