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Indicators of economy in Guatemala

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Guatemala, on the other hand, reached USD 5,026 per capita, or 85.99 billion USD for the whole country. Guatemala is therefore currently ranked 69 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Guatemala ranks 121st in the list of the richest countries.

Inflation in Guatemala in 2022 was around 6.89%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 24, which is rather poor by global standards.


Back to overview: Guatemala

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Guatemala in 2020 increased from 77.17 billion US dollars to 77.63 billion US dollars. Certainly, there have been shifts in numerous sectors of the economy, but a 0.59 percent increase has been rather unusual this year. While most countries have suffered significant losses, Guatemala has certainly held its own. The tourism sector alone slumped by around 76 percent. The unemployment rate rose from 2.2 to 3.4 percent. The inflation rate fell from 3.7 percent previously to 3.2 percent by the end of 2020.

Income and purchasing power

The average monthly income in Guatemala is 412 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 40.9 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Guatemala than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 88.2 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 Guatemala
Total		Guatemala
per capita		EU
Total		EU
per capita
GDP85.99 bn USD5,025.54 USD17.177 tn USD33,384.92 USD
Gross national product84.53 bn USD4,940.74 USD16.895 tn USD32,835.37 USD


In the Global Innovation Index, Guatemala ranked 110th in 2022 with 17.8 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1960 - 2021


› Debt budget development
› Development of inflation
› Corruption in Guatemala
› Cost of living in a global comparison


Imports and Exports 2021

 Guatemala
Total		Guatemala
per capita		EU
Total		EU
per capita
Imports27.55 bn USD1,610.01 USD8.916 tn USD17,329.02 USD
Exports15.32 bn USD895.29 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1977 - 2021

Exports
Imports



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