According to the Ministry of Finance’s mid-year report, Guyana’s economy would increase by 28.2 percent this year, with the non-oil sector growing by 9.3 percent.
According to the research, overall real GDP growth is expected to be 59.5 percent in the first half of the year, with the non-oil sector rising by 12.3 percent.
According to the mid-year report, the agriculture, forestry, and fishery industries grew by an estimated 7.6 percent in the first six months of the year, with growth seen in all sub-sectors, including rice, livestock, fishing, forestry, and sugar.
The sugar sector increased by 30% compared to the first half of 2022, with the full-year projection remaining at 29.3%, while the rice industry increased by an anticipated 3.2% in the first half of 2023, with a revised growth rate of 7.4% for the entire year.
The other crops sub-sector is expected to have increased by 9.4% in the first half, with a revised growth rate of 4.9% projected for 2023.
The livestock industry grew by an estimated 4.7% in the first half of the year and is now anticipated to increase by 10.4% for the entire year. The forestry industry is predicted to grow by 4% this year after growing by 4.5 percent last year.
The fishing sector is anticipated to rise by 8.4 percent in 2023, after expanding by 9.9 percent in the first half.
According to the research, the mining and quarrying sectors grew by 89.9% in the first half of the year, owing to growth in the petroleum and other mining industries.
With 68.7 million barrels of oil produced in the first six months of this year, the petroleum sub-sector rose by 98.4%. The industry is now expected to rise by 39.6 percent this year.
The other mining and quarrying business, which includes sand, stone, diamonds, and manganese, is expected to have increased by 45.2% in the first half, owing to increased activity in the building sector. This industry is currently expected to increase 17.1% by 2023.
According to the mid-year report, the manufacturing sector grew by 17.7% in the first half, owing mostly to growth in the production of wood goods, fabricated metal products, non-metallic products, paints, and plastic products. This year, the sector is expected to rise by 7.8 percent.
The services sector is predicted to have grown by 9.1 percent, owing primarily to development in administrative and support services, wholesale and retail commerce, and repairs. The overall growth rate for services in 2023 is currently 7.8 percent.
The construction sector is predicted to have grown by 44.1% in the first half, demonstrating significant expansion in the Public Sector Investment Programme (PSIP) and increased private development. In 2023, the sector is predicted to rise by 26.9%.
The overall balance of payments recorded a deficit of US$196.4 million at the end of the first half of 2023, with a smaller surplus on the current account and some improvement on the capital account, according to the report.
In terms of commerce, export receipts increased by 38.8 percent to US$6,039.3 million at the end of June 2023, owing mostly to greater oil export earnings of US$5,374.1 million in the first half of the year.
Total import payments increased significantly during the study year, reaching US$3,717.3 million, an increase of 111.8 percent over 2023. This is largely due to the arrival of the Prosperity Floating, Production, Storage, and Offloading (FPSO) vessel in April, as well as gasoline and lubricant imports.
