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Economy of Guatemala vs Nigeria compared: GDP & Debt

Updated on by Georank team

Guatemala has a GDP of $113B compared to $252B for Nigeria, ranking 68/197 and 54/197 by economy size, respectively.

Guatemala has $29.8B in government debt (26.3% of GDP), compared to $99.2B (39.3% of GDP) in Nigeria.

Guatemala vs Nigeria GDP by year

Guatemala
Nigeria
1x
Year GDP, current $
Guatemala Nigeria
2024 $113,199,581,158 $252,261,880,141
2023 $104,368,755,055 $487,387,801,881
2022 $95,641,446,501 $646,950,257,578
2021 $86,455,522,273 $609,147,716,973
2020 $77,719,468,248 $598,586,817,819
2019 $77,172,331,693 $668,219,992,691
2018 $73,328,356,008 $421,739,251,509
2017 $71,653,780,740 $375,745,731,053
2016 $66,053,408,206 $404,649,125,252
2015 $62,186,066,548 $493,026,682,801
2014 $57,852,159,008 $574,183,763,412
2013 $52,996,420,177 $520,117,180,314
2012 $49,593,929,487 $463,971,018,239
2011 $46,876,006,272 $414,466,676,831
2010 $40,676,578,423 $366,990,417,129
2009 $37,126,148,265 $295,008,835,381
2008 $38,503,720,224 $339,476,276,258
2007 $33,567,850,824 $278,260,846,800
2006 $29,744,246,827 $238,454,997,161
2005 $26,783,389,294 $175,670,569,969
2004 $23,577,298,095 $135,764,731,646
2003 $21,576,351,799 $104,738,954,264
2002 $20,444,205,991 $95,054,059,303
2001 $18,405,220,247 $73,557,840,064
2000 $19,288,929,030 $69,171,451,627
1999 $18,318,412,251 $59,145,077,039
1998 $19,395,491,993 $218,416,200,673
1997 $17,790,026,222 $200,850,397,618
1996 $15,674,835,615 $185,730,236,700
1995 $14,655,404,433 $140,919,776,986
1994 $12,983,233,311 $80,399,613,064
1993 $11,400,017,301 $56,721,051,402
1992 $10,440,781,588 $52,058,181,854
1991 $9,406,135,143 $59,526,833,412
1990 $7,650,196,845 $54,035,795,388
1989 $8,410,724,361 $44,003,061,108
1988 $7,841,602,824 $49,648,470,440
1987 $7,084,399,840 $52,676,041,931
1986 $7,231,963,516 $54,805,852,581
1985 $9,721,652,087 $73,745,821,158
1984 $9,470,000,100 $73,484,359,521
1983 $9,050,000,400 $97,094,911,792
1982 $8,716,999,700 $142,769,363,314
1981 $8,607,500,300 $164,475,209,516
1980 $7,878,700,000 $64,201,788,123
1979 $6,902,600,200 $47,259,911,894
1978 $6,070,600,200 $36,527,862,209
1977 $5,480,500,200 $36,035,407,725
1976 $4,365,300,200 $36,308,883,249
1975 $3,645,900,000 $27,778,934,625
1974 $3,161,499,900 $24,846,641,318
1973 $2,569,200,100 $15,162,871,287
1972 $2,101,300,000 $12,274,416,018
1971 $1,984,800,000 $9,181,769,912
1970 $1,904,000,000 $12,546,094,982
1969 $1,715,399,900 $6,634,317,346
1968 $1,610,500,000 $5,200,997,920
1967 $1,453,500,000 $5,203,237,919
1966 $1,390,700,000 $6,366,917,453
1965 $1,331,399,900 $5,874,537,650
1964 $1,299,099,900 $5,552,931,319
1963 $1,262,800,000 $5,165,590,254
1962 $1,143,600,000 $4,909,399,176
1961 $1,076,699,900 $4,467,287,893
1960 $1,043,599,900 $4,196,174,502

