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Economy of Guatemala

Guatemala is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Guatemala may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Guatemala exports around $10.29 billion and imports roughly $16.7 billion. 2.7% of population in the country are unemployed. The total number of unemployed people in Guatemala is 465,624. In Guatemala, 59.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Guatemala is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 3.2% of GDP. The Gini Index of the country is 55.1. Guatemala is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Guatemala has a Human Development Index (HDI) of 0.628. Guatemala has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Guatemala is 2.215. The strength of legal rights index for Guatemala is 9. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Guatemala is Guatemalan quetzal. There are several plural forms of the name 'Guatemalan quetzal'. These are quetzals, quetzales. The symbol used for this currency is Q, and it is abbreviated as GTQ. The Guatemalan quetzal is divided into Centavo; there are 100 in one quetzal.

Credit rating

The depth of credit information index for Guatemala is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Guatemala has a credit rating score of BB, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Guatemala has a credit rating score of BB+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Guatemala has a credit rating score of Ba1, and the prospects of this rating are stable.

Central bank

In Guatemala, the institution that manages the state's currency, money supply, and interest rates is called Bank of Guatemala. Locally, the central bank of Guatemala is called Banco de Guatemala. The average deposit interest rate offered by local banks in Guatemala is 5.5%.

Public debt

Guatemala has a government debt of 28.8% of the country's Gross Domestic Product (GDP), as assessed in 2014.

Tax information

The corporate tax in Guatemala is set at 25%. Personal income tax ranges from 5% to 7%, depending on your specific situation and income level. VAT in Guatemala is 12%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Guatemala is $119811 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Guatemala was last recorded at $7 million. PPP in Guatemala is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Guatemala is 53,797 billion. Based on this statistic, Guatemala is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Guatemala was last recorded at $3 million. The average citizen in Guatemala has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Guatemala averaged 3.4% in 2014. According to this percentage, Guatemala is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Guatemala.

Industry

Major industries in the country are sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism. The total labor force of Guatemala is 6,812,570 people, wherein 2.7% of population in the country are unemployed. The total number of unemployed people in Guatemala is 465,624. The Industrial Production growth rate of Guatemala is 2.6%.To read more about industrial information within Guatemala click on industry of Guatemala.

Agriculture

There are 14334 km2 of arable land in Guatemala, and it comprises 13% of the country's total territory. There are 20406 km2 of cultivated land in Guatemala. The country's major agricultural crops and products are sugarcane, corn, bananas, coffee, beans, cardamom, cattle, sheep, pigs, chickens.To read more about agriculture click on agriculture of Guatemala.