{"id":26463,"date":"2025-02-09T02:31:32","date_gmt":"2025-02-09T02:31:32","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=26463"},"modified":"2025-02-09T02:31:33","modified_gmt":"2025-02-09T02:31:33","slug":"guyanas-economy-records-exceptional-43-6-growth-in-2024","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/guyanas-economy-records-exceptional-43-6-growth-in-2024\/","title":{"rendered":"Guyana&#8217;s Economy Records Exceptional 43.6% Growth in 2024"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p><em>By Celestine Chacon | January 20, 2025<\/em><\/p>\n\n\n\n<p>Guyana&#8217;s economy has seen extraordinary growth, with its Gross Domestic Product (GDP) soaring by 43.6% in 2024, surpassing the 33% growth achieved in 2023. <\/p>\n\n\n\n<p>This was announced by Finance Minister Dr. Ashni Singh during his presentation of the 2025 national budget.<\/p>\n\n\n\n<p>Despite facing global inflationary pressures, Dr. Singh highlighted that inflation in Guyana remained stable, reaching an estimated 2.9% for the year 2024, a significant achievement in a year marked by external financial challenges.<\/p>\n\n\n\n<p>The growth was largely driven by the oil sector, but Dr. Singh noted that the non-oil economy also saw substantial gains, particularly in rice, crops, and bauxite production. <\/p>\n\n\n\n<p>In addition, the mining, quarrying, construction, and services sectors all contributed to the overall economic expansion.<\/p>\n\n\n\n<p>The mining and quarrying sector saw an impressive growth of 55.9% in 2024, primarily due to the oil and gas industry, but also bolstered by growth in gold, bauxite, and other mining activities.<\/p>\n\n\n\n<p>On the fiscal front, Dr. Singh reassured the public that Guyana\u2019s public debt remains sustainable, with the debt-to-GDP ratio dropping by more than 20% from 47.4% in 2020 to 24.3% by the end of 2024. <\/p>\n\n\n\n<p>This indicates a marked improvement in managing public debt, ensuring the country\u2019s fiscal stability without the need for major adjustments.<\/p>\n\n\n\n<p>The finance minister&#8217;s remarks underscore Guyana&#8217;s continued economic growth and stability, setting the stage for further development in the years ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Celestine Chacon | January 20, 2025 Guyana&#8217;s economy has seen extraordinary growth, with its Gross Domestic Product (GDP) soaring by 43.6% in 2024, surpassing the 33% growth achieved in&hellip;<\/p>\n","protected":false},"author":4,"featured_media":20140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[361,363,350],"tags":[],"class_list":["post-26463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-economy","category-national-transformation","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/26463","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=26463"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/26463\/revisions"}],"predecessor-version":[{"id":26464,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/26463\/revisions\/26464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/20140"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=26463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=26463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=26463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}