Gross Domestic Product (GDP) growth this year is expected to be 2.6% compared to the originally projected 4.4% when budget 2016 was presented earlier this year, Finance Minister Winston Jordan said today while presenting his budget for 2017. The GDP growth projection for next year is 3.8%.
The Minister cited distress in sugar and other sectors which resulted in a revision of the projected GDP figure at midyear to 4%. However due to other unforeseen events during the year such as the ending of logging by Barama Company Limited and other issues with companies like Demerara Timbers Limited, the figure has been revised to 2.6%.
