The Ministry of Finance has reported that Guyana recorded an overall real Gross Domestic Product (GDP) growth of 36.4 percent in the first half of this year, with the non-oil economy growing by 8.3 percent.
According to the Ministry, the growth reflects the Government’s supportive policy stance.
With the growth rate expected to continue to improve for the rest of the year, the real GDP growth for this year is now projected at 56 percent overall, and non-oil GDP growth at 9.6 percent.
Minister of Finance Dr. Ashni Singh said “we have demonstrated the capacity and commitment to working assiduously to make this vision a reality so that benefits can redound to citizens in the shortest possible time”
The agriculture, forestry and fishing sector is estimated to have expanded by 10.9 percent in the first six months of 2022, driven by higher output from the other crops, forestry and livestock.
The mid-year report found weak performances in the sugar, rice and fishing industries.
The mining and quarrying sectors saw growth of 64.6 percent in the first half of this year while the petroleum sector grew by 73.5 percent.
There was growth of 7.6 percent in the service sector while construction expanded by 20.4 percent.
The report noted the increase in the cost of living, pointing to surging commodity prices with consumer prices increasing by 4.9 percent in the first six months of this year.
“Recognising the consequences of these inflationary pressures, Government implemented a suite of measures to ease the burden on the population. The excise tax on petroleum was reduced from 20 percent to 10 percent at the time of Budget 2022 presentation, and reduced even further from 10 percent to zero in March. Additionally, Government also utilised $1 billion for the purchase and distribution of fertilizer to farmers across the country, $800 million to provide cash grants to households in hinterland and riverain communities, among a number of other interventions”, the report noted.
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