Guyana’s economy continues on upswing – CARICOM Business Vol 2 No 38

Extract from CARICOM Business Newsletter, Vol 2 No 38

“Guyana’s economic growth strengthened in 2018 with broad -based expansion across all major sectors. That’s the word from the IMF as it concluded its Article IV consultation with Guyana as at August 30, 2019. Real GDP grew by 4.1% in 2018, led by construction and services sectors, up from 2.1%  in 2017. Inflation remained low at 1.6% at end-2018. The  current account deficit rose to 17.5% of GDP, from 6.8% in 2017, due to weaker exports and higher imports related to oil production. The central government deficit stood at 3.5% of GDP, lower than the budgeted 5.4%. Economic growth is projected at 4.4% in 2019. The oil sector is projected to grow rapidly, accounting for around 40% of GDP by 2024 and supporting additional fiscal spending annually of 6.5% of non-oil GDP on average over the medium term, which will help meet critical social and infrastructure needs.”

Read the full newsletter – CARICOM Business Vol 2 No 38

Caricom Business September 20 2019_Vol 2 No 38

Source: CARICOM TODAY