Guyana spent much more money on key infrastructure such as hospitals, schools and housing projects this year, according to the Economic Commission for Latin America and the Caribbean (ECLAC).
ECLAC reported on economic growth and economic performance in the Latin America and Caribbean region in its final report for 2023, titled “Preliminary Overview of the Economies of Latin America and the Caribbean.”
This is ECLAC’s final report for 2023.
And the Commission stated that capital expenditures- which refers to spending on assets that guarantee long-term benefits- varied through the LAC region.
Guyana, however, recorded the greatest amount of capital expenditures in the Caribbean, at least at half-year.
“In Guyana, expenditure on the public investment programme more than doubled, driven by the construction of hospitals, schools, housing, roads and agricultural infrastructure,” the report stated.
Jamaica (27%) and St. Lucia (17%) were other Caribbean that saw high capital spending.
ECLAC, however, noted that “the execution of capital expenditures tends to be concentrated in the last quarter” so the figures given may rise substantially when national year-end assessments are done.
The Commission also revised its growth forecast for Guyana. It now estimates that Guyana will see a 39.2% growth in real Gross Domestic Product (GDP) as opposed to the 37.2% projected in April.