Guyana’s economy grew by an estimated 4.5% for the first half of the year, according to the Ministry of Finance’s 2018 Mid-Year Report.
The document was presented by Minister of Finance Winston Jordan during Wednesday afternoon’s sitting of the National Assembly.
“After growing by only 2.5% by half-year last year, growth at the half year this year has been recorded by 4.5%,” Minister Jordan remarked to a round of applause from the government benches.
The report outlined that in the first half of 2018, the agriculture, fishing and forestry sector grew by an estimated 3.4% while the sugar and rice industries contracted by 30.6% and 3.8% respectively.
There was poor performance in the gold sector, with a decreased 288,114 ounces in gold declaration. This represents 19.4% below the original projection, the report said.
The other crops, fishing, livestock and forestry industries all experienced growth, the report noted.
With regards to the fishing sector, the report said the performance of the industry was “mixed” in the first half of 2018. “While the overall industry grew by 5.6%, the production of shrimp and tuna and from aquaculture contracted by 2.0%, 61.5% and 22.4% respectively,” the report outlined.
Jordan said “because of the good performance” the projected growth of the economy at the end of the year has been revised to 3.7%, up from an amended 3.4%.
The target, however, is still below the initial budgeted growth rate of 3.8%