Economy grew by 19.9 % in 2021 – Finance Minister
Guyana’s economy grew by a significant 19.9 per cent largely on account of the nascent oil and gas sector, with the non-oil sector growing at a rate of 4.6 per cent, according to Finance Minister Dr. Ashni Singh.
He said this during the presentation of the 2022 National Budget at the Arthur Chung Conference Centre at Liliendaal, Georgetown.
The 2022 National Budget has been crafted under the theme: “Steadfast against all challenges, resolute in building our One Guyana.”
Dr. Singh pointed out that the government is mindful of the severe challenges that continue to beset both the global and domestic economies, affecting global and local economic growth. These challenges include the deadly COVID-19 pandemic and climate change, which resulted in massive floods across Guyana in 2022.
And despite these challenges, Dr. Singh pointed out that Guyana’s economy recorded significant growth.
Cognisant of these gains, he emphasised that this 2022 National Budget is geared at ensuring that the country’s “urgent developmental needs” are met in the shortest possible time, while still protecting the long term economic well-being.
At the end of 2020, the local economy grew by 43.5 per cent. The non-oil sector, however, contracted by 7.3 per cent.
This is the third budget that has been brought to the National Assembly in the 18 months that the PPP/C government has been in office. This is the first budget that includes financing from Guyana’s oil sector, through the use of oil revenues saved in the Natural Resource Fund (NRF).