Colorful city in Guatemala

Guatemala GDP

Guatemala GDP

Economic Growth in Guatemala

The Guatemalan economy recorded an average growth rate of 3.6% in the decade to 2022, above the 1.9% average for Central America and Caribbean. In 2022, real GDP growth was 4.1%. For more GDP information, visit our dedicated page.

Guatemala GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Guatemala from 2013 to 2022.
Source: Bank of Guatemala.

Guatemala GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 3.4 4.0 -1.8 8.0 4.1
GDP (USD bn) 73.7 77.2 77.7 86.0 95.0
GDP (GTQ bn) 551 594 600 666 736
Economic Growth (Nominal GDP, ann. var. %) 4.7 7.7 1.0 10.9 10.6

GDP grows at softest pace since Q4 2022 in the third quarter

GDP growth ebbed to 3.7% year on year in the third quarter from 3.9% in the second quarter. Q3's reading marked the softest growth since Q4 2022.

Household spending increased 5.0% in the third quarter, which was above the second quarter's 4.2% expansion. Fixed investment growth accelerated to 7.9% in Q3 from 5.7% in the previous quarter. However, public consumption growth was the slowest since Q1 2021, expanding 1.6% (Q2: +15.4% yoy). On the external front, exports of goods and services contracted at a milder rate of 0.1% in Q3 (Q2: -5.1% yoy). In addition, imports of goods and services growth sped up to 7.4% in Q3 (Q2: +3.7% yoy).

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Guatemalan GDP projections for the next ten years from a panel of 17 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Guatemalan GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Guatemalan GDP projections.

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