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Overseas business risk: Guatemala
The Overseas Business Risk report provides information on key security and political risks which UK businesses may face when operating in Guatemala.
1. General overview
Guatemala is the largest economy in Central America, with a GDP of USD 77.6 billion (2020); a country with the steadiest growth rate in Latin America for three decades. Guatemala’s economy experienced one of the smallest GDP contractions in 2020 in the region (-1.5%) following onset of the Covid-19 pandemic. The country is also the most populous in the region: 17.9m inhabitants with a GDP per capita of USD 4,317.50. It has a major geographical advantage in its access to Mexico and, via NAFTA, the US and Canada. Longer term, Guatemala has the potential to be a major hub of supply chain companies, particularly in light of the customs union between Guatemala, Honduras and El Salvador.
Guatemala is heavily reliant on traditional exports such as coffee, rendering the economy vulnerable to fluctuations in both international prices and weather conditions. Manufacturing is centred on light assembly and food processing. Tourism and the export of textiles and non-traditional agricultural products such as fruit and cut flowers are increasingly important.
British companies are under-represented in Guatemala compared with other European partners. A British-Guatemalan Chamber of Commerce was established in 2018 to help redress that balance.