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/guatemala/nigeria | CC BY

GDP per capita in Guatemala vs Nigeria by year

Guatemala
GDP per capita

GDP per capita, PPP
Nigeria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Guatemala Nigeria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,150 $14,369 $1,084 $9,087
2023 $5,758 $13,745 $2,139 $8,705
2022 $5,359 $13,014 $2,899 $8,305
2021 $4,913 $11,825 $2,787 $7,588
2020 $4,478 $10,947 $2,797 $7,415
2019 $4,512 $10,756 $3,190 $7,551
2018 $4,353 $9,947 $2,058 $7,158
2017 $4,325 $9,560 $1,876 $7,037
2016 $4,060 $9,201 $2,070 $7,072
2015 $3,894 $8,934 $2,586 $7,308
2014 $3,689 $8,237 $3,089 $7,396
2013 $3,444 $7,700 $2,873 $7,004
2012 $3,287 $7,258 $2,633 $6,671
2011 $3,169 $6,784 $2,418 $6,585
2010 $2,805 $6,510 $2,202 $6,301
2009 $2,612 $6,377 $1,820 $5,927
2008 $2,763 $6,435 $2,154 $5,607
2007 $2,459 $6,238 $1,816 $5,298
2006 $2,225 $5,833 $1,600 $4,975
2005 $2,046 $5,486 $1,211 $4,678
2004 $1,841 $5,263 $962 $4,381
2003 $1,723 $5,081 $763 $4,015
2002 $1,669 $4,969 $712 $3,770
2001 $1,538 $4,822 $566 $3,309
2000 $1,649 $4,715 $547 $3,139
1999 $1,604 $4,557 $481 $3,002
1998 $1,741 $4,437 $1,822 $3,022
1997 $1,638 $4,287 $1,720 $2,990
1996 $1,481 $4,143 $1,633 $2,931
1995 $1,421 $4,055 $1,272 $2,835
1994 $1,293 $3,886 $745 $2,853
1993 $1,166 $3,756 $540 $2,921
1992 $1,096 $3,626 $509 $2,991
1991 $1,014 $3,473 $597 $2,870
1990 $848 $3,330 $556 $2,840
1989 $958 - $465 -
1988 $919 - $540 -
1987 $854 - $588 -
1986 $896 - $628 -
1985 $1,238 - $869 -
1984 $1,241 - $890 -
1983 $1,220 - $1,207 -
1982 $1,204 - $1,822 -
1981 $1,216 - $2,162 -
1980 $1,142 - $870 -
1979 $1,026 - $661 -
1978 $925 - $527 -
1977 $856 - $536 -
1976 $697 - $556 -
1975 $595 - $438 -
1974 $529 - $403 -
1973 $441 - $252.4 -
1972 $370 - $209.5 -
1971 $358 - $160.5 -
1970 $353 - $224.5 -
1969 $326 - $121.4 -
1968 $315 - $97.3 -
1967 $291.9 - $99.5 -
1966 $287.3 - $124.4 -
1965 $283 - $117.3 -
1964 $284.2 - $113.3 -
1963 $284.4 - $107.7 -
1962 $265.2 - $104.5 -
1961 $257.2 - $97.1 -
1960 $256.8 - $93.1 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/guatemala/nigeria | CC BY

Guatemala's GDP per capita is $6,150, ranking 112/197, compared to $1,084 in Nigeria, ranking 174/197. Adjusted for purchasing power (GDP per capita PPP), Guatemala ranks 116th at $14,369, while Nigeria ranks 136th at $9,087.

Economic indicators

Guatemala Nigeria
Gross domestic product
$113B
2024
$252B
2024
GDP rank
68/197
2024
54/197
2024
GDP growth
3.65%
2023-2024
4.06%
2023-2024
GDP per capita
$6,150
2024
$1,084
2024
GDP per capita rank
112/197
2024
174/197
2024
GDP per capita, PPP
$14,369
2024
$9,087
2024
GDP per capita PPP rank
116/197
2024
136/197
2024
Government debt
$29.8B
2024
$99.2B
2024
Debt-to-GDP ratio
26.3%
2024
39.3%
2024
Government debt per person
$1,619
2024
$426
2024
Government debt per person rank
124/185
2024
170/185
2024
Average annual personal income after taxes
$4,917
2026
$1,104
2026
Market capitalization of domestic companies n/a
$54.4B
2024
Number of billionaires n/a
4
2025
Income share by richest 10%
34.1%
2023
26.3%
2022
Income share by poorest 10%
1.6%
2023
3%
2022
Government expenditure, % of GDP
13.4%
2024
12.3%
2024
Consumer prices inflation
2.87%
2023-2024
33.2%
2023-2024
Central bank interest rate
4%
2025
27%
2025
Unemployment rate
1.9%
2024
3.45%
2024
Population
19049936
243824469

