Guyana’s Gross Domestic Product (GDP) witnessed a robust growth of approximately 59.5 percent during the first half of 2023, with the non-oil sector experiencing a commendable 12.3% expansion.
This was revealed by President Irfaan Ali while addressing the media at a State House press conference on Saturday morning.
He attributed this impressive growth to the government’s strategic policies aimed at rejuvenating traditional sectors.
In his address, President Ali emphasized that Real GDP, adjusted for inflation, reflects the total economic output of a country. He reiterated that this growth signifies Guyana’s economic strength, adjusted for price fluctuations.
Notable growth was observed in the sugar industry, with a remarkable 30.1% increase, reflecting the government’s commitment to revitalizing this sector after several estates faced closure under the previous administration, Ali said. Similarly, the rice industry showed promise, growing by an estimated 3.2%, attributed to investments in infrastructure, technology, and research and development.
The Agriculture, Forestry, and Fishing industries demonstrated significant growth, expanding by an estimated 7.6% compared to the previous year. President Ali highlighted the dire state of these sectors when his government assumed office in 2020, underscoring the substantial recovery they have undergone.
Other sectors, such as the production of additional crops and livestock, posted robust growth at 9.4%. President Ali affirmed that these results validate the effectiveness of the government’s policies and development model.
The forestry sector saw a 4.5% growth, emphasizing its critical role in the overall economy. Additionally, the fishing sector expanded by 9.9%, while the extractive sector, including mining and quarrying, exhibited an impressive overall growth of 89.9%, driven largely by the petroleum sub-sector, which soared by 98.4%.
Guyana’s diverse economic landscape also witnessed significant growth across various domains, according to Ali. He said mining and quarrying expanded by 45.2%, construction grew by 44.1%, and the services industry saw a commendable 9.1% increase. Furthermore, credit to the private sector surged by 5%, with notable growth in credit to business enterprises in the services and manufacturing sectors, registering 3.3% and 8.9% respectively. Real estate mortgages for home construction also experienced a healthy 7.3% growth.
Ali’s revelations were all included Guyana’s 2023 mid-year report. This data underscores Guyana’s positive economic trajectory, setting it apart as a beacon of growth and stability in the broader regional context.