Latest update July 27th, 2024 12:59 AM
Dec 12, 2023 News
Kaieteur News – Senior Minister in the Office of the President with Responsibility for Finance Dr. Ashni Singh on Monday tabled the country’s 2023 Mid-Year Report in the National Assembly.
In a press statement, the Finance Ministry said that the Mid-Year report showed that Guyana continues to achieve strong, resilient, broad-based economic growth, reflecting the focus of Government’s policies on modernising the traditional pillars of the economy and catalysing a growing and competitive non-oil economy.
The August 2023 Report had highlighted that Guyana’s overall real Gross Domestic Product (GDP) had grown by 59.5 percent in the first half of the year, with non-oil growth of 12.3 percent.
The report also highlighted that despite the mining sector receiving billions in tax breaks and other incentives from the Government, there has been a decrease in gold declarations for the first half of the year. Finance Ministry report attributed the decline to low declarations made by small and medium scale miners. It was stated that at the end of June, gold declarations stood at 209,756 ounces, compared with 236,728 ounces during the same period last year, an 11.4% decrease.
Other noticeable disclosure in the report was that as of June 2023, the local content register has enlisted 876 companies and that $39 billion was expended on road improvements within six months.
Moreover, the Ministry’s press release emphasised the positive assessment by the International Monetary Fund (IMF) in its Article IV Consultation Report regarding Guyana’s economic performance. The IMF lauded the Government’s management strategies, particularly highlighting the implementation of policies aimed at transforming the nation’s economy.
Notably, Guyana achieved the highest real GDP growth worldwide in 2022, and the IMF forecasts continued rapid growth owing to factors such as increased oil production and substantial investments in non-oil sectors like transportation, housing, and human capital. Anticipated GDP growth rates stand at 38.4 percent in 2023 and 26.6 percent in 2024. The Ministry stated that the Mid-Year Report echoed the IMF’s favourable sentiments, affirming the Government’s effective implementation of Budget 2023.
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