Guatemala - Economy
How is the economy of Guatemala? Based on the information we have, Guatemala has a developing Central American economy; steady economic growth fueled by remittances; high poverty and income inequality; limited government services, lack of employment opportunities, and frequent natural disasters impede human development efforts and drive emigration. Key agricultural products in this country include: sugarcane, bananas, oil palm fruit, maize, cantaloupes/melons, potatoes, milk, tomatoes, chicken, pineapples (2022).
More about the economy of Guatemala
Labor force 7.258 million (2023 est.)
Industrial production growth rate 1.91% (2023 est.)
Industries sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
Population below poverty line 59.3% (2014 est.)
Taxes and other revenues 11.9% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency quetzales (GTQ) per US dollar -
Exchange rates 2023 7.832 (2023 est.)
Exchange rates 2022 7.748 (2022 est.)
Exchange rates 2021 7.734 (2021 est.)
Exchange rates 2020 7.722 (2020 est.)
Exchange rates 2019 7.697 (2019 est.)
Debt - external
Debt - external 2022 $10.336 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $21.311 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $20.415 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $20.935 billion (2021 est.)
Current account balance
Current account balance 2023 $3.281 billion (2023 est.)
Current account balance 2022 $1.197 billion (2022 est.)
Current account balance 2021 $1.89 billion (2021 est.)
Public debt
Public debt 2020 31.56% of GDP (2020 est.)
Budget
Revenues $15.09 billion (2022 est.)
Expenditures $15.376 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 19.46% of GDP (2023 est.)
Remittances 2022 19.16% of GDP (2022 est.)
Remittances 2021 17.9% of GDP (2021 est.)
Household income
Lowest 10% 1.7% (2014 est.)
Highest 10% 38.1% (2014 est.)
Average household expenditures
On food 34.4% of household expenditures (2022 est.)
On alcohol and tobacco 1.3% of household expenditures (2022 est.)
Imports
Imports 2023 $33.041 billion (2023 est.)
Imports 2022 $33.939 billion (2022 est.)
Imports 2021 $27.343 billion (2021 est.)
Imports (partners) US 34%, China 18%, Mexico 9%, El Salvador 4%, Costa Rica 3% (2022)
Comodities Imports force refined petroleum, video displays, paper, plastic products, cars (2022)
Exports
Imports 2023 $33.041 billion (2023 est.)
Imports 2022 $33.939 billion (2022 est.)
Imports 2021 $27.343 billion (2021 est.)
Exports (partners) US 32%, El Salvador 12%, Honduras 10%, Nicaragua 6%, Mexico 4% (2022)
Comodities Exports force garments, coffee, bananas, palm oil, raw sugar (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $223.183 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $215.668 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $207.138 billion (2021 est.)
GDP (official exchange rate) $102.05 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $12,700 (2023 est.)
Real GDP per capita 2022 $12,400 (2022 est.)
Real GDP per capita 2021 $12,100 (2021 est.)
GDP - composition, by sector of origin
Agriculture 9.2% (2023 est.)
Industry 22.2% (2023 est.)
Services 62.4% (2023 est.)
GDP - composition, by end use
Household consumption 87.8% (2023 est.)
Government consumption 11.6% (2023 est.)
Investment in fixed capital 16.6% (2023 est.)
Investment in inventories -0.2% (2023 est.)
Exports of goods and services 17.2% (2023 est.)
Imports of goods and services -32.9% (2023 est.)
Unemployment rate
Unemployment rate 2023 2.71% (2023 est.)
Unemployment rate 2022 3.05% (2022 est.)
Unemployment rate 2021 2.17% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 5.9% (2023 est.)
Male 4.1% (2023 est.)
Female 9.6% (2023 est.)
All Important Facts about Guatemala

Want to know more about Guatemala? Check all different factbooks for Guatemala below.

Guatemala is found in Central America