{"id":15695,"date":"2024-01-19T16:38:39","date_gmt":"2024-01-19T16:38:39","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=15695"},"modified":"2024-01-19T16:38:41","modified_gmt":"2024-01-19T16:38:41","slug":"guyana-achieves-remarkable-33-gdp-growth-in-2023","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/guyana-achieves-remarkable-33-gdp-growth-in-2023\/","title":{"rendered":"Guyana Achieves Remarkable 33% GDP Growth in 2023"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p>During the Budget 2024 presentation themed &#8220;Staying the course building prosperity for all,&#8221; Finance Minister Dr. Ashni Singh announced that Guyana achieved an extraordinary 33 percent growth in its Gross Domestic Product (GDP) for the year 2023. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The government&#8217;s strategic efforts to diversify and bolster the non-oil economy, particularly in sectors like gold mining, have contributed to this impressive economic performance. <\/p>\n\n\n\n<p>The administration has successfully maintained inflation in single digits while pursuing a balanced economic strategy.<\/p>\n\n\n\n<p>Dr. Singh disclosed that the actual real GDP growth for 2023 surpassed the initial projection by an impressive 25.1 percent. <\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/ncnguyana.com\/2023\/wp-content\/uploads\/2024\/01\/Samuel-Finance.mp3\"><\/audio><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>The policies aim to effectively manage the oil and gas sector while ensuring sustainable development.<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>Notably, net credit to the private sector experienced a notable increase of 14.4 percent.<\/p>\n\n\n\n<p>However, the overall balance of payments recorded a deficit of US$34.2 million at the end of 2023. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Guyana&#8217;s exceptional economic growth signals the nation&#8217;s resilience and potential for continued prosperity, providing a solid foundation for sustained development and improved living standards.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the Budget 2024 presentation themed &#8220;Staying the course building prosperity for all,&#8221; Finance Minister Dr. Ashni Singh announced that Guyana achieved an extraordinary 33 percent growth in its Gross&hellip;<\/p>\n","protected":false},"author":4,"featured_media":15696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[366,363,350],"tags":[],"class_list":["post-15695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-development","category-national-transformation","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/15695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=15695"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/15695\/revisions"}],"predecessor-version":[{"id":15698,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/15695\/revisions\/15698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/15696"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=15695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=15695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=15695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}