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Guyana economy to grow by 4.6% in 2019-Oil boom pays off

The Guyana economy is projected to grow by some 4.6 per cent next year, according to a new report released on Thursday by the Economic Commission for Latin America and the Caribbean (ECLAC).

During his recent budget speech Finance Minister, Winston Jordan announced that the economy is projected to grow by 3.4 per cent this year, a significant improvement on the 2.1 percent it recorded last year. He told the House that the target for real growth in the economy for 2018 was 3.8 percent, but at the end of the first quarter, the outlook for the year was revised to 3.4 percent, given the lower-than-expected performance in gold and sugar.

However, by the end of the first half of the year, economic activity had picked up in several other sectors, resulting in robust half-year growth of 4.5 per cent, and an upward revision of the projected annual growth rate of 3.7 per cent, for 2018. “I wish to report that the latest projection for real growth in the Gross Domestic Product (GDP), for 2018, is 3.4 per cent, a significant improvement on the 2.1 per cent recorded in 2017,” Jordan told the House to loud thumping of the desks by government MPs.

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