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 (2023).
More about the economy of Guatemala
| Labor force | 7.575 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2% (2024 est.) |
| Industries | sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism |
| Population below poverty line | 56% (2023 est.) |
| Taxes and other revenues | 11.6% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | quetzales (GTQ) per US dollar - |
| Exchange rates 2024 | 7.759 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $11.862 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $24.412 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $21.311 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $20.415 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $3.333 billion (2024 est.) |
| Current account balance 2023 | $3.212 billion (2023 est.) |
| Current account balance 2022 | $1.116 billion (2022 est.) |
| Public debt | |
| Public debt 2020 | 31.56% of GDP (2020 est.) |
| Budget | |
| Revenues | $16.603 billion (2023 est.) |
| Expenditures | $17.349 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 19.1% of GDP (2024 est.) |
| Remittances 2023 | 19.1% of GDP (2023 est.) |
| Remittances 2022 | 19% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 1.6% (2023 est.) |
| Highest 10% | 34.1% (2023 est.) |
| Average household expenditures | |
| On food | 35.1% of household expenditures (2023 est.) |
| On alcohol and tobacco | 1.3% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $35.576 billion (2024 est.) |
| Imports 2023 | $33.056 billion (2023 est.) |
| Imports 2022 | $33.943 billion (2022 est.) |
| Imports (partners) | USA 30%, China 19%, Mexico 11%, El Salvador 4%, Costa Rica 3% (2023) |
| Comodities Imports force | refined petroleum, video displays, cars, trucks, packaged medicine (2023) |
| Exports | |
| Imports 2024 | $35.576 billion (2024 est.) |
| Imports 2023 | $33.056 billion (2023 est.) |
| Imports 2022 | $33.943 billion (2022 est.) |
| Exports (partners) | USA 33%, El Salvador 11%, Honduras 9%, Nicaragua 6%, Mexico 4% (2023) |
| Comodities Exports force | garments, bananas, coffee, palm oil, raw sugar (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $232.673 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $224.475 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $216.815 billion (2022 est.) |
| GDP (official exchange rate) | $113.2 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $12,600 (2024 est.) |
| Real GDP per capita 2023 | $12,400 (2023 est.) |
| Real GDP per capita 2022 | $12,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.8% (2024 est.) |
| Industry | 21.7% (2024 est.) |
| Services | 61.8% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 88% (2024 est.) |
| Government consumption | 10.9% (2024 est.) |
| Investment in fixed capital | 16.1% (2024 est.) |
| Investment in inventories | 0.6% (2024 est.) |
| Exports of goods and services | 15.9% (2024 est.) |
| Imports of goods and services | -31.5% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.3% (2024 est.) |
| Unemployment rate 2023 | 2.4% (2023 est.) |
| Unemployment rate 2022 | 3.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 4.2% (2024 est.) |
| Male | 4% (2024 est.) |
| Female | 4.7% (2024 est.) |
All Important Facts about Guatemala
Want to know more about Guatemala? Check all different factbooks for Guatemala below.
