Guyana’s manufacturing sector records highest growth in history

The manufacturing sector in Guyana experienced tremendous growth in 2023, generating $70 billion for the year. This marks a 25 per cent increase from $56.3 billion in 2022.

This was revealed in the 2023 Annual Report of the Guyana Manufacturing and Services Association (GMSA).

This performance, the highest recorded to date, reflects a shifting dynamic within the sector, moving away from traditional sugar and rice manufacturing towards the “other manufacturing” subsector.

The “other manufacturing” subsector includes a diverse range of products including spirits, beverages, processed foods, chemicals, pharmaceuticals, paints, putty, metal fabrication, plastic, and timber products.

Notably, the manufacturing subsector expanded by 31.8 per cent in 2023, driven by increased production of fabricated metal products and nonmetallic products.

This growth underscores the influence of the energy sector and construction boom on manufacturing activities.

Based on data provided in the Bank of Guyana September 2023 quarterly report, key developments within the subsectors include: Increased production of paints and putty, attributed to ongoing housing developments.

Growth in aerated alcoholic beverages production, particularly by major producers like Banks DIH Ltd and Demerara Distillers Ltd. Rise in production of edible fats and ice cream, with a focus on local consumption.

Decline in the pharmaceuticals sector, indicated by contractions in tablet, acetylene, and oxygen production. Growth in the Textiles and Sewn Goods Sector, fueled by increased construction and energy activities, with notable growth recorded by Denmor Garments Manufacturers Inc. Introduction of bitumen production in Guyana by DCSN Manufacturing Incorporated, with 100,000 tonnes produced locally in 2023.
The report noted that manufacturers in Guyana, apart from the CARICOM market, have significant export opportunities, particularly Latin America, Florida, New York, and Toronto.

GMSA report noted that the duty-free access to the CARICOM market remains underexploited, presenting scope for increased exports of Guyanese products such as uncooked pasta, medicaments, rum/spirits, and prepared sauces.