Countries
Guatemala
Key Economic Indicators
$264.47 billion
$14,369
3.65%
2.87%
2.6%
$113.2 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
$3.27 billion
Economic Overview
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
All Economic Data
Agricultural products
sugarcane, bananas, oil palm fruit, maize, cantaloupes/melons, potatoes, milk, tomatoes, chicken, pineapples (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
1.3% of household expenditures (2023 est.)
On food:
35.1% of household expenditures (2023 est.)
Budget
Expenditures:
$17.349 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$16.603 billion (2023 est.)
Currency
code:
GTQ
name:
Guatemalan quetzal (GTQ) [Q]
Current account balance
$3.27 billion
Current account balance 2022:
$1.116 billion (2022 est.)
Current account balance 2023:
$3.212 billion (2023 est.)
Current account balance 2024:
$3.333 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$27.06 billion
Debt - external 2023:
$11.862 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
quetzales (GTQ) per US dollar -
Exchange rates 2020:
7.722 (2020 est.)
Exchange rates 2021:
7.734 (2021 est.)
Exchange rates 2022:
7.748 (2022 est.)
Exchange rates 2023:
7.832 (2023 est.)
Exchange rates 2024:
7.759 (2024 est.)
Exports
$17.99 billion
Exports 2022:
$18.141 billion (2022 est.)
Exports 2023:
$17.342 billion (2023 est.)
Exports 2024:
$17.997 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
garments, bananas, coffee, palm oil, raw sugar (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 33%, El Salvador 11%, Honduras 9%, Nicaragua 6%, Mexico 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.85 billion
GDP - composition, by end use
Exports of goods and services:
15.9% (2024 est.)
Government consumption:
10.9% (2024 est.)
Household consumption:
88% (2024 est.)
Imports of goods and services:
-31.5% (2024 est.)
Investment in fixed capital:
16.1% (2024 est.)
Investment in inventories:
0.6% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
9.8% (2024 est.)
Industry:
21.7% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
61.8% (2024 est.)
GDP (official exchange rate)
$113.2 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$6,150
Gini Index coefficient - distribution of family income
48.3 (2014)
Gini Index coefficient - distribution of family income 2023:
45.2 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$111.61 billion
GNI per capita
$5,780
Gross domestic investment
17 % of GDP
Household income or consumption by percentage share
Highest 10%:
34.1% (2023 est.)
Lowest 10%:
1.6% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$35.6 billion
Imports 2022:
$33.943 billion (2022 est.)
Imports 2023:
$33.056 billion (2023 est.)
Imports 2024:
$35.576 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, video displays, cars, trucks, packaged medicine (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 30%, China 19%, Mexico 11%, El Salvador 4%, Costa Rica 3% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
Inflation rate (consumer prices)
2.87%
Inflation rate (consumer prices) 2022:
6.9% (2022 est.)
Inflation rate (consumer prices) 2023:
6.2% (2023 est.)
Inflation rate (consumer prices) 2024:
2.9% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
7.575 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
7.68 million persons
Labor force - by occupation
agriculture:
29.05%
industry:
22.71%
services:
48.23%
Population below poverty line
56% (2023 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2020:
31.56% of GDP (2020 est.)
Real GDP (purchasing power parity)
$264.47 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$216.815 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$224.475 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$232.673 billion (2024 est.)
Real GDP growth rate
3.65%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
4.2% (2022 est.)
Real GDP growth rate 2023:
3.5% (2023 est.)
Real GDP growth rate 2024:
3.7% (2024 est.)
Real GDP per capita
$14,369
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$12,100 (2022 est.)
Real GDP per capita 2023:
$12,400 (2023 est.)
Real GDP per capita 2024:
$12,600 (2024 est.)
Remittances
$21.64 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
19% of GDP (2022 est.)
Remittances 2023:
19.1% of GDP (2023 est.)
Remittances 2024:
19.1% of GDP (2024 est.)
Reserves of foreign exchange and gold
$24.41 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$20.415 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$21.311 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$24.412 billion (2024 est.)
Revenue (excl grants)
13 % of GDP
Tax revenue
12 % of GDP
Taxes and other revenues
11.6% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
2.6%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
3.1% (2022 est.)
Unemployment rate 2023:
2.4% (2023 est.)
Unemployment rate 2024:
2.3% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
4.7% (2024 est.)
Male:
4% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
4.2% (2024 est.)
World Bank Indicators
Currency
Guatemalan quetzal (GTQ) Q (2025)
Gini Index
48.30 (2014)
Languages
Spanish (2025)
Economic Rankings
Gini Index
#20
External Debt
#43
Reserves
#59
GDP (Nominal)
#67
GDP (PPP)
#70
Imports
#73
Exports
#94
GDP per Capita
#113
GDP Growth Rate
#122
Inflation Rate
#126
Unemployment Rate
#149
Quick Facts
Industries
sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism
Agricultural products
sugarcane, bananas, oil palm fruit, maize, cantaloupes/melons, potatoes, milk, tomatoes, chicken, pineapples (2023)
Labor force
7.575 million (2024 est.)
Exports - partners
USA 33%, El Salvador 11%, Honduras 9%, Nicaragua 6%, Mexico 4% (2023)
Imports - partners
USA 30%, China 19%, Mexico 11%, El Salvador 4%, Costa Rica 3% (2023)
Exchange rates
quetzales (GTQ) per US dollar -
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