Budget 2012 Facts and 2013 Targets.
2012 Facts
Growth in real GDP of 4.8% compared to a target of 4.1% and actual rate of 5.4% in 2011.
Overall balance of payments surplus of US$12.4Mn compared with a deficit of US$15Mn in 2011.
Decline in the 91-day Treasury bill rate from 2.35% in 2011 to 1.45%.
Inflation rate of 3.5% compared with a target of 4.6% and actual rate of 3.3% in 2011.
Depreciation of the Guyana dollar to the US dollar by 0.37%. Average market mid-rates for US$ depreciated by 0.14% with the Canadian dollar and Pound Sterling depreciating by 2.79% and 1.96% respectively, to December 2012. The market mid-rate for the Euro appreciated by 0.72%.
Current Revenue of $130.2Bn compared with $120.9Bn in 2011, an increase of 7.7%.
A 5% across the board increase to all public servants and members of the disciplined services.
Exports and imports expanded by 23.6% to US$1.5Bn and 11.7% to US$2Bn respectively.
Current account deficit of US$394.8Mn (2011: US$372.2Mn); and net inflows on the capital account of US$428.5Mn (2011: US$373.2Mn). Overall fiscal deficit of $27.6Bn compared to $16.4Bn in 2011.
Total external reserves at year end for Bank of Guyana of US$862.2Mn, up from US$798.1Mn in 2011.
Signing of first “debt compensation agreement” with Venezuela, reducing the Petrocaribe debt by US$100.8Mn, which is equivalent to the value of rice and paddy shipped from December 2009 – July 2011.
2013 Targets
Size of the Budget: $208.8Bn, 19.6% increase
Inflation rate of 4.3%.
Growth in Real GDP of 5.3%, with the non-sugar economy growing by 5%.
Balance of payments overall surplus of US$57.6Mn.
Capital account to register a surplus of US$509.5Mn.
Current revenue of $162.8Bn, an increase of 24.9%, including GRIF inflows of $20Bn.
Overall fiscal deficit of the Central Government at $29.1Bn.
Overall deficit of the non-financial sector to decline to 4.4% of GDP and totalling $28Bn.
Overall deficit of financial operations from $31.8Bn to $33.7Bn.
Capital expenditure to increase by 51.8% to $85.7Bn.
Value added and excise taxes of $61.3Bn, an increase of 7.7% and customs and trade taxes of $14Bn, expanding by 9.1%.