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Guyana Guyana

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Guyana

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EconomicPoliticalStructural

Guyana – Quick View
ECR score28.3 (Mar 2011)
ECR rank144 (Mar 2011)
Economic
GDP, 2010USD 1.92 billion
GNI per capita PPP, 2010USD 3,302
Inflation, 20104.4%
Central Bank Assets, 2010USD 1,165.42 million
Unemployment rate, 200911%
Government surplus, 2010USD 34.01 million
Tax revenue, 2010USD 490.55 million
Political
Government typeRepublic within Commonwealth
Recent political crisisNA
Economic freedom score, 2011151st
Freedom of information score, 201059th (-20 places)
Corruption Perception Index, 2010116th
Structural
Birth rate, 200919.6 per ‘000
Population balance, 2010Below 14 years – 29.1%
Population balance, 2010Above 60 years – 9.4%
Life expectancy yearsMales – 69.9 years
Life expectancy yearsFemales – 64.2 years
Mortality rate, 20096.2 per ‘000
Illiteracy rate, 20100.7%
Internet access, 200826.9 per ‘00

[Top] Economic Overview

Gross Domestic Product (GDP)

The Gross Domestic Product at current prices in 2010 amounted to GYD 394.13 billion, increasing 9.6% from 2009. The agriculture, forestry and fishery sectors contributed to 18.12% of total GDP, the mining and quarrying sector contributed 15.69%, the manufacturing sector contributed 6.90% and the services sector contributed 59.29%.

Guyana GDP and GDP growth rate

(Source: National Statistics)

In 2010, GDP growth rate was registered at 9.6% compared to only 2.9% in the previous year. GDP in 2011 is budgeted to be GYD 431.65 billion. Additonally, GDP per capita amounted to USD 2,844.29 in 2010.

(Source: National Statistics, IMF, World Bank)

Gross National Income (GNI)

GNI per capita at PPP was registered at USD 3,302 in 2010 as compared to USD 2,616 in 2005.

(Source: UNDP)

Income tax rate

In 2010, the income tax rate imposed on an individual in the country was 33.33%.

(Source: taxrates.cc)

Corporate tax rate

The standard corporate tax rate is based on two fixed slabs: 45% for commercial companies and 35% for non-commercial companies. Furthermore, the value-added tax rate levied across the country is 16%.

(Source: taxrates.cc)

Inflation rate

The inflation rate in 2010 was recorded at 4.4% as compared to 3.6% in 2009.

(Source: National Statistics)

Guyana Inflation Rate

(Source: National Statistics)

Foreign direct investment (FDI) inflows

FDI Inflow decreased by 19% in 2009 as compared to the previous year, which amounted to USD 144 million.

(Source: unctad.org)

Banking sector assets

The total bank assets are estimated to be GYD 239,685.6 million in 2010, increasing 11.6% over the previous year.

 

Bank Sector Assets

2010E

2009

Foreign Assets

158,721.8

127,508.6

Claims on Central Government

1,026.1

2,310.7

Non-interest Debentures

44,431.6

44,431.6

Others

35,506.1

40,616

Total Assets

239,685.6

214,866.9

(Source: central bank)

[Top] Financial Indicators & Government Financial

Consumer price index (CPI)

Consumer Price Index was recorded at 104.5 in December 2010.

 

Consumer Price Index

Year

2010

2009

Jan

99.6

274.1

Feb

100.7

267.3

Mar

100.5

267

Apr

102

265.4

May

102

267.6

Jun

102

269.4

Jul

99.9

270.8

Aug

102.5

274.2

Sep

103.5

275

Oct

104.1

272.6

Nov

103.7

274.4

Dec

104.5

275.6

 

(Source: central bank) 

Interest rate on savings deposit

The interest rate on savings deposit in January 2011 was recorded at 2.64%, as compared to 2.78% in the previous period.

