GEORGETOWN, Guyana, CMC -Guyana is predicting economic growth of 28.2 percent this year, with the non-oil sector growing by 9.3 percent, according to the mid-year report released by the Ministry of Finance.
According to the report, overall real Gross Domestic Product (GDP) growth is estimated at 59.5 percent in the first half of the year, with the non-oil economy growing by 12.3 percent.
The mid-year report noted that the agriculture, forestry, and fishing industries expanded by an estimated 7.6 percent in the first six months of the year, with growth observed for all sub-sectors, namely rice, livestock, fishing, forestry, and sugar.
The sugar industry grew by 30. One percent when compared with the first half of 2022, with the full-year projection maintained at 29.3 percent, while the rice industry grew by an estimated 3.2 percent in the first half of 2023 with a revised growth rate of 7.4 percent for the entire year.
The other crops sub-sector is estimated to have grown by 9.4 percent in the first half, with a revised growth rate projection of 4.9 percent for 2023.
The livestock industry expanded by an estimated 4.7 percent in the first half of the year and is now expected to grow by 10.4 percent for the entire year. The forestry industry is estimated to have increased by 4.5 percent and is expected to grow by 4 percent for the year.
The fishing industry is estimated to have expanded by 9.9 percent in the first half and is expected to grow by 8.4 percent in 2023.
The report notes that the mining and quarrying industries are estimated to have grown by 89.9 percent in the first half of the year, driven by growth in the petroleum and other industries.
The petroleum sub-sector grew by 98.4 percent, with 68.7million barrels of oil produced in the first six months of this year. The industry is projected to grow by 39.6 percent for the entire year.
The other mining and quarrying industry, which comprises sand, stone, diamonds, and manganese, is estimated to have grown by 45.2 percent in the first half, driven by more significant activity in the construction sector. This industry is projected to grow by 17.1 percent in 2023.
According to the mid-year report, the manufacturing sector is estimated to have grown by 17.7 percent in the first half, primarily driven by increases in the manufacturing of wood products, fabricated metal products, non-metallic products, paints, and plastic products. The sector is now projected to grow by 7.8 percent this year.
The services industries are estimated to have expanded by 9.1 percent, primarily driven by administrative and support services growth, wholesale and retail trade, and repairs. The overall 2023 growth rate for services is now 7.8 percent.
The construction sector is estimated to have grown substantially by 44.1 percent in the first half, reflecting significant growth in the Public Sector Investment Programme (PSIP) and intensified private construction. The sector is now expected to grow by 26.9 percent in 2023.
The report notes that the overall balance of payments recorded a deficit of US$196.4 million at the end of the first half of 2023, with a smaller surplus on the current account, and some improvement was observed in the capital account.
Concerning trade, export receipts continued their upward trend, growing by 38.8 percent to US$6,039.3 million at the end of June 2023, mainly because of higher oil export earnings, which amounted to US$5,374.1 million in the first half of the year.
Total import payments also grew substantially over the review period, reaching US$3,717.3 million, growing 111.8 percent over 2023. This is primarily attributed to importing the Prosperity Floating, Production, Storage, and Offloading (FPSO) vessel, which arrived in April, and imports of fuel and lubricants.
and then 