Economy of Guyana

Economy of Guyana
	Downtown Georgetown, Guyana
Currency	Guyanese dollar (GYD)
Fiscal year	Calendar year
Trade organisations	CARICOM, WTO, Prosur, Unasur, Mercosur (associate)
Country group	Developing/Emerging; High-income economy;
Statistics
Population	743,700 (Q1, 2024)
GDP	$21.178 billion (nominal; 2024); $63.822 billion (PPP; 2024);
GDP rank	124th (nominal, 2024); 115th (PPP, 2024);
GDP growth	33% (2023); 34% (2024); 19% (2025);
GDP per capita	$26,592 (nominal; 2024); $80,137 (PPP; 2024);
GDP per capita rank	42nd (nominal, 2024); 10th (PPP, 2024);
GDP by sector	agriculture: 15.4%; industry: 15.3%; services: 69.3%; (2017 est.);
Inflation (CPI)	4.5% (2023)
Population below poverty line	35% (2006 est.)
Gini coefficient	44.6 medium (2007)
Human Development Index	0.742 high (2022) (95th); N/A IHDI (2022);
Labour force	299,147 (2021); 43.3% employment rate (2019);
Labour force by occupation	N/A
Unemployment	16.4% (2019); 29.9% youth unemployment (2021; 15 to 24 year-olds); Number of people unemployed: N/A;
External
Exports	$5.721 billion (2021)
Export goods	crude petroleum, sugar, gold, bauxite, alumina, rice, shrimp, molasses, rum, timber, railway shipping containers
Main export partners	United States 42%; Singapore 16%; UAE 6.9%; United Kingdom 6.9%; Canada 6.6%; [citation needed];
Imports	$6.661 billion (2021)
Import goods	floating drilling platforms, refined petroleum, valves, construction vehicles, cars manufacturing, machinery, food
Main import partners	Singapore 33%; United States 19%; Trinidad and Tobago 12%; China 8%; Brazil 2%;
Gross external debt	$1.38 billion (Q1 2022)
Public finances
Government debt	44% of GDP (2021 est.)
Budget balance	−5.3% (of GDP) (2020)[citation needed]
Revenues	1.002 billion (2017)
Expenses	1.164 billion (2017)
Economic aid	$5.8 million (2020)
Credit rating	N/A
	All values, unless otherwise stated, are in US dollars.

The economy of Guyana is one of the fastest growing economies in the world with a gross domestic product (GDP) growth of 19.9% in 2021.^[9] In 2024, Guyana had a per capita gross domestic product (purchasing power parity) of Int$80,137 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.^[9]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ ^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.
^ ^a ^b ^c ^d ^e ^f ^g "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
^ "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 13 June 2024.
^ "Labor force, total - Guyana". data.worldbank.org. World Bank. Retrieved 11 September 2022.
^ "Employment to population ratio, 15+, total (%) (national estimate) - Guyana". data.worldbank.org. World Bank. Retrieved 11 September 2022.
^ "Net official development assistance and official aid received (current US$) – Guyana". OECD. Retrieved September 12, 2022.
^ ^a ^b "The Five Fastest Growing Economies in the World, October 2020". Nasdaq.com. Nasdaq. Retrieved 14 December 2020.

[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.

[CIAWFGY-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.

[IMFWEOGY-4] ^ ^a ^b ^c ^d ^e ^f ^g "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.

[gyhdi-5] "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 13 June 2024.

[6] "Labor force, total - Guyana". data.worldbank.org. World Bank. Retrieved 11 September 2022.

[7] "Employment to population ratio, 15+, total (%) (national estimate) - Guyana". data.worldbank.org. World Bank. Retrieved 11 September 2022.

[8] "Net official development assistance and official aid received (current US$) – Guyana". OECD. Retrieved September 12, 2022.

[Nasdaq-9] "The Five Fastest Growing Economies in the World, October 2020". Nasdaq.com. Nasdaq. Retrieved 14 December 2020.

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