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Economy - overview:
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Guatemala is the most populous of the Central American countries with a GDP per capita roughly one-half that of Argentina, Brazil, and Chile. The agricultural sector accounts for about one-tenth of GDP, two-fifths of exports, and half of the labor force. Coffee, sugar, and bananas are the main products, with sugar exports benefiting from increased global demand for ethanol. The 1996 signing of peace accords, which ended 36 years of civil war, 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 about 56% of the population below the poverty line. Other ongoing challenges include increasing government revenues, negotiating further assistance from international donors, upgrading both government and private financial operations, curtailing drug trafficking and rampant crime, and narrowing the trade deficit. Given Guatemala's large expatriate community in the United States, it is the top remittance recipient in Central America, with inflows serving as a primary source of foreign income equivalent to nearly two-thirds of exports.
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GDP (purchasing power parity):
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$64.76 billion (2007 est.)
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GDP (official exchange rate):
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$33.69 billion (2007 est.)
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GDP - real growth rate:
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5.7% (2007 est.)
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GDP - per capita (PPP):
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$5,100 (2007 est.)
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GDP - composition by sector:
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agriculture: 13.3%
industry: 25.8%
services: 60.9% (2007 est.)
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Labor force:
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3.958 million (2007 est.)
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Labor force - by occupation:
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agriculture: 50%
industry: 15%
services: 35% (1999 est.)
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Unemployment rate:
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3.2% (2005 est.)
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Household income or consumption by percentage share:
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lowest 10%: 0.9%
highest 10%: 43.4% (2002)
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Distribution of family income - Gini index:
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55.1 (2007)
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Investment (gross fixed):
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17.1% of GDP (2007 est.)
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Budget:
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revenues: $4.38 billion
expenditures: $4.872 billion (2007 est.)
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Public debt:
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20.9% of GDP (2007 est.)
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Inflation rate (consumer prices):
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6.8% (2007 est.)
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Central bank discount rate:
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NA (31 December 2007)
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Commercial bank prime lending rate:
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12.84% (31 December 2007)
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Stock of money:
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$6.227 billion (31 December 2007)
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Stock of quasi money:
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$8.928 billion (31 December 2007)
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Stock of domestic credit:
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$13.96 billion (31 December 2007)
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Agriculture - products:
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sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs, chickens
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Industries:
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sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
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Industrial production growth rate:
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4.8% (2007 est.)
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Electricity - production:
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7.643 billion kWh (2006 est.)
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Electricity - consumption:
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6.617 billion kWh (2006 est.)
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Electricity - exports:
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131.9 million kWh (2007 est.)
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Electricity - imports:
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8.11 million kWh (2007 est.)
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Oil - production:
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15,820 bbl/day (2007 est.)
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Oil - consumption:
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74,230 bbl/day (2006 est.)
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Oil - exports:
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15,560 bbl/day (2006 est.)
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Oil - imports:
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72,960 bbl/day (2006 est.)
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Oil - proved reserves:
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83.07 million bbl (1 January 2008 est.)
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Natural gas - production:
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0 cu m (2007 est.)
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Natural gas - consumption:
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0 cu m (2007 est.)
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Natural gas - exports:
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0 cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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2.96 billion cu m (1 January 2006 est.)
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Current account balance:
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-$1.663 billion (2007 est.)
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Exports:
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$6.94 billion f.o.b. (2007 est.)
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Exports - commodities:
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coffee, sugar, petroleum, apparel, bananas, fruits and vegetables, cardamom
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Exports - partners:
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US 42.2%, El Salvador 9.6%, Honduras 8.6%, Mexico 6.5%, Costa Rica 4.5% (2007)
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Imports:
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$12.62 billion f.o.b. (2007 est.)
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Imports - commodities:
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fuels, machinery and transport equipment, construction materials, grain, fertilizers, electricity
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Imports - partners:
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US 34.9%, Mexico 9.9%, China 6.8%, El Salvador 4.6%, Costa Rica 4.1% (2007)
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Reserves of foreign exchange and gold:
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$4.139 billion (31 December 2007 est.)
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Debt - external:
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$5.908 billion (31 December 2007 est.)
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Market value of publicly traded shares:
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$NA
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Currency (code):
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quetzal (GTQ), US dollar (USD), others allowed
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Exchange rates:
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quetzales (GTQ) per US dollar - 7.6833 (2007), 7.6026 (2006), 7.6339 (2005), 7.9465 (2004), 7.9409 (2003)
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