Guatemala's Macroeconomic Analysis:
Nominal GDP of USD 104.4 billion in 2023.
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.
GDP per capita of USD 5,495 compared to the global average of USD 10,589.
Average real GDP growth of 3.6% over the last decade.
Average real GDP growth of 3.5% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Guatemala
The economy expanded at a faster annual pace in Q2 than in Q1 on stronger momentum in fixed investment. Shifting to Q3, our panelists expect GDP growth to have remained broadly stable, and the data at hand bears out this prediction. Economic activity rose 3.6% in the quarter (Q2: +3.7% yoy), buoyed by sturdy momentum in the manufacturing, domestic trade and financial sectors. Meanwhile, over four-year low inflation in Q3, paired with a faster increase in remittances inflows compared to Q2, should have buttressed household purchasing power. Moreover, goods exports gained steam in the quarter from Q2. In Q4, our panel has penciled in an acceleration in GDP growth, with domestic demand likely benefiting from a near 15-year low in inflation and a surge in remittance inflows in October. That said, floods and landslides in early October hint at downside risks to the growth forecast.Guatemala Economic Forecasts
Projections out to 2034.47 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 18 expert analysts.
Want to get insight on the economic outlook for Guatemala in the coming years? FocusEconomics collects projections out to 2034 on 47 economic indicators for Guatemala from a panel of 18 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.