In recent years, Guyana’s economy has shown moderate economic growth and is dominated by the extractive industries, such as gold and bauxite mining, and agriculture, which is concentrated largely on the alluvial belt along the coast. Commodities such as sugar, gold, bauxite, timber, shrimp and rice represent nearly 60% of the country’s GDP, however, in recent years there has been growth due to a surge in gold production. In January 2006, Guyana’s entrance into the CARICOM Single Market and Economy (CSME) has expanded the country’s export market, primarily in the raw materials sector. During the first half of 2017, Guyana’s economy has recorded real Gross Domestic Product (GDP) growth of 2.2 percent, which was mainly driven by the expansion of the agriculture, fishing, and forestry sectors. The manufacturing, construction, and service sectors also made significant contributions. Growth in the agriculture, fishing, and forestry sector was led by expansion in the rice and fishing industries attributable to favourable international prices, strong demand, and entry into new markets. Non-sugar growth declined from 3.1 percent, in the first half of 2016, to 2.4 percent during the same period in 2017. Other updated statistics include:

  1. GDP (purchasing power parity): $6.367 billion (2017 est.)
  2. GDP – real growth rate:5% (2017 est.)
  3. GDP – per capita (PPP): $8,300 (2017 est.)
  4. Gross national saving:8% of GDP (2017 est.)
  5. Inflation rate (consumer prices): 2.3% (2017 est.)
  6. Exports: $1.474 billion (2017 est.)
  7. Imports: $1.776 billion (2017 est.)

In 2020, Guyana could see substantial revenues from its Stabroek Block as ExxonMobil begins first production of oil offshore Guyana. The International Monetary Fund (IMF) forecasts that Guyana’s growth rate is expected to jump from 3.5 percent between 2017 to 38.5 percent in 2021.  The current account is projected to run a persistent surplus, with a significant increase in official reserves and a gradual decline of the public debt-to-GDP ratio.

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