By Kristin Josiah
Guyana has achieved a remarkable 49.7 percent increase in its gross domestic product (GDP) during the first half of 2024, according to President Dr. Irfaan Ali.
This significant growth underscores the success of the government’s strategic planning and financial policies.
In a recent address from the Kingston Seawall Esplanade, President Ali highlighted that the non-oil sector also contributed to the economic expansion, with a growth rate of 12.6 percent, up from 11.7 percent in the previous year.
The full-year GDP growth forecast for 2024 has been revised upward to 42.3 percent, an eight percent increase from initial projections.
The non-oil economy is now expected to expand by 11.8 percent.
Despite facing various challenges in the early months of the year, Guyana’s non-oil sectors have continued to thrive.
The agriculture sector grew significantly, while the fishing industry saw a 27.7 percent increase.
Marine cage fishing and enhanced prawn production are expected to further boost this sector.
The forestry sector experienced a growth of 13.2 percent, driven by revitalization efforts.
The mining and quarrying sectors also recorded impressive increases, with mining up by 64.3 percent, fueled by petroleum and other mining activities.
Additionally, the construction sector grew by 43.7 percent, supported by government and private investments, including expanded housing initiatives and lower interest rates.
President Ali’s report underscores the continued economic momentum and the positive impact of strategic investments and policy measures on Guyana’s growth trajectory.