In last week’s article, we discussed the state of Guyana’s economy as reflected in the Bank of Guyana report for the first quarter of 2022. The following are the highlights of the report:
Major sectors of the economy recorded mixed performance with rice and sugar production declining by 53.1 percent and 47.7 percent, respectively. There was no mention of the actual Gross Domestic Product (GDP) growth, especially the non-oil growth;
The inflation rate was 1.7 percent and is expected to rise to 4.1 percent by year-end. However, other sources indicate that inflation was over six percent which is in line with the experience of other countries such as the United States, Canada, United Kingdom, and Trinidad and Tobago as well as the world average;