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Economy of Guyana information


Economy of Guyana
Downtown Georgetown, Guyana
CurrencyGuyanese dollar (GYD)
Fiscal year
Calendar year
Trade organisations
CARICOM, WTO, Prosur, Unasur, Mercosur (associate)
Country group
  • Developing/Emerging[1]
  • High income economy[2]
Statistics
PopulationIncrease 743,700 (Q1, 2024)[3]
GDP
  • Increase $21.1 billion (nominal; 2024)[4]
  • Increase $63.8 billion (PPP; 2023)[4]
GDP rank
  • 124th (nominal, 2024)
  • 116th (PPP, 2024)
GDP growth
  • Increase 37.2% (2023)[5]
  • Increase 45.3% (2024)[5]
  • Increase 3.41% (2025)[5]
GDP per capita
  • Increase $26,592 (nominal; 2023)[4]
  • Increase $80,137 (PPP; 2023)[4]
GDP per capita rank
  • 42th (nominal, 2024)
  • 10th (PPP, 2024)
GDP by sector
  • agriculture: 15.4%
  • industry: 15.3%
  • services: 69.3%
  • (2017 est.)[3]
Inflation (CPI)
6.0% (2023 est.)[6]
Population below poverty line
35% (2006 est.)[3]
Gini coefficient
44.6 medium (2007)[3]
Human Development Index
  • Increase 0.742 high (2022)[7] (95th)
  • Increase 0.742 medium IHDI (83rd) (2022)[8]
Labour force
  • Increase 299,147 (2021)[9]
  • Increase 43.3% employment rate (2019)[10]
Labour force by occupation
N/A
Unemployment
  • Negative increase 16.4% (2019)[3]
  • Negative increase 29.9% youth unemployment (2021; 15 to 24 year-olds)[3]
  • Number of people unemployed: N/A
External
ExportsIncrease $5.721 billion (2021)[3]
Export goods
crude petroleum, sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber, railway shipping containers
Main export partners
  • Economy of Guyana United States 42%
  • Economy of Guyana Singapore 16%
  • Economy of Guyana UAE 6.9%
  • Economy of Guyana United Kingdom 6.9%
  • Economy of Guyana Canada 6.6%
  • [citation needed]
ImportsIncrease $6.661 billion (2021)[3]
Import goods
floating drilling platforms, refined petroleum, valves, construction vehicles, cars manufacturing, machinery, food
Main import partners
  • Economy of Guyana Singapore 33%
  • Economy of Guyana United States 19%
  • Economy of Guyana Trinidad and Tobago 12%
  • Economy of Guyana China 8%
  • Economy of Guyana Brazil 2%[3]
Gross external debt
Positive decrease $1.38 billion (Q1 2022)[3]
Public finances
Government debt
Positive decrease 44% of GDP (2021 est.)[3]
Budget balance
−5.3% (of GDP) (2020)[citation needed]
Revenues1.002 billion (2017)[3]
Expenses1.164 billion (2017)[3]
Economic aid$5.8 million (2020)[11]
Credit rating
N/A

All values, unless otherwise stated, are in US dollars.

The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021.[12] In 2023, Guyana had a per capita gross domestic product (purchasing power parity) of Int$60,648 and an average GDP growth of 4.2% over the previous decade.[4] Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 190 km from Georgetown, making the first commercial-grade crude oil draw in December 2019, sending it abroad for refining.[12]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e f g h i j k l m "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 10 February 2019.
  4. ^ a b c d e "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
  6. ^ "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 21 November 2022.
  7. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 21 November 2022.
  8. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 21 November 2022.
  9. ^ "Labor force, total - Guyana". data.worldbank.org. World Bank. Retrieved 11 September 2022.
  10. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Guyana". data.worldbank.org. World Bank. Retrieved 11 September 2022.
  11. ^ "Net official development assistance and official aid received (current US$) – Guyana". OECD. Retrieved September 12, 2022.
  12. ^ a b "The Five Fastest Growing Economies in the World, October 2020". Nasdaq.com. Nasdaq. Retrieved 14 December 2020.

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