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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 country's export market, primarily in the raw materials sector. Economic recovery since a 2005 flood-related contraction was buoyed by increases in remittances and foreign direct investment in the sugar and rice industries as well as the mining sector. 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. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to nearly 48% of GDP, which along with other Highly Indebted Poor Country (HIPC) debt forgiveness brought the debt-to-GDP ratio down from 183% in 2006 to 120% in 2007. Guyana became heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Growth turned negative in 2009 as a result of the world recession. The slowdown in the domestic economy and lower import costs helped to narrow the country's current account deficit in 2009, despite lower earnings from exports, but growth is expected to rebound in 2010 as exports benefit from higher commodity prices.
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$4.877 billion (2009 est.)
country comparison to the world: 160
$4.767 billion (2008 est.)
$4.628 billion (2007 est.)
note:
data are in 2009 US dollars
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$2.024 billion (2009 est.)
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2.3% (2009 est.)
country comparison to the world: 78
3% (2008 est.)
9.1% (2007 est.)
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$6,500 (2009 est.)
country comparison to the world: 130
$6,300 (2008 est.)
$6,100 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 25.1%
industry:
24%
services:
50.9% (2009 est.)
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333,900 (2007 est.)
country comparison to the world: 162
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agriculture: NA%
industry:
NA%
services:
NA%
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11% (2007)
country comparison to the world: 124
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NA%
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lowest 10%: 1.3%
highest 10%:
33.8% (1999)
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43.2 (1999)
country comparison to the world: 47
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30.6% of GDP (2009 est.)
country comparison to the world: 22
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revenues: $547 million
expenditures:
$629.8 million (2009 est.)
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NA% of GDP
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3.9% (2009 est.)
country comparison to the world: 126
8.1% (2008 est.)
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6.75% (31 December 2008)
country comparison to the world: 67
6.5% (31 December 2007)
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14.58% (31 December 2008)
country comparison to the world: 52
14.61% (31 December 2007)
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$344.2 million (31 December 2008)
country comparison to the world: 136
$315.2 million (31 December 2007)
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$817.6 million (31 December 2008)
country comparison to the world: 123
$728.8 million (31 December 2007)
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$829.4 million (31 December 2008)
country comparison to the world: 116
$739.3 million (31 December 2007)
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$NA (31 December 2009)
country comparison to the world: 108
$289.9 million (31 December 2008)
$262.4 million (31 December 2007)
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sugarcane, rice, edible oils; shrimp, fish, beef, pork, poultry
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bauxite, sugar, rice milling, timber, textiles, gold mining
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-6.5% (2009 est.)
country comparison to the world: 122
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821 million kWh (2007 est.)
country comparison to the world: 151
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667 million kWh (2007 est.)
country comparison to the world: 152
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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0 bbl/day (2009 est.)
country comparison to the world: 189
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10,000 bbl/day (2009 est.)
country comparison to the world: 150
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0 bbl/day (2007 est.)
country comparison to the world: 151
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10,550 bbl/day (2007 est.)
country comparison to the world: 138
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0 bbl (1 January 2009 est.)
country comparison to the world: 173
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0 cu m (2008 est.)
country comparison to the world: 102
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0 cu m (2008 est.)
country comparison to the world: 147
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0 cu m (2008 est.)
country comparison to the world: 68
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0 cu m (2008 est.)
country comparison to the world: 167
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0 cu m (1 January 2009 est.)
country comparison to the world: 169
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-$153 million (2009 est.)
country comparison to the world: 83
-$191.6 million (2008 est.)
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$695 million (2009 est.)
country comparison to the world: 161
$789 million (2008 est.)
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sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber
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Canada 27.52%, US 16.93%, UK 10.84%, Ukraine 5.54%, Netherlands 5%, Trinidad and Tobago 4.33%, Jamaica 4.12% (2009)
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$1.012 billion (2009 est.)
country comparison to the world: 169
$1.183 billion (2008 est.)
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manufactures, machinery, petroleum, food
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US 25.23%, Trinidad and Tobago 23.23%, Cuba 6.41%, China 6.05% (2009)
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$569 million (31 December 2009 est.)
country comparison to the world: 140
$355.9 million (31 December 2008 est.)
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$804.3 million (30 September 2008)
country comparison to the world: 152
$1.2 billion (2002)
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Guyanese dollars (GYD) per US dollar - 204.57 (2009), 203.86 (2008), 201.89 (2007), 200.28 (2006), 200.79 (2005)
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