(Source: central bank)

Interest rate on Time Deposit

Interest Rate on Time Deposits (%)

Time Period

December 2010

December 2009

3 months

2.28

2.32

6 months

2.55

2.00

9 months

3.00

2.75

12 months

2.88

2.88

(Source: central bank)

Money supply

In 2009, narrow money was registered at GYD 66,365 million and money supply M2 was GYD 202,094 million.

Guyana Money Supply

(Source: central bank)

Public Debt

The total external public debt amounted to USD 1,042.88 million in 2010, as compared to USD 933.04 million in the previous year. Furthermore, the total central government bonded debt was GYD 100,489.5 million, increasing 15.4% as compared to previous year.

(Source: central bank)

Central Government Bonded Debt (GYD million)

Year

December 2010

December 2009

Total Bonded Debt

100,489.5

87,047.4

Treasury Bills

93,139.4

74,715.7

CARICOM Loan

523.2

560.8

Debentures

6,823.5

11,767.5

Defence Bonds

3.4

3.4

 

 

 

 

 

 

(Source: central bank)

Government expenditure

Total government expenditure was registered at GYD 86,360.9 million in 2010, increasing 10% over the previous year.

Total Government Expenditure

Year

Expenditure (GYD million)

2010

86,360.9

2009

78,492

2008

78,492

2007

62,960.9

2006

59,593

(Source: central bank)

Exchange rate

Exchange rate GYD/USD in December 2010 was registered at 203.5, as compared to 203.25 in December 2009.

Guyana Exchange Rate

(Source: central bank)

 

Government finances

Fiscal balance

Guyana’s fiscal balance has registered a surplus since 2004. The fiscal surplus for 2010 grew by GYD 6,995.6 million amounting to GYD 21,445.3 million.

Guyana Fiscal Balance

 

(Source:central bank)

Total revenue

The total revenues in 2010 amounted to GYD 107,806.2 million, increasing 8.2% over the previous year. The tax revenues accounted for 93.6% of total revenues, followed by non-tax revenues, which contributed to only 6.4% of revenues.

Guyana Total Revenue

(Source: central bank)

Tax revenue

The total tax revenue in 2010 was registered at GYD 100,889.4 million compared to GYD 89,085.4 in 2009. Taxes from the production and construction sector accounted for 48% of total revenues, followed by 39% coming from income tax revenues, 9.6% of revenues from international trade, and finally, 1.6% of revenues each from property and others.

Tax Revenue  (GYD million)

Year

2010

2009

Income Tax

39,455.3

33,047.2

Property Taxes

1,592.5

1,688.1

Taxes on Prod. & Cons.

48,521

44,877.6

Taxes on International trade

9,698

8,067.7

Other Taxes

1,622.6

1,404.8

Total Tax Revenues

100,889.4

89,085.4

 

 

 

 

 

 

 

 

 

(Source: central bank)

Current Account Balance

The current account balance was in deficit from 2006 to 2010. In 2010, current account balance registered a deficit of USD 239 million, increasing 3.6% as compared to 2009.

Guyana Current Account Balance

(Source: central bank)

Balance of Payments

Guyana Balance of Payments (USD million)

Year

Trade in Goods

Trade in Services

Current Account

Unrequited Transfers

Capital Account

Errors and Omissions

Overall Balance

2010

-525.8

-84

-239

370.8

339.2

16.3

116.5

2009

-411.2

-119

-230.6

299.6

454

11

234.5

2008

-522.1

-128.1

-321.4

328.8

308.5

18.5

5.6

2007

-365.1

-110.8

-189.1

286.8

168.7

19.1

-1.4

2006

-299.8

-166.8

-250.3

216.3

268.6

24.6

42.9

(Source: central bank)

[Top] Labour Force and Employment Overview

Labour force

The total labour force in 2009 was registered at 282,600 as compared to 281,300 in 2008.

(Source: central bank)

Labour force participation rate

Labour force participation rate in 2008 for males and females was recorded at 81.1% and 47.3% respectively.

(Source: UN)

Unemployment rate

The total unemployment rate in Guyana was recorded at 11% in 2009.

