Guyana’s economy expands significantly in half a year

– President Ali announced that non-oil growth reached about 12%
– Urge local banks to work harder with investors to create a more mature, developed financial sector as Citizens Bank opens new facilities

President Irfaan Ali announced that Guyana’s real Gross Domestic Product (GDP) grew by 49.7 percent in the half year despite challenges faced by some productive sectors due to prolonged drought.
The Head of State disclosed this on Friday night at the opening of the new Citizens Bank branch at Aubrey Barker Road, Ruimvelt Gardens, South Georgetown.

In addition to the figures reflecting the value of all goods and services produced locally, the President also highlighted the country’s non-oil sector’s impressive half-year growth of 12.6%.
While Guyana’s remarkable double-digit growth is linked to its booming oil and gas sector, Dr. Ali said growth in the non-oil sector was particularly “impressive.”

“This growth is driven and supported by almost all sectors,” the president said, adding that sectors hit hard by drought and other challenges are expected to recover well by the end of 2024.
The President said the full mid-year report should be submitted soon. Dr Ashni Singh, the senior minister in the President’s Office in charge of finance and public services, is likely to submit the report.
The president has already pointed out that the construction industry is one of the fastest growing sectors, with a growth rate of 43.7% in the first half of this year.
This high growth rate builds on the significant growth in both the oil and non-oil sectors over the past few years. In January, Dr Singh said that 2023 would see exponential growth of 33%, while the non-oil sector would see stronger-than-expected growth of 11.7%.
President Ali said half-year data showed strong economic performance and this year’s overall GDP growth rate has been revised.
Overall GDP growth is currently expected to be 42.3%, while growth in the non-oil sector itself is expected to be 11.8%.

At the same time, the head of state also spoke directly to bankers during the event. According to him, the government has done a lot to stimulate investment and promote local economic prospects.
Therefore, he urged local banks and investors to work harder to create a more mature and developed financial industry. President Ali believes that the local area needs more investment bankers and project officers.
According to previous reports, Dr. Singh had said: “Over the past three years (2021-2023), Guyana’s economy has grown by an average of nearly 40%, with an average annual growth rate of more than 39%.”
This exceptional growth is expected to continue, with the economy projected to grow at an average annual rate of nearly 30% by 2027.

He added: “As far as I know, there is no country in the world, no period in human history, that has been able to grow at such an astonishing rate for a whole year.”