{"id":22615,"date":"2024-09-05T18:42:41","date_gmt":"2024-09-05T18:42:41","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=22615"},"modified":"2024-09-05T18:43:18","modified_gmt":"2024-09-05T18:43:18","slug":"guyana-reports-49-7-gdp-growth-in-first-half-of-2024","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/guyana-reports-49-7-gdp-growth-in-first-half-of-2024\/","title":{"rendered":"Guyana Reports 49.7% GDP Growth in First Half of 2024"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p><em>By Kristin Josiah<\/em><\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>This significant growth underscores the success of the government&#8217;s strategic planning and financial policies.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The full-year GDP growth forecast for 2024 has been revised upward to 42.3 percent, an eight percent increase from initial projections. <\/p>\n\n\n\n<p>The non-oil economy is now expected to expand by 11.8 percent.<\/p>\n\n\n\n<p>Despite facing various challenges in the early months of the year, Guyana&#8217;s non-oil sectors have continued to thrive. <\/p>\n\n\n\n<p>The agriculture sector grew significantly, while the fishing industry saw a 27.7 percent increase. <\/p>\n\n\n\n<p>Marine cage fishing and enhanced prawn production are expected to further boost this sector.<\/p>\n\n\n\n<p>The forestry sector experienced a growth of 13.2 percent, driven by revitalization efforts. <\/p>\n\n\n\n<p>The mining and quarrying sectors also recorded impressive increases, with mining up by 64.3 percent, fueled by petroleum and other mining activities.<\/p>\n\n\n\n<p>Additionally, the construction sector grew by 43.7 percent, supported by government and private investments, including expanded housing initiatives and lower interest rates.<\/p>\n\n\n\n<p>President Ali&#8217;s report underscores the continued economic momentum and the positive impact of strategic investments and policy measures on Guyana&#8217;s growth trajectory.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;<\/p>\n","protected":false},"author":4,"featured_media":22608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[366,363,350],"tags":[],"class_list":["post-22615","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\/22615","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=22615"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/22615\/revisions"}],"predecessor-version":[{"id":22620,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/22615\/revisions\/22620"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/22608"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=22615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=22615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=22615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}