(Source: usembassy.gov)

Level of unionisation

The national trade union centre in the country is the Guyana Trades Union Congress (GTUC) comprising of 15,000 members.

(Source:ituc-csi.org)

 

Minimum wages

 

Minimum Wages

Year

Monthly Minimum Wage (GYD)

2009

31,626.00

2008

29,836.00

2007

28,416.70

2006

26,070.30

2005

24,828.90

 

(Source: National Statistics)

[Top] Political Stability

Government stability

The Co-operative Republic of Guyana is a secular, democratic sovereign state. The nation’s operates as a republic within a Commonwealth. The country gained its independence from Britain in 1966. The government comprises of the Legislature, the Executive and the Judiciary branches. The democratic power is vested within the Parliament, the President and the Cabinet.

The country has a unicameral parliament comprising of the President and the National Assembly. The National Assembly consists of 70 members, each of whom are elected for a term of five years.

The President serves as the head of state, he is the supreme executive authority and Commander in Chief of the armed forces. Additonally, he appoints the Prime Minister and other ministers.

The Political parties in the country are:

  • Alliance for Change (AFC)
  • Guyana Action Party/Rise Organize and Rebuild (GAP)
  • People's National Congress Reform (PNCR)
  • People's Progressive Party (PPP)
  • The United Force (TUF)

Bharrat Jagdeo currently serves as president and Sam Hinds is the current Prime minister of the nation.

(Source: parliament.gov, ipu.org, opnew.gov, BBC)

Regulatory Environment

Guyana Economic Freedom Indices

(Source: heritage.org)

Guyana is ranked 151st on the 2011 Index of Economic Freedom with a score of 49.4 (out of 100). The country’s overall score is below the global and regional average. Among South and Central American countries, Guyana is ranked 26th out of 29 countries  

Corruption perception

Guyana is ranked 116th on the Corruption Perceptions Index, 2010 with a score of 2.7 improving from its ranking of 126th in the previous year.

(Source: transparency.org)

Freedom of information

The nation is ranked 59th on the World Press Freedom Index 2010 with a score of 16.63, indicating moderate levels of restriction on media. The country slipped from its 2009 position, when it was ranked 39th.

(Source: rsf.org)

Key newspapers in the country are:

Published daily: Guyana Chronicle, Stabroek News and Kaieteur News

Published weekly: Sunday Chronicle and The Catholic Standard

(Source: BBC)

Judiciary System

The judicial branch in the country is independent. The Supreme Court is comprised of the High Court and Court of Appeal. The judges of the Court of Appeal and the High Court are the Chancellor and the Chief Justice respectively, both of whom are appointed by the President.

(Source: parliament.gov)

[Top] Demographic Overview

Total population

In Guyana, the total mid-year population was registered at 769.600 for 2009, increasing 0.4% over the previous year. Howver, before that year the population growth rate was constant, recorded at 0.3% from 2005-08. Furthermore, the population was estimated to be 761,000 in 2010 and is further projected to be 754,000 in 2015.

(Source: National Statistics, UN)

Guyana Population

(Source:National Statistics)

Gender balance

The total male and female population in 2010 was expected to be 391,000 and 370,000 respectively.

(Source: UN)

The gender ratio in 2009 was recorded at 105.5 males per 100 females.

(Source: UN, UNDP)

 

Guyana Population by Gender

 

Mortality rate

Infant mortality rate was registered at 14.9 per 1000 live births in 2009. Alternatively, the birth rate in the country was recorded at 19.6 births per 1000 individuals in the same period. Finally, the death rate was 6.2 deaths per 1000 inhabitants.

(Source: National Statistics)

Average life expectancy

The average life expectancy at birth between 2005 and 2010 was 66.8 years. Specifically, the life expectancy for males and females was recorded at 69.9 years and 64.2 years respectively. Furthermore, life expectancy is expected to increase to 68.4 years in 2010-15 and 70 years in 2015-20.

(Source: eclac.org)

Racial/ethnic environment

The ethnic groups in Guyana are from the following origins, East Indian, African, Dutch, Amerindian, Chinese and English.

