Guyana’s records real GDP growth of 2.2 percent for the first half of 2017

DPI, Guyana, Friday, August 04, 2017

Guyana’s economy has recorded real Gross Domestic Product (GDP) growth of 2.2 percent during the first half of 2017. This was revealed by Minister of State Joseph Harmon at his weekly post-Cabinet media briefing, at the Ministry of the Presidency Friday.

The figures in the mid-year report were presented by Minister of Finance, Winston Jordan on Tuesday to Cabinet, after which it was laid in the National Assembly on  Friday, as required by law.

According to Minister Harmon the report also revealed that during the first six months the country fiscal balance increased when  compared to the same corresponding period in 2016. It also revealed that the private sector’s credit has increased while the exchange rate has remained constant.

This marginal increase was mainly driven by the expansion of the agriculture, fishing, and forestry sectors. The manufacturing,  construction, and service sectors also made significant contributions.

Growth in the agriculture, fishing, and forestry sector was led by expansion in the rice and fishing industries attributable to favourable international prices, strong demand, and entry into new markets. Non-sugar growth declined from 3.1 percent, in the first half of 2016, to 2.4 percent during the same period in 2017.

The Mid-Year Report provided information by way of selected indicators such as the GDP growth, the fiscal balance, the exchange rate and private sector credit. It also provided information on the performance of key sectors of the economy and revised economic outlook for the second half of the year.

 

By: Synieka Thorne