748486
English (official), Guyanese Creole, Amerindian languages (including Caribbean and Arawak languages), Indian languages (including Caribbean Hindustani, a dialect of Hindi), Chinese (2014 est.)
GEORGETOWN (capital) 124,000 (2014)
- Conventional long form
- Cooperative Republic of Guyana
- Conventional short form
- Guyana
- Local long form
- Local short form
parliamentary republic
- Name
- Georgetown
- Geographic coordinates
- 6 48 N, 58 09 W
- Time difference
- UTC-4 (1 hour ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
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. Much of Guyana's growth in recent years has come from a surge in gold production in response to global prices, although downward trends in gold prices may threaten future growth. In 2014, production of sugar dropped to a 24-year low.
- Inflation
- -0.957%
- External debt stocks
- US$ 1,638,981,000
- Total tax rate (% of commercial profits)
- 32.3%
- Real Interest Rate
- 7.642%
- Manufacturing, value added (% of GDP)
- 3.576%
- Current Account Balance
- US$ -144,207,565
- Labor Force, Total
- 324,713
- Employment in Agriculture
- 1.40%
- Employment in Industry
- 15.10%
- Employment in Services
- 68.90%
- Unemployment Rate
- 11.44%
- Imports of goods and services
- US$ 2,016,067,797
- Exports of goods and services
- US$ 1,627,079,903
- Total Merchandise Trade
- 83.78%
- FDI, net inflows
- US$ 116,958,230
- Commercial Service Exports
- US$ 142,876,383
sugarcane, rice, edible oils; beef, pork, poultry; shrimp, fish
bauxite, sugar, rice milling, timber, textiles, gold mining
- Commodities
- sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber
- Partners
- US 33.4%, Canada 17.9%, UK 6.7%, Ukraine 4.3%, Jamaica 4% (2015)
- Commodities
- manufactures, machinery, petroleum, food
- Partners
- US 24.7%, Trinidad and Tobago 24.3%, China 10.8%, Suriname 9.5% (2015)
- Country Risk Rating
- D
- A high-risk political and economic situation and an often very difficult business environment can have a very significant impact on corporate payment behavior. Corporate default probability is very high.
- Business Climate Rating
- D
- The business environment is very difficult. Corporate financial information is rarely available and when available usually unreliable. The legal system makes debt collection very unpredictable. The institutional framework has very serious weaknesses. Intercompany transactions can thus be very difficult to manage in the highly risky environments rated D.
- Substantial public investment in infrastructure and telecommunications
- Attractive outlook to investors in the mining, hydroelectric, and agriculture sectors
- Discovery of oil reserves off the coast of Guyana
- Member of the Caribbean Community and Common Market (CARICOM)
- Excessive concentration in gold and bauxite mining; sugar, rice, and wood
- Inadequacies in infrastructure, transport, education, and health
- Sensitivity to climatic events
- Dependence on international donors
- Territorial dispute with Venezula
- Growth of the shadow economy
- Criminality linked with drug trafficking, against a backdrop of widespread poverty and corruption
In 2016, the growth of Guyana's economy slowed again as a result of falling production of rice, sugar and livestock, and the decline of the construction and manufacturing sectors. However, the operation of two new gold mines, which began production in late 2015, made a contribution to growth of around 1.7 points of GDP in 2016. The overall upswing in gold prices supported the rise in production. In 2017, production seems set to stabilise at a high level and should support a rise in growth. The performance of other sectors, linked mainly to the agriculture sector, should improve thanks to more favourable climatic conditions. Low external demand, in a context of high tensions with Venezuela, may limit the contribution the agriculture sector makes to growth in 2017. The implementation of projects as part of the Public Sector Investment Programme (PSIP) should help drive the construction and manufacturing sectors. Under this programme, the government will pursue its ambition to improve transport and telecommunications infrastructure and renewable energy projects.
In 2016, the government softened the fiscal austerity policy it had implemented in 2015, increasing the budget deficit. In 2017, the deficit seems set to rise as the government is eager to accelerate implementation of the PSIP. The government has set aside nearly 150 million euros to reduce the deficit in infrastructures, to which will be added the costs of implementing a series of renewable energy projects. Health, education and security spending will remain high. In addition, 41 million euros will again be transferred to the state-owned sugar production company GuySuCo, bringing the total injected into the company to more than 145 million euros since 2015. The rise in spending will probably not be offset by tax receipts, which look set to remain stable. The imposition of VAT on water and electricity bills would be a way of compensating for its two-point reduction. The government hopes to increase receipts through better collection of corporate tax (accompanied by a reduction in the basic rate) and income tax.
After over 20 years in power, the People’s Progresive Party/Civic lost its place in the multi-ethnic coalition led by the A Partnership for National Unity and Alliance For Change parties at the general elections in 2015. Parliament then named David Granger as head of the government. Despite a one-seat majority, David Granger seems better placed to govern the country than his predecessor's coalition government. However, he will be hindered by the continuing ethnic divisions (Indians/Africans) in the Guyanese political scene. However, these divisions seem to have eased since local elections in March 2016, the first in 22 years. Despite some progress, the business climate in Guyana remains difficult (124th out of 190 countries in the World Bank's 2017 Doing Business survey).