Spending and national debt comparison by year

Guatemala
Spending

Debt
Nigeria
Spending

Debt
1x
Year % of GDP
Guatemala Nigeria
Government spending Government debt Government spending Government debt
2024 13.4% 26.3% 12.3% 39.3%
2023 13.7% 27.2% 10.4% 36.3%
2022 14.3% 29% 10.6% 29.8%
2021 13.5% 30.6% 9.09% 26.6%
2020 15.6% 31.5% 8.73% 25.7%
2019 13.4% 26.4% 8.87% 21.4%
2018 13.2% 26.4% 9.1% 20.4%
2017 12.8% 25.1% 8.51% 18%
2016 12.6% 24.9% 6.93% 17.4%
2015 12.6% 24.8% 7.85% 14.9%
2014 13.6% 24.7% 9.49% 12.9%
2013 14% 25% 10% 13%
2012 14.2% 24.6% 10.5% 12.5%
2011 14.5% 23.8% 12.3% 12.4%
2010 14.5% 24% 11.8% 6.67%
2009 14.1% 22.8% 11% 6.12%
2008 13.3% 19.6% 10.2% 5.17%
2007 13.9% 20.8% 12.9% 5.76%
2006 14.2% 20.9% 8.75% 6.68%
2005 13.2% 20% 12.6% 13.4%
2004 12.9% 20.6% 13% 25.2%
2003 14.4% 19.8% 16.5% 29.9%
2002 13.1% 17.4% 13.8% 30.7%
2001 13.8% 19.1% 21.9% 37.7%
2000 13.6% 18% 17.6% 40.9%
1999 14.6% 22% 14.9% 46.1%
1998 13.2% 19% 11.2% 15.8%
1997 11.2% 18.5% 9.68% 17.1%
1996 9.85% 19.2% 7.87% 17.9%
1995 9.77% 21% 8.87% 24.2%
1994 - - 12.1% 39.7%
1993 - - 20% 50.4%
1992 - - 15.9% 49.8%
1991 - - 13.6% 53.2%
1990 - - 14.2% 50.9%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–1999, retrieved 2026-02-20).

GeoRank.org/economy/guatemala/nigeria | CC BY

In 2024, Guatemala's government spending was $15.1B, accounting for 13.4% of its GDP, while Nigeria spent $31.1B, or 12.3% of GDP.

Debt-to-GDP ratio is 26.3% in Guatemala and 39.3% in Nigeria, ranking 161/185 and 135/185, respectively.

Government deficit by year

Deficit/surplus
Guatemala

Nigeria
1x
Year Deficit/surplus, % of GDP
Guatemala Nigeria
2024 -0.96% -1.57%
2023 -1.25% -3.12%
2022 -1.7% -4%
2021 -1.16% -3.97%
2020 -4.91% -4.03%
2019 -2.24% -3.31%
2018 -1.88% -3.06%
2017 -1.38% -3.85%
2016 -1.11% -3.3%
2015 -1.47% -2.7%
2014 -1.92% -1.72%
2013 -2.16% -1.89%
2012 -2.42% -0.09%
2011 -2.8% 0.31%
2010 -3.28% -2.96%
2009 -3.12% -3.78%
2008 -1.57% 4.05%
2007 -1.4% -0.79%
2006 -1.88% 6.22%
2005 -1.67% 3.49%
2004 -1.05% 3.9%
2003 -2.47% -1.56%
2002 -1.03% 0.95%
2001 -2% -2.29%
2000 -1.88% 2.89%
1999 -2.96% -1.39%
1998 -2.29% -3.47%
1997 -0.79% 1.14%
1996 0.04% 3.37%
1995 -0.53% 2.52%
1994 - -2.96%
1993 - -6.07%
1992 - 0.94%
1991 - -1.18%
1990 - -0.48%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/guatemala/nigeria | CC BY

In 2024, Guatemala's government deficit, the difference between spending and revenue, was $1.09B, equivalent to 0.96% of GDP. This compares to Nigeria's deficit of $3.95B, or 1.57% of GDP.

Over the past 30 years, Guatemala recorded a fiscal deficit in 29 of those years, while Nigeria ran a deficit in 20 years. On average, Guatemala posted an annual deficit equal to 1.84% of GDP, compared to deficit of 0.8% of GDP for Nigeria.

