Budget 2023: Guyana’s economy grew by 62.3% in 2022

Guyana’s economy saw a 62.3 per cent overall growth in 2022, driven by stellar performance in the oil and gas sector.

This was disclosed by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, as he presented the 2023 National Budget on Monday under the theme “Improving lives today, building prosperity for tomorrow.”

Budget 2022 predicted an overall real Gross Domestic Product (GDP) growth of 47.2 per cent, with the non-oil economy expected to grow at 7.7 per cent.

As the year progressed, the oil and gas sector performed better than expected.

The finance minister revealed that in the year 2022, Guyana’s economy grew by 62.3 per cent overall, with an 11.5 per cent growth in the non-oil economy.

With these figures, Guyana would be the fastest-growing economy in the world in 2022. 

The 2022 Mid-Year Report predicted an overall real GDP growth of 56 per cent, with a 9.6 per cent growth in the non-oil sector.

Moreover, the oil and gas sector is expected to have expanded by 124.8 per cent in 2022, with a total of 101.4 million barrels produced.

The Bauxite and Mining Industry is also estimated to have grown by 35 per cent in 2022.

The construction sector, projected to grow in the 2022 budget by 10.5 per cent, recorded a 26.3 per cent increase.

In the agriculture, forestry and fishing sector, there is a further estimated expansion of 11.9 per cent, while the 2022 budget estimated an 8.9 per cent growth.