In a press conference today, President Irfaan Ali announced that Guyana has experienced extraordinary economic growth across various sectors in the first half of the year, with the Gross Domestic Product (GDP) recording an estimated surge of 59.5 percent. The government’s strategic efforts aim to position Guyana favorably well ahead of its time, looking toward 2030 and beyond.
This growth is attributed to a combination of policies, investments, and the revitalization of traditional sectors. The non-oil economy witnessed a significant rise of 12.3% within just six months. Noteworthy sectors include sugar with an impressive 30.1% growth, rice at 3.2%, the services industry at 9.1%, and an astonishing expansion of 44.1% in the construction industry.
President Ali underscored that the remarkable growth in the construction sector mirrors the dynamic developments currently underway.
He further highlighted the growth of real estate mortgages, facilitating increased rates of home ownership, coupled with reduced interest rates, resulting in more disposable income for citizens.
Looking ahead, President Ali expressed optimism for 2023, emphasizing the positive outlook despite challenges faced by the non-oil mining industries in the initial six months and the anticipation of drier-than-usual weather conditions that might limit agricultural output in the other crops subsector during the latter half of the year.
The impressive economic performance indicates a promising trajectory for Guyana’s future.
Reporter: Saskia Warrick, NCN News