Economy of Guatemala
|
|
| Currency | Quetzal |
|---|---|
| Calendar year | |
| Statistics | |
| GDP | $125.9 billion (2012, PPP) |
| GDP rank | 81st (2015, PPP) |
|
GDP growth
|
4.1% (2015 est.) |
|
GDP per capita
|
US$7,700 (2015 est.) |
|
GDP by sector
|
agriculture 13.4%, industry 23.8%, services 62.7% (2015 est.) |
| 2.4% (2015 est.) | |
|
Population below poverty line
|
54% (2011) |
| 54.1 (2006) | |
| Unemployment | 2.9% (2012) |
|
Main industries
|
sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism |
| 88th (2017) | |
| External | |
| Exports | $9.864 billion (2012 est.) |
|
Export goods
|
coffee, sugar, petroleum, apparel, bananas, fruits and vegetables, cardamom (2012) |
|
Main export partners
|
 United States 39.2% El Salvador 11.4% Honduras 6.8% Mexico 5.4% Nicaragua 4.0% (2012 est.) |
| Imports | $15.57 billion (2012 est.) |
|
Import goods
|
fuels, machinery and transport equipment, construction materials, grain, fertilizers, electricity, mineral products, chemical products, plastic materials and products |
|
Main import partners
|
United States 38.4% Mexico 11.9% China 8.3% El Salvador 5.1% Colombia 4.2% (2012 est.) |
| Public finances | |
| $16.17 billion (31 December 2012) | |
| Revenues | US$5.799 billion (2012 est.) |
| Expenses | US$7.091 billion (2012 est.) |
| Economic aid | $250 million (2000 est.) |
|
Standard & Poor's: BB+ (Domestic) BB (Foreign) BBB- (T&C Assessment) Outlook: Stable Moody's: Ba1 Outlook: Stable Fitch: BB+ Outlook: Stable |
|
|
Foreign reserves
|
US$6.187 billion (March 2011) |
Guatemala is the most populous of the Central American countries with a GDP per capita roughly one-third that of Brazil's. Coffee, sugar, and bananas are the main products. The 1996 peace accords ended 36 years of civil war and removed a major obstacle to foreign investment, and Guatemala since then has pursued important reforms and macroeconomic stabilization. On 1 July 2006, the Central American Free Trade Agreement (CAFTA) entered into force between the US and Guatemala and has since spurred increased investment in the export sector. The distribution of income remains highly unequal with 12% of the population living below the international poverty line. Given Guatemala's large expatriate community in the United States, it is the top remittance recipient in Central America, with inflows a primary source of foreign income equivalent to nearly two-thirds of exports.
Guatemala's gross domestic product for 1990 was estimated at $19.1 billion, with real growth slowing to approximately 3.3%. Ten years later, in 2000, it rose by 1 to 4% and by 2010 it had fallen back to 3%, according to the World Bank. The final peace accord in December 1996 left Guatemala well-positioned for rapid economic growth over the next 11 years.
Guatemala's economy is dominated by the private sector, which generates about 85% of GDP. Most manufacturing is light assembly and food processing, geared to the domestic, U.S., and Central American markets. In 1990 the labor force participation rate for women was 42%, it increased by 1% in 2000 to 43% and 51% in 2010. For men the labor force participation rate in 1990 was about 89%, which in 2000 actually decreased to 88% and in 2010 increased up to 90% (World Bank). Self-employment for men is about 50% while women take up about 32% (Pagàn 1).
Over the past several years, tourism and exports of textiles, apparel, and nontraditional agricultural products such as winter vegetables, fruit, and cut flowers have boomed, while more traditional exports such as sugar, bananas, and coffee continue to represent a large share of the export market.Over the past twenty years the percentage of exports of goods and services has fluctuated. In 1990 it was 21% and in 2000, 20%. It increased again in 2010 to 26%. On the other hand, its level of imports of goods and services has continually increased. In 1990 its imports of goods and services was about 25%. In 2000 it increased by 4% up to 29%, and in 2010 it increased up to 36%. Migration is another important avenue in Guatemala. According to Cecilia Menjivar, remittances are “central to the economy.” In 2004 remittances to Guatemala from men’s migration to the U.S. accounted for approximately 97% (Menjivar 2).
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