Guatemala Economy

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 lost momentum in the second quarter, according to our Consensus. That said, available data is upbeat, with economic activity rising at a faster annual pace compared to Q1 on robust increases in domestic trade and financial services; a rebound in merchandise exports likely added further impetus. Our panelists expect annual economic growth to have then picked up pace in the third quarter. In July–August, remittance inflow growth surged and inflation averaged below Q2’s rate, likely buttressing domestic demand; moreover, these slower price pressures also prompted the Central Bank to ease its monetary policy stance for the first time in four years. That said, other available data is less optimistic: In July, economic activity rose 3.0% year on year, falling short of Q2’s 3.7% expansion, and goods exports also lost momentum.

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 This means you avoid the risk of relying on out of date, biased or outlier forecasts.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.