Economic growth slowed in 2017, but became more broad-based, according to the Concluding Statement of the recent 2018 Article IV International Monetary Fund (IMF) mission here.
According to a media release from the IMF Communications Department, other findings of the official IMF visit to Georgetown from 23 April to May 3, conclude that Guyana’s medium-term prospects are favourable; inflation remained subdued at 1.5 percent at the end of 2017; debt sustainability concerns are attenuated by future oil revenues, but the financing of short-term deficits should be carefully managed, and the IMF supports the continued efforts by the authorities to enhance the quality and efficiency of government expenditure and tax administration.
Economic growth slowed in 2017, but became more broad-based, as Real GDP grew by 2.1 percent, down from 3.4 percent in 2016, on the account of weaker than expected mining output and weak performance in the sugar sector, the IMF release stated. Nonetheless, non-mining growth rebounded to 4.1 percent following a contraction in 2016. Construction expanded significantly, buoyed by higher public and private investments, and rice production recovered from weather-related shocks in the previous year.
