Guyana’s GDP surges with 49.7% growth recorded in first half of 2024

Guyana: The Ministry of Finance of Guyana shared an overall improvement in the Gross Domestic Production (GDP) in the country noting a hike of 49.7% in economic growth and 9% in private sector credit in the first half of 2024.

The ministry noted that the hike in Guyana’s overall GDP was a result of its expansion in the oil and gas industry. The country’s overall GDP excluding the oil sector has been estimated to grow by 12.6%.

This substantial expansion of the non-oil economy is the fourth successive year of expansion since its decline in 2020.

The Private Sector Credit with its expansion in notable sectors including agriculture, mining and quarrying, lending in services, and motor cars ended up with a hike of 9%. Real estate mortgages were also expanded over the course as a result of the rise in granted mortgages.

The Ministry also noted the expenditure conducted in the first half of the year in order to initiate new projects and programs aimed at enhancing the lives of Guyanese.

The ministry spent a total of $375.6 billion in the first half, out of which $205.4 was used up for non-interest expenditures including $101 billion for on-transfer payments.

In addition to this, the government has also planned to provide 75,560 pensioners across the country with nearly $33 million of pensions by the end of this year.

The Ministry further states that 32,987 persons also benefitted from the government’s Public Assistance program. It is to be noted that $7.5 billion will be provided to these individuals by the end of the year.

The president Dr Irfaan Ali, in regard to the upsurge, stated the role of Citizens Bank and Demerara Bank a crucial one in the development and transformation of the economy.

“We have observed a great improvement in access to finance for the common man, as indicated by the number of homes being developed, small enterprises, [and] commercial activity.” He added.

It was further interpreted that the continued innovation and advancements in the country have resulted in the progress of the nation and it will play a key role in leading Guyana to the international market.

The estimated growth represents the island nation’s improvement over the years, symbolizing the government’s continued efforts for the advancement of the island nation.