Guatemala Economy: from the All Country Info reference guide to country facts

Guatemala Economy

Guatemala Economy: A summary of information about Guatemala Economy, from government research data as well as independent research and other sources.

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Guatemala: Economy

Economy - overview
The agricultural sector accounts for one-fourth of
GDP, two-thirds of exports, and half of the labor force. Coffee,
sugar, and bananas are the main products. Manufacturing and
construction account for one-fifth of GDP. Since assuming office in
January 1996, former President ARZU worked to implement a program of
economic liberalization and political modernization. The signing of
the peace accords in December 1996, which ended 36 years of civil war,
removed a major obstacle to foreign investment. In 1998, Hurricane
Mitch caused relatively little damage to Guatemala compared to its
neighbors. Remaining challenges include beefing up government
revenues, negotiating further assistance from international donors,
and increasing the efficiency and openness of both government and
private financial operations. Growth should remain at the same level
in 2000 provided world agricultural prices do not plunge.
GDP
purchasing power parity - $47.9 billion (1999 est.)
GDP - real growth rate
3.5% (1999 est.)
GDP - per capita
purchasing power parity - $3,900 (1999 est.)
GDP - composition by sector
agriculture: 23%
industry: 20%
services: 57% (1999 est.)
Population below poverty line
75%
Household income or consumption by percentage share
lowest 10%: 0.6%
highest 10%: 46.6% (1989)
Inflation rate (consumer prices)
6.8% (1999 est.)
Labor force
3.32 million (1997 est.)
Labor force - by occupation
agriculture 50%, industry 15%, services
35% (1999 est.)
Unemployment rate
7.5% (1999 est.)
Budget
revenues: $NA
expenditures: $NA, including capital expenditures of $NA
Industries
sugar, textiles and clothing, furniture, chemicals,
petroleum, metals, rubber, tourism
Industrial production growth rate
NA%
Electricity - production
3.085 billion kWh (1998)
Electricity - production by source
fossil fuel: 26.42%
hydro: 66.61%
nuclear: 0%
other: 6.97% (1998)
Electricity - consumption
2.914 billion kWh (1998)
Electricity - exports
6 million kWh (1998)
Electricity - imports
51 million kWh (1998)
Agriculture - products
sugarcane, corn, bananas, coffee, beans,
cardamom; cattle, sheep, pigs, chickens
Exports
$2.4 billion (f.o.b., 1999)
Exports - commodities
coffee, sugar, bananas, fruits and vegetables,
meat, apparel, petroleum, electricity
Exports - partners
US 48%, El Salvador 10%, Honduras 6%, Germany 5%,
Costa Rica 4% (1997)
Imports
$4.5 billion (c.i.f., 1999)
Imports - commodities
fuels, machinery and transport equipment,
construction materials, grain, fertilizers, electricity
Imports - partners
US 46%, Mexico 13%, El Salvador 5%, Venezuela 5%,
Japan 4% (1997)
Debt - external
$4.4 billion (1998 est.)
Economic aid - recipient
$212 million (1995)
Currency
1 quetzal (Q) = 100 centavos
Exchange rates
quetzales (Q) per US$1 - 7.8829 (January 2000), 7.3856
(1999), 6.3947 (1998), 6.0653 (1997), 6.0495 (1996), 5.8103 (1995)
Fiscal year
calendar year
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