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Economy of Guyana

Guyana 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, Guyana 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, Guyana exports around $1.34 billion and imports roughly $2.04 billion. 12.3% of population in the country are unemployed. The total number of unemployed people in Guyana is 96,214. In Guyana, 35% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Guyana is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 6.1% of GDP. The Gini Index of the country is 44.6. Guyana is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Guyana has a Human Development Index (HDI) of 0.638. Guyana 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 Guyana is 2.029. The strength of legal rights index for Guyana is 3. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Guyana is Guyanese dollar. The plural form of the word Guyanese dollar is dollars. The symbol used for this currency is $, and it is abbreviated as GYD. The Guyanese dollar is divided into Cent; there are 100 in one dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Guyana.

Central bank

In Guyana, the institution that manages the state's currency, money supply, and interest rates is called Bank of Guyana. The average deposit interest rate offered by local banks in Guyana is 1.1%.

Public debt

Guyana has a government debt of 52.7% of the country's Gross Domestic Product (GDP), as assessed in 2011.

Tax information

The corporate tax in Guyana is set at 30%. The maximum personal income tax is%.VAT in Guyana is 16%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Guyana is $5534 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Guyana was last recorded at $7 million. PPP in Guyana 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 Guyana is 2,990 billion. Based on this statistic, Guyana is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Guyana was last recorded at $4 million. The average citizen in Guyana 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 Guyana averaged 3.3% in 2014. According to this percentage, Guyana 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 Guyana.

Industry

Major industries in the country are bauxite, sugar, rice milling, timber, textiles, gold mining. The total labor force of Guyana is 318,500 people, wherein 12.3% of population in the country are unemployed. The total number of unemployed people in Guyana is 96,214. The Industrial Production growth rate of Guyana is 12%.To read more about industrial information within Guyana click on industry of Guyana.

Agriculture

There are 4390 km2 of arable land in Guyana, and it comprises 2% of the country's total territory. There are 4666 km2 of cultivated land in Guyana. The country's major agricultural crops and products are sugarcane, rice, edible oils, shrimp, fish, beef, pork, poultry.To read more about agriculture click on agriculture of Guyana.