Inflation comparison by year

Inflation
Guatemala

Nigeria
1x
Year Consumer prices inflation
Guatemala Nigeria
2024 2.87% 33.2%
2023 6.21% 24.7%
2022 6.89% 18.8%
2021 4.26% 17%
2020 3.21% 13.2%
2019 3.7% 11.4%
2018 3.75% 12.1%
2017 4.42% 16.5%
2016 4.45% 15.7%
2015 2.39% 9.01%
2014 3.42% 8.05%
2013 4.34% 8.5%
2012 3.78% 12.2%
2011 6.21% 10.8%
2010 3.86% 13.7%
2009 1.86% 12.5%
2008 11.4% 11.6%
2007 6.82% 5.39%
2006 6.56% 8.23%
2005 9.11% 17.9%
2004 7.58% 15%
2003 5.6% 14%
2002 8.13% 12.9%
2001 7.29% 18.9%
2000 5.98% 6.93%
1999 5.21% 6.62%
1998 6.61% 10%
1997 9.23% 8.53%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/guatemala/nigeria | CC BY

Over the past 28 years, Guatemala has recorded an average annual inflation rate of 5.54%, compared with 13.3% in Nigeria. In 2024, inflation was 2.87% in Guatemala and 33.2% in Nigeria.

Top exports between countries

Guatemala
Export category Export value
Raw agricultural goods $20K
Textiles & consumer goods $1K
Nigeria
Export category Export value
Raw agricultural goods $421K
Chemicals & pharma $311K
Textiles & consumer goods $136K
Metals $1K

Balance of trade

Guatemala Nigeria
Current account balance
$3.27B
2024
$17.2B
2024
Current account balance ranking
38/190
2024
20/190
2024
Current account balance, % of GDP
+2.89%
2024
+6.82%
2024
Goods imports
$29.1B
2024
$39.8B
2024
Goods exports
$13.3B
2024
$53B
2024
Service imports
$6.45B
2024
$17.9B
2024
Service exports
$4.65B
2024
$4.57B
2024
Imports of goods and services, % of GDP
31.5%
2024
16.9%
1960
Exports of goods and services, % of GDP
15.9%
2024
9.24%
1960

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Guatemala Nigeria
Economic freedom 63.5 54.8
Economic freedom ranking 79/197 132/197
Property rights 39.1 29.7
Government integrity 25.2 23.5
Judicial effectiveness 26.1 34.4
Tax burden 91.3 84.6
Government spending 94.3 96.3
Fiscal health 95.9 83.5
Business freedom 65.7 50.3
Labor freedom 52.5 75.4
Monetary freedom 77.3 56.1
Trade freedom 74.6 64.4
Investment freedom 70 30
Financial freedom 50 30

Economic freedom comparison by year

Guatemala
Nigeria
1x
Year Economic freedom index
Guatemala Nigeria
2026 63.5 54.8
2025 63.4 53.4
2024 62.4 53.1
2023 62.7 53.9
2022 63.2 54.4
2021 64 58.7
2020 64 57.2
2019 62.6 57.3
2018 63.4 58.5
2017 63 57.1
2016 61.8 57.5
2015 60.4 55.6
2014 61.2 54.3
2013 60 55.1
2012 60.9 56.3
2011 61.9 56.7
2010 61 56.8
2009 59.4 55.1
2008 59.8 55.1
2007 60.5 55.6
2006 59.1 48.7
2005 59.5 48.4
2004 59.6 49.2
2003 62.3 49.5
2002 62.3 50.9
2001 65.1 49.6
2000 64.3 53.1
1999 66.2 55.7
1998 65.8 52.3
1997 65.7 52.8
1996 63.7 47.4
1995 62 47.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/guatemala/nigeria | CC BY

The Economic Freedom Index for Guatemala is 63.5, ranking 79/197, compared to 54.8 for Nigeria, ranking 132/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Guatemala Nigeria
Services, % of GDP
61.8%
2024
53.7%
2024
Industry, % of GDP
21.7%
2024
18.2%
2024
Agriculture, forestry, and fishing, % of GDP
9.78%
2024
25.9%
2024
GNI, Atlas method
$106B
2024
$396B
2024
GNI per capita, PPP
$14,170
2024
$8,850
2024
Total reserves including gold
$24.4B
2024
$38.6B
2024
Total reserves ranking
57/177
2024
51/177
2024
Net foreign direct investment
-$983M
2024
-$672M
2024
Net inflows of foreign direct investment
$1.85B
2024
$1.08B
2024
Net outflows of foreign direct investment
$865M
2024
$408M
2024
Servicing debt to the IMF, % of GNI
1.75%
2024
5.48%
2024
Poverty at national poverty lines
56%
2023
56.2%
2023
Gross capital formation, % of GDP
16.7%
2024
n/a

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/guatemala/nigeria | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2023, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1995–1999, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.