Guyana’s economic performance in 2017 was far from robust, with economic growth figures falling below revised growth rates identified by the Ministry of Finance.
Finance Minister Winston Jordan told reporters today that Guyana recorded 2.1% economic growth in 2017. He explained that although there was positive growth, the growth rate turned out to be worse than predicted.
During the presentation of the 2018 budget in December 2017, it was indicated that Guyana had failed to meet a revised growth rate and had only achieved a minimal growth of 2.9%.
Guyana’s economy is nonetheless targeted to grow by 3.8% in 2018, exactly the same as the initially projected 3.8% in 2017 which was not achieved.
Looking at the performance of Guyana’s economic drivers, Jordan said rice did quite well, producing over 630,000 tonnes while sugar and bauxite did not do “so well.”
He said gold was a major disappointment with just over 653,000 ounces being declared while forestry did reasonably well, showing signs of recovery after a lapse over the last two years
The Minister said in the fiscal area, the country did exceptionally well with revenues remaining buoyant.
“The outturn had been a deficit in GDP that was slightly smaller than projected… in any scenario it is good news,” the Minister added.
Jordan said the country’s debt continues to be managed prudently.