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 $15.09 billion (2022 est.)
Expenditures $15.376 billion (2022 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.

Guatemala is found in Central America