During the Budget 2024 presentation themed “Staying the course building prosperity for all,” Finance Minister Dr. Ashni Singh announced that Guyana achieved an extraordinary 33 percent growth in its Gross Domestic Product (GDP) for the year 2023.
This remarkable economic expansion has positioned Guyana at the forefront of nations with the most robust economic growth rate over a span of five years, largely driven by the burgeoning oil industry.
The government’s strategic efforts to diversify and bolster the non-oil economy, particularly in sectors like gold mining, have contributed to this impressive economic performance.
The administration has successfully maintained inflation in single digits while pursuing a balanced economic strategy.
Dr. Singh disclosed that the actual real GDP growth for 2023 surpassed the initial projection by an impressive 25.1 percent.
This expansion is primarily attributed to sustained growth in oil and gas activities, with a significant milestone being the achievement of first oil at the new FPSO vessel, Prosperity, in November.
While acknowledging the critical role of the oil and gas sector, Dr. Singh emphasized that the government remains committed to supporting growth in the traditional pillars of the economy.
The policies aim to effectively manage the oil and gas sector while ensuring sustainable development.
The financial landscape also revealed positive indicators, with net domestic credit estimated at $411.4 billion, showcasing robust lending growth from both private and public sectors.
Notably, net credit to the private sector experienced a notable increase of 14.4 percent.
However, the overall balance of payments recorded a deficit of US$34.2 million at the end of 2023.
Additionally, the total public debt service payments in 2023 amounted to US$177.3 million, reflecting an increase from US$150.2 million in the previous year.
Guyana’s exceptional economic growth signals the nation’s resilience and potential for continued prosperity, providing a solid foundation for sustained development and improved living standards.