Senior Finance Minister tables Mid-Year Report in the National Assembly

on the heels of recent IMF Article IV report commending Govt for its economic management of Guyana’s economy        

As Government continues to receive commendations for its management of the economy, Senior Finance Minister Dr. Ashni Singh on Monday tabled the country’s Mid-Year Report 2023 in the National Assembly.

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. It also 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.

Finance Minister, Dr. Ashni Singh

Only last week, in its Article IV Consultation Report on Guyana’s economic performance, the International Monetary Fund (IMF) commended the Government for its management of the economy including through the implementation of policies and initiatives geared at transforming the country’s economy.

The IMF in its findings highlighted that Guyana’s real GDP is expected to continue to grow rapidly, adding that Guyana achieved the highest real GDP growth in the world in 2022.

IMF estimates that Guyana’s economy should record a 38.4 percent real Gross Domestic Product (GDP) growth rate this year, while the country’s growth should continue with an expansion of 26.6 percent expected in 2024. Oil production is growing, with a third oil field – Payara – coming online, and growth in the non-oil sector is supported by the implementation of a fast-paced public investment program focused on providing transportation, housing, flood management infrastructure, and raising human capital.

Moreover, spillovers from oil and construction are supporting growth in the services and supplies sectors.

The IMF had also noted Guyana’s economy is poised for continued rapid expansion, with an average growth of 20 percent per year during 2024-28. IMF projects that non-oil GDP growth will be sustained at 5.5 percent, as the Government continues its plans to address the country’s developmental needs.

The findings were published following an official IMF mission visit to Guyana in September, 2023.  

In the Mid-Year Report, Dr. Singh concluded that Government’s implementation of Budget 2023 during the first half-year of 2023 saw significant gains being recorded on all fronts. The economy continued to record strong positive economic growth, work commenced and advanced on major transformative infrastructural projects, more community roads are being rehabilitated than ever before, and jobs are being created in every sector of economic activity.

The Government is committed to ensuring the delivery of all the promises made in its Manifesto and in so doing improve the life of every single Guyanese citizen.