According to a new report by the Inter-American Development Bank (IDB), Guyana’s Gross Domestic Product (GDP) growth is expected to expand by 37.2% in 2023, while the non-oil economy which grew by 11.5% in 2022 is projected to grow by 7.9% in 2023.
The report titled “Caribbean Economics – Global & Regional Economies at a Crossroads” noted that Guyana’s GDP grew by 62.3% in 2022, on the back of increased oil production, and is now expected to grow by an additional 37.2% in 2023.
It referenced that the main growth boosters in the non-oil economy in 2022 were agriculture, services, and construction, which grew by 11.9%, 9.0%, 26.3%, respectively.