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2013

Guyana’s Economic Review

G

uyana’s economy has experienced moderate growth over recent years which are largely due to sound financial systems, public and private investments and external trade. In 2013 Guyana’s economy grew by 4.6 percent. The economy relies heavily on exports of primarily six commodities namely: gold, sugar, rice, bauxite, timber and shrimp, which represents nearly 60 percent of GDP and are susceptible to weather conditions and fluctuations in commodity prices. More so, it is highly dependent on the importation of fuel, lubricants, manufactured products and machinery. Given this substantial tradeoff, Guyana’s Balance of Payment was in a deficit of US$119.5 million and a net export of US$ 471.4 million in 2013. GROSS DOMESTIC PRODUCT GDP Annual Growth Rate in Guyana averaged 2.12 Percent from 1961 until 2013, reaching an all-time high of 11.36 Percent in 1964 and a record low of -13.19 Percent in 1982. Guyana’s GDP in 2013 has experienced consistent growth by 5.2% - being the eight consecutive year of growth. More so, to highlight the strength of other sectors of the economy, “non-sugar GDP” grew by 6.3%. Figure 1 below shows the percentage contributions for the various sectors. It can be seen that while sugar and fisheries declined by

16 | GUYANA’S PREMIER INVESTMENT MAGAZINE

14.4% and 6.5% respectively, all other sectors showed significant increases especially the rice industry which contributed a 26.9% increase from its previous year’s output which came as a result

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