IV.

Economy

Immediately before independence in 1966, Guyana was in the early stages of developing its resources. The development continued under an economic plan drawn up by British, United States, and Canadian experts. Manufacturing, which was on a small scale in the late 1960s, was expanded in the 1970s, but in the early 2000s the economy of Guyana was dominated by agriculture, mining, and service industries. The country had a gross domestic product (GDP) of $896 million in 2006. The national budget in 1996 included revenue of $247 million and expenditure of $287 million.

A.

Agriculture

Agriculture accounts for 31 percent of GDP and employs 28 percent of the labor force. Sugar, its by-products, and rice account for most of the agricultural exports; 3 million metric tons of sugarcane and 273,328 metric tons of rice were produced in 2006. Cultivation of sugarcane and rice is confined primarily to the narrow coastal strip of rich, alluvial soil. Coconuts, coffee, cacao, citrus fruits, corn, manioc, and other tropical fruits and vegetables are grown primarily for home consumption. Large areas of rough pasture exist in the interior savanna. Substantial numbers of cattle, hogs, sheep, and chickens are raised.

B.

Forestry and Fishing

In 2006 the timber harvest from Guyana’s extensive forests was 1,433,952 cubic meters (50.6 million cubic feet). Almost all of the harvest was made up of hardwoods, used mainly in construction and furniture-making. Timber has become an important export, and the government sought foreign investors to expand its forestry industry.

Fishing in Guyana is concentrated along the Atlantic coast. The industry expanded during the 1990s and early 2000s, with shrimp becoming a valuable export. The catch in 2005 was 53,980 metric tons.

C.

Mining

Guyana is a major producer of bauxite; 1.5 million metric tons were mined in 2004. Guyana also produces gold and diamonds.

D.

Manufacturing and Energy

Manufacturing in Guyana largely involves the processing of minerals, especially bauxite, and of agricultural and forest products, including sugar, rice, rum, and timber for export. Factories also produce foodstuffs, beverages, construction materials, clothing, soap, and cigarettes for local use.

In 2003 Guyana generated 779 million kilowatt-hours of electricity, 99 percent of which was produced in thermal facilities. The country has a great potential for producing hydroelectricity.

E.

Tourism

With its vast, untouched rain forests, Guyana has great tourism potential. The government has begun to target the tourist sector for development, especially ecotourism, but tourism has so far not contributed greatly to Guyana’s economy. Reports of violence in Georgetown during the early 2000s deterred potential tourists from visiting the country.

F.

Currency and Foreign Trade

The Guyana dollar consists of 100 cents (200.20 Guyana dollars equal U.S.$1; 2006 average). The Bank of Guyana, established in 1965, is the central bank.

The chief exports of Guyana are sugar, bauxite, rice, gold, shrimp, and timber. The principal imports are petroleum products, machinery, and consumer goods. In 2004 imports cost $636 million, and exports earned $543 million. The principal purchasers for the country’s exports were Canada, the United Kingdom, and Trinidad and Tobago. Guyana’s imports come mainly from the United States, Trinidad and Tobago, and the United Kingdom.

G.

Transportation

Guyana has 7,970 km (4,952 mi) of roads, most of which are near the coast. Guyana’s main seaports are Georgetown and New Amsterdam. The rivers provide an important means of access to the interior. The main airport, Timehri International, is near Georgetown.

H.

Communications

Regular telephone service exists in Guyana, although radio-telephone links are frequently the only efficient means of communication with the interior. The government operates broadcasting services. Guyana has 147 telephone mainlines, 604 radio receivers, and 100 television sets in use for every 1,000 inhabitants.