Colorful city in Guatemala

Guatemala Economy

Guatemala's economy in numbers:

Nominal GDP of USD 95.0 billion in 2022.

GDP per capita of USD 5,096 compared to the global average of USD 10,589.

Average real GDP growth of 3.5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 68% of overall GDP, manufacturing 14%, other industrial activity 8%, and agriculture 10%. Looking at GDP by expenditure, private consumption accounted for 85% of GDP in 2021, government consumption 11%, fixed investment 16%, and net exports -12%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 47% of total merchandise exports, mineral fuels 3%, food 46%, ores and metals 1% and agricultural raw materials 3%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 66% of total merchandise imports, mineral fuels 15%, food 16%, ores and metals 1% and agricultural raw materials 2%, with other goods accounting for 0% of the total. Total exports were worth USD 14 billion in 2022, while total imports were USD 29 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.5% in the decade to 2022. To read more about GDP growth in Guatemala, go to our dedicated page.

Fiscal policy:

Guatemala's fiscal deficit averaged 2.0% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 2.5% in the decade to 2022. For more information on Guatemala's unemployment click here.

Inflation:

Inflation averaged 4.1% in the decade to 2022. Go to our Guatemala inflation page for extra insight.

Monetary Policy:

Guatemala's monetary policy rate ended 2022 at 3.75%, down from 5.00% a decade earlier. See our Guatemala monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the quetzal stayed on the same level vs the U.S. dollar. For more info on the quetzal, click here.
The economy likely started the year on a stronger footing: Economic activity growth accelerated to 3.4% year on year in Q1 (Q4 2023: +2.0% yoy) on the back of robust private-sector activity and recovering external demand. Shifting to Q2, our panelists expect economic growth to have eased from Q1’s projection. That said, available data in the quarter suggests upside risks to the forecast. The annual increase in economic activity remained around Q1’s level in April on the back of solid growth in the manufacturing, financial and wholesale and retail trade sectors. Moreover, remittances inflows expanded at a faster clip year on year in April–May than in Q1. This, coupled with relatively low average inflation in the same two-month period, likely lent support to household budgets. On the external front, goods exports rebounded slightly from Q1’s downturn in April.
Projections out to 2033.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 20 expert analysts.

Want to get insight on the economic outlook for Guatemala in the coming years? FocusEconomics collects projections out to 2033 on 47 economic indicators for Guatemala from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Guatemala economy. To download a sample report on the Guatemala's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page .

Guatemala Economic Data

2019 2020 2021 2022 2023
Population (million) 17.6 17.9 18.3 18.6 19.0
GDP (USD bn) 77.2 77.7 86.5 95.6 104.4
GDP per capita (USD) 4,389 4,337 4,731 5,130 5,495
GDP (GTQ bn) 594 600 669 741 818
Economic Growth (Nominal GDP, ann. var. %) 7.7 1.0 11.5 10.8 10.4
Economic Growth (GDP, ann. var. %) 4.0 -1.8 8.0 4.2 3.5
Private Consumption (ann. var. %) 4.7 -1.6 8.5 4.3 4.4
Government Consumption (ann. var. %) 2.3 1.0 4.6 7.2 3.3
Fixed Investment (ann. var. %) 8.8 -4.5 19.8 4.3 7.4
Exports (G&S, ann. var. %) 0.2 -7.5 10.2 7.5 -2.5
Imports (G&S, ann. var. %) 4.9 -5.8 19.5 4.8 5.9
Industrial Production (ann. var. %) 3.9 -1.2 - - -
Unemployment (% of active population, aop) 2.2 2.2 2.2 3.1 -
Fiscal Balance (% of GDP) -2.2 -4.9 -1.2 -1.7 -1.4
Public Debt (% of GDP) 26.5 31.4 30.6 28.8 27.2
Money (ann. var. of M2 %) 9.8 18.7 11.6 11.1 6.8
Inflation (CPI, ann. var. %, eop) 3.4 4.8 3.1 9.2 4.2
Inflation (CPI, ann. var. %, aop) 3.7 3.2 4.3 6.9 6.2
Inflation (Core, ann. var. %, eop) 5.4 -25.3 37.3 57.5 -23.2
Policy Interest Rate (%, eop) 2.75 1.75 1.75 3.75 5.00
Exchange Rate (GTQ per USD, eop) 7.69 7.79 7.72 7.85 7.82
Exchange Rate (GTQ per USD, aop) 7.70 7.72 7.74 7.75 7.83
Current Account Balance (USD bn) 1.8 3.9 1.9 1.2 3.3
Current Account Balance (% of GDP) 2.4 5.0 2.2 1.3 3.1
Merchandise Trade Balance (USD bn) -8.0 -6.3 -10.9 -14.3 -14.3
Merchandise Exports (USD bn) 9.9 10.1 12.4 14.3 13.0
Merchandise Imports (USD bn) 17.9 16.4 23.3 28.6 27.4
Merchandise Exports (ann. var. %) 2.8 2.1 22.1 15.3 -8.6
Merchandise Imports (ann. var. %) 1.5 -8.1 41.7 22.6 -4.2
Foreign Direct Investment (USD bn) 1.0 0.9 3.5 1.4 1.6
Remittances (USD bn) 10.5 11.3 15.3 18.0 19.8
International Reserves (USD bn) 14.8 18.5 20.9 20.0 21.3
International Reserves (months of imports) 9.9 13.5 10.8 8.4 9.3
External Debt (USD bn) 24.5 24.9 25.8 24.3 24.4
External Debt (% of GDP) 31.7 32.1 29.9 25.4 23.4

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