Guyana’s non-oil sectors have seen robust growth over the past year, even without the oil and gas economy.
Guyana’s President Dr Mohamed Irfaan Ali disclosed on Saturday.
Without oil, our economy would still be the fifth fastest growing , President Ali said in a Facebook live update.
Guyana is ranked first in the world with an IMF-projected growth of 58.7%, and Fiji is second with 12.5%.
The Finance Ministry’s half-year report projects Guyana’s non-oil economy will grow 9.5% this year.
President Ali noted that Guyana’s economic performance in 2022 was remarkable.
The president said this is due to the PPP/C Government’s policies and investments in non-oil sectors over the past two years.
Agriculture is expected to grow 17.9%, while quarrying and mining will grow 11%.
Construction is expected to grow 19% and wholesale/retail by 12.5%. Transport and storage will grow 13%, and lodging and food will grow 18%.
These are due to the economy’s confidence, he said, as more SMEs invest in a diversified portfolio.
The diversification of our economic portfolio is strong, President Ali said.
“While oil brings in the most needed revenue, government measures targeted other economic sectors,” he said.
Dr. Ali noted that Guyana has also maintained single-digit inflation.
IMF predicts Guyana’s inflation will be 7%, below the global rate.
“Looking at our macroeconomic fundamentals in 2022, despite the complex international environment, we’ve seen the true result of the People’s Progressive Party Civic Government’s policies and measures,” he said.
The President said the past two years were spent rebuilding the non-oil sectors’ framework, which had been neglected by the previous administration.
“You’ll see the impact of current investments in the coming years,” he said.
At the end of the first half of this year, commodity prices were 4.9% higher than in 2021.
President Ali recalled the measures taken to ease the population’s burden.
In the oil and gas sector, 13 profit oil lifts will generate over $1 billion in revenue and $150 million in royalty.
