Solid growth, remaining structural challenges
B2
MEDIUM RISK for entreprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in January 2024.
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GDP | USD 95.0bn (World ranking 69, World Bank 2022) |
Population | 17.4mn (World ranking 70, World Bank 2022) |
Form of state | Constitutional Democratic Republic |
Head of government | Bernardo Arévalo (President) |
Next elections | 2027, presidential and legislative |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Guatemala/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- Prudent macroeconomic policy framework
- Moderate debt ratios and adequate external balance
- Access to international financial support likely if needed
- Trade agreement with the U.S. (DR-CAFTA)
- Mining and agricultural resources
![Weaknesses](/en_global/economic-research/country-reports/Guatemala/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- High dependency on primary commodities and the U.S. (trade and remittances)
- Weak institutional framework, legacy of political instability
- Severe levels of crime and drug trafficking
- Low medium-term real GDP per capita growth and highly skewed income distribution
- Poor infrastructure
- Lack of skilled labor supply
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
United States
32.5%
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1 |
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El Salvador
11.5%
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2 |
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Honduras
9.7%
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3 |
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Nicaragua
5.4%
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4 |
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Mexico
4.4%
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5 |
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Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Vegetables and fruits
15.0%
|
1 |
14.6%
Petroleum, petroleum products and related materials
|
Articles of apparel & clothing accessories
12.7%
|
2 |
6.6%
Road vehicles
|
Coffee, tea, cocoa, spices, and manufactures thereof
10.1%
|
3 |
4.4%
Cereals and cereal preparations
|
Fixed vegetable oils and fats, crude, refined or fractionated
6.9%
|
4 |
4.3%
Iron and steel
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Sugar, sugar preparations and honey
6.1%
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5 |
4.2%
Telecommunication and sound recording apparatus
|
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