The production of gold and bauxite declined in the first quarter of 2023 as Guyana’s economy continues to be fueled heavily by the oil Sector, according to the latest report from the Bank of Guyana.

“Oil sector production continued to contribute greatly to the growth of the overall economy while the non-oil economy experienced moderate growth, specifically in the sectors of agriculture, manufacturing and construction as well as services,” the Bank of Guyana said in the just released report.

With the exception of oil, sand and stone, the mining and quarry sectors contracted.

 “Oil production totalled 34 million barrels at end-March 2023, a significant increase from end-March 2022 total of 10.9 million barrels. Similarly, declaration of crushed stone and sand increased by 63.3 percent and 50.6 percent respectively, as construction activities throughout the country kept demand high,” the Bank of Guyana said its report.

Bauxite production dropped by 17.8 percent, when compared to the same period in 2022.

According to the Bank of Guyana, the decline was mainly due to a 30.1% decrease in the production of Refractory Aggregate Super Calcined (RASC) bauxite.

Similarly, gold declarations fell by 5.3 percent, as local and licensed dealers’ declarations contracted by some 23.9 percent.

However, “the declarations from Aurora Gold Mine Inc. (AGM), Zijin Mining’s subsidiary in Guyana, the sole operating foreign company, increased by 65.4 percent, when compared to the same period one year prior,” the Bank reported.

Meanwhile, in the Agriculture and Forestry Sector, rice production achieved a 36.5 percent increase to 110,932 metric tons, when compared to the same period last year. It was explained that the increase in production was as a result of favourable weather conditions, which allowed for an increase in yield. Similarly, sugar production increased by 14.7 percent to 10,003 metric tons.

But in the Forestry Sector, the Bank of Guyana reported that the sector contracted by 16.3 percent as a result of a significant decline in the output of logs by some 19.7%.

The Manufacturing Sector registered increased production of biscuits by 57.5 percent, stock feed by 38.7 percent, paints by 30.6 percent, industrial flour by 20.1 percent and total aerated drinks by 4.1 percent.

In contrast, there were declines in production of total pharmaceutical liquids by 45.6 percent, and alcoholic beverages by 5.2 percent.

“Construction activities continued its rapid growth in both the public and private sectors, with the building of infrastructure by Central Government as well as private commercial ventures and housing,” the report added.

Additionally, the performance in the services sector was boosted in the areas of wholesale and retail trade and repairs, financial and insurance activities, accommodation and food services as well as entertainment & recreation.

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