(Photo: Guyana Sugar Company)

Guyana records biggest growth in five years

(Photo: Guyana Sugar Company)

Guyana’s Gross Domestic Product (GDP) surpassed projections last year, recording its largest growth in five years.

Guyana posts largest growth in five years.

The country’s GDP expanded by 4.7 per cent in 2019, its biggest growth since 2014.

Finance Minister Winston Jordan shared the news at a ground-breaking ceremony for a Hilton-branded hotel in the nation yesterday.

Jordan said “While there has been positive growth from 2015, economic growth has been cumulative since 2017, moving from 2.1 per cent in that year to 3.8 per cent in 2018 and to 4.7 per cent last year. The growth recorded last year was more than the projected 4.6 per cent.”

Finance Minister Winston Jordan

Guyana’s economy is projected to grow exponentially this year with the start of oil production on December 20, 2019.

According to the International Monetary Fund (IMF), Guyana’s growth is estimated to be 86 per cent for the current year as it begins to lift and export crude oil.

The IMF has projected 86 per cent growth for Guyana in 2020.

Additionally, the Minister said recognition should be given to other industries, including sugar and bauxite, which performed well in the previous year in spite of challenges to the respective sectors.

“We need to recognise the performance of those sectors…it comes on the heels of positive performances despite yearly challenges…Guyana continues to grow, and except the year we had one per cent growth, every year we had growth above three per cent.”

The Cap Philippe which will transport Guyana’s first entitlement of crude oil.

The Hilton project, valued at some US$100 million, will be located south-east of the Eugene F. Correia International Airport and is being backed by the Caribbean Marketing Enterprise Incorporated.

Guyana this week lifted its first of five million barrels of oil projected to be sold for the country’s profit this year. Additional oil is scheduled to be lifted and sold by ExxonMobil, for which two per cent of the gross will be paid over to Guyana as royalty.

Up to January 27, there have been 19 discoveries of oil since it was first discovered there in 2015.