Some of the important things about Guatemala reveal that it is picturesque country of Central America with a total population of 14,280,596 (July 2004 est.) and is encircled with countries like Mexico, Belize, Honduras and El Salvador. Exports play a vital role in the growth of Guatemala’s economy.
Economy of Guatemala
The government of Guatemala is carrying out a series of reforms and economic modernization programs to adjust country’s macroeconomic policies, reducing tariffs, promoting exports and thus attracting foreign investors to invest for Guatemala.
Guatemalan government is also advocating free market principles to facilitate trade with foreign countries.
Agriculture: Agricultural sector in Guatemala contributes about one quarter of the country’s total output and two thirds of the overall export. In 2003, agriculture contributed about 23% of the overall GDP of Guatemala.
About half of the country’s total labor force are engaged in the agricultural sector of Guatemala. Major agricultural products include sugarcane, beans, bananas, maize, coffee, and cardamom. Some nontraditional agricultural products include melon, papaya, pineapple, mango, okra, celery, cauliflower and broccoli.
Industry: Manufacturing and construction sector basically dominate the Guatemalan industry. These two sectors together account for about one-fifth of the overall GDP of Guatemala. Industrial products include beverages, cement, chemicals, pharmaceuticals, furniture, rubber goods, textiles, cigarettes and apparel. Small scale industry plays a vital role behind the industrial growth in Guatemala.
Mining and the production of energy accounts for an appreciable portion to the economy of Guatemala. Major mineral products include gold, iron, copper, nickel, sulfur, and zinc. and steel, and lead. Energy sector is basically dependent on the production of crude oil and petroleum. Mineral industry is dominated by the private sector.
Trade partners: U.S. and Mexico
Exports: Guatemala exports commodities like coffee, cardamom,sugar, fruits, bananas, and vegetables.,
Imports: Guatemalan imports are dependent on commodities like industrial machinery, lubricants, motor vehicle, iron and steel.
Currency: Currency of Guatemala is Quetzal (GTQ)
Currency exchange rate as on Saturday, September 29, 2007 :
1 US Dollar is equal to 7.89250 Guatemalan Quetzal and 1 Guatemalan Quetzal (GTQ)is equal to 0.12670 US Dollar (USD).