Guatemala Economy

Is Guatemala a rich country?

Guatemala is the most populous country in Central America with a GDP per capita roughly half the average for Latin America and the Caribbean. The agricultural sector accounts for 13.5% of GDP and 31% of the labor force; key agricultural exports include sugar, coffee, bananas, and vegetables. Guatemala is the top remittance recipient in Central America as a result of Guatemala's large expatriate community in the US. These inflows are a primary source of foreign income, equivalent to two-thirds of the country's exports and about a tenth of its GDP.

The 1996 peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment, and Guatemala has since pursued important reforms and macroeconomic stabilization. The Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) entered into force in July 2006, spurring increased investment and diversification of exports, with the largest increases in ethanol and non-traditional agricultural exports. While CAFTA-DR has helped improve the investment climate, concerns over security, the lack of skilled workers, and poor infrastructure continue to hamper foreign direct investment.

The distribution of income remains highly unequal with the richest 20% of the population accounting for more than 51% of Guatemala's overall consumption. More than half of the population is below the national poverty line, and 23% of the population lives in extreme poverty. Poverty among indigenous groups, which make up more than 40% of the population, averages 79%, with 40% of the indigenous population living in extreme poverty. Nearly one-half of Guatemala's children under age five are chronically malnourished, one of the highest malnutrition rates in the world.

Guatemala Economy Data

What is the GDP of Guatemala?

Currency Name and Code Quetzal (GTQ)
GDP - Gross Domestic Product (PPP) $119,800,000,000 (USD)
GDP - official exchange rate $63,220,000,000 (USD)
GDP - real growth rate 3.8%
GDP Per Capita $7,900.00 (USD)
GDP by Sector- agriculture 13.4%
GDP by Sector- Industry 23.8%
GDP by Sector- services 62.7%
GDP - composition, by end use household consumption: 85.9%

government consumption: 10.7%

investment in fixed capital: 13.9%

investment in inventories: 0.6%

exports of goods and services: 22.8%

imports of goods and services: -33.9%
Population Below Poverty Line 56.2%
Inflation Rate 3.9%
Labor Force 4,260,000
Labor Force By Occupation- agriculture 38%
Labor Force By Occupation- industry 14%
Labor Force By Occupation- services 48%
Unemployment Rate 3.2%
Fiscal Year calendar year
Annual Budget $4,897,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -2.7%
Public Debt (% of GDP) 26.9%
Taxes and other revenues - percent of GDP 11.9%
Major Industries sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
Industrial Growth Rate 2.6%
Agriculture Products sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs, chickens
Exchange Rate per US Dollar quetzal (GTQ), US dollar (USD), others allowed
Child Labor - % of children ages 5-14 21%
Child Labor - # of children ages 5-14 929,852
Child Labor - note note: data represents children ages 5-17
Commercial Bank Prime Lending Rate 13.4%

Labor Force by Occupation- As reported by Guatemala

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