–non-oil growth reaches approximately 12 per cent, President Ali announces
–urges local banks to work more diligently alongside investors to create a more sophisticated, developed financial sector as Citizens Bank opens new facility

THOUGH some productive sectors faced challenges owing to a prolonged drought, President, Dr Irfaan Ali announced that Guyana’s real Gross Domestic Product (GDP) at half-year is a whopping 49.7 per cent.
The Head of State revealed this performance as he addressed the opening of the new Citizens Bank branch at Aubrey Barker Road, South Ruimveldt Gardens, in Georgetown, on Friday evening.

Outside of the figure that reflects the value of all goods and services produced locally, the President highlighted that the country’s non-oil sector’s growth at half-year was a significant 12.6 per cent.
And despite Guyana’s significant double-digit growth being linked to the burgeoning oil and gas sector, Dr Ali said the non-oil sector growth was particularly “impressive.”

“Pushing this growth and supporting this growth was almost all sectors,” the President said, adding that those sectors which were hard hit by the drought and other challenges are now projected to recover well by the end of 2024.
The full mid-year report, the President said, should be presented soon. It will likely be presented by the Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr Ashni Singh.
Already though, the President singled out the construction sector as one which recorded major growth; growth in this sector for the first half of this year is pegged at 43.7 per cent.
The high growth rate builds on significant growth, in both the oil and non-oil sectors, over the past few years. In January, Dr Singh said exponential growth of 33 per cent was recorded in 2023 and while the non-oil sector had a stronger-than-expected expansion of 11.7 per cent.
With the half-year figures showing the economy performing strongly, President Ali said the overall GDP growth rates for this year have been revised.
Overall GDP growth is now pegged at 42.3 per cent, while the non-oil sector on its own should experience an 11.8 per cent expansion.

Meanwhile, the Head of State also spoke directly to bankers while at the event. According to him, the government has done much to stimulate investments and boost economic prospects locally.
As such, he urged the local banks to work more diligently alongside investors to create a more sophisticated, developed financial sector. For President Ali, more investment bankers and project officers are needed locally.
Dr Singh, according to a previous report, had said: “Over the last three years, 2021-2023, Guyana’s economy has grown on average by almost 40 per cent, over 39 per cent per annum, on average.”
This exceptional growth is projected to continue, with the economy expected to grow at an average of almost 30 per cent per annum by 2027.

“There is no precedent that I know of, of any country in the world, any time in human history, that I’m aware of, that has grown at this extraordinary pace over a period as sustained as a year,” he added.