(Source: Ministry of tourism)

Migration and urbanisation

The total migrant population in Guyana in mid-year 2010 was estimated to be 11,599, increasing 16% compared to 2005.

(Source: UN)

The urban population was expected to be 28.5% of the total population in 2010. Furthermore, in 2015 and 2020, urban population is projected to be 29.4% and 31.2% respectively of the total population.

(Source: eclac.org)

Human Development Index (HDI)

Guyana is ranked 104th on the Human Development Index 2010, with a score of 0.61. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income).

(Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

The literacy rate in Guyana is 99%.

Illiteracy rate in 2010 was estimated to be 0.7%. The illiteracy rate for males and females was expected to be 0.6% and 0.9% respectively. Illiteracy rate is expected to decline to 0.6% in 2015.

(Source: UNESCO,kaneinguyana)

Education resources

Guyana’s education system comprises of the following levels: pre-primary, primary, secondary, post-secondary and tertiary level. Education is free and compulsory for children aged 5 to 15.

(Source: Ministry of Education)

 

Education Resources, 2007 - 2008

Levels

No. of Schools

Net Enrolment Rate (%)

Trained Teachers

(%)

Nursery Education

425

54.2

56

Primary Education

441

89.7

59.4

Secondary Education

106

76.6

58.5

(Source: National Statistics)

The total public expenditure, as a percentage of the national budget, was registered at 15.7% in 2009 compared to 15.5% in 2008.

(Source: National Statistics)

 

Healthcare Resources

In 2009, 0.2% and 5.3% of children under age-group of 5 years were severely or moderately malnourished. 3.6% of children under the same age-group were overweight.

 

Hospital Facilities (per 10,000 population), 2009

Number of Physicians

6.6

Number of Nurses

11.2

Number of Hospital beds

25.1

 

(Source: National Statistics)

 

 

In 2009, 96% of infants under 1 were immunized against diseases like Polio, TB and Pentavalent.

The major causes of death among individuals were accidents and injuries, hypertensive diseases, diabetes, chronic skin diseases and respiratory diseases.

The total health expenditure as a percentage of national budget was recorded at 9.9% in 2009, as compared to 9.3% in 2008.

(Source:Ministry of Health, National Statistics)

[Top] Hard Infrastructure

Mass public transit

The mass public transport in the country is mainly by private and hired cars, buses, vans and motor-cycles

(Source: National Statistics)

Roadways

The total road network of the country extended to 3,995 km in 2004

(Source:iadb.org)

Ports

Guyana has six ports namely, port of Essequibo River, port of Coverden, port of Georgetown, port of Kaituma, port of Linden and port of New Amsterdam.

(Source: worldportsource)

Airports

Town

Airport Name

Runway length (ft.)

Aishalton

Aishalton

3,000

Annai

Annai

3,100

Apoteri

Apoteri

3,800

Awaruwaunau

Awaruwaunau

3,000

Ebini

Ebini

5,000

Georgetown

Cheddi Jagan Intl

7,500

Imbaimadai

Imbaimadai

3,900

Kamarang

Kamarang

4,000

Karanambo

Karanambo

4,500

Kato

Kato

4,000

Kurukabaru Guyana

Kurukabaru

3,500

Lethem

Lethem

6,200

Linden

Linden

4,400

Lumid Pau

Lumid Pau

4,000

Mahdia

Mahdia

4,000

Mountain Point

Guyanamountain Point

4,000

Orinduik

Orinduik

3,500

(Source: aircraft charter)

Telecommunication network

The total internet users in the country were 26.9 per 100 individuals in 2008. Additonally, the fixed-telephone line subscribers in 2009 were 139,523, or 18.3 per 100 individuals.

(Source:UN)

Guyana Fixed Telephone Subscribers

(Source: ITU)

The mobile phone subscribers were 567,192, or 74.39 per 100 individuals.

Guyana Mobile Subscribers

(Source: ITU)

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