December 30, 2024
President Dr. Irfaan Ali has attributed Guyana’s rapid economic growth to a combination of the thriving oil and gas sector and strong investments in the non-oil economy.
In a live broadcast on Sunday night, the President emphasized the government’s commitment to creating a diversified economy that does not solely rely on oil income.
While Guyana has seen exceptional growth since oil production began in 2019, the non-oil sector has also contributed significantly to the country’s economic expansion.
According to Dr. Ali, the non-oil real GDP grew by 41 percent between 2019 and 2024, showcasing the effectiveness of the government’s diversification strategies.
Specific sectors that have seen impressive growth include agriculture, which grew by 17 percent; services, with a 28 percent increase; construction, which soared by 138 percent; and mining, which surged by 153 percent over the past four years.
Dr. Ali pointed out that the economic progress has translated into benefits for the population, including job creation, increased homeownership, and a wide range of ancillary advantages.
Additionally, the country’s export earnings have risen by 163 percent, further bolstering non-oil GDP.
Looking ahead, the President reiterated his government’s commitment to implementing policies that will continue to stimulate economic growth and improve the livelihoods of all Guyanese.