Minister with responsibility for Finance, Dr Ashni Singh says that the Gross Domestic Product (GDP) this year is expected to grow by 20.9%.
GDP growth last year was 43.5%. The robust growth figures for both years is attributable to the oil and gas economy.
He declared the size of this year’s budget at $383.1b – the largest in the country’s history and without any new taxes. The 2020 budget was $329.5b.
There was no change to the income tax threshold.
In a marathon presentation of the estimates of expenditure for this year, boycotted by the main opposition APNU+AFC, Singh said that the non-oil economy is projected to grow by 6.1% in 2021 – a significant reversal of the 7.3% contraction last year.
As had been expected, Singh announced a massive $26.5b expenditure this year on roads and bridges.
He placed much emphasis on the planned gas-to-shore project creating mass employment at the Wales, West Bank Demerara hub in the coming years and producing cheaper energy.
The budget also proposes raising the ceiling for housing loans from the New Building Society from $12m to $15m.
