Guyana’s 4.1% growth in GDP last year despite challenges in the traditional sectors is partially attributable to developments in the construction sector and growth in the services sector, as preparations are made for the oil and gas industry.
The bauxite mining industry has also had an impact, as a result of new mines such as First Bauxite, said Nicholas Deygoo-Boyer, President of the Georgetown Chamber of Commerce and Industry (GCCI), as he spoke at the launch of the 10th edition of the Business Guyana Magazine held last Friday.
“What has kept the growth alive has been the Construction Sector (11%), with preparations for the Oil industry requiring an increase in construction of residential and commercial facilities, Bauxite Mining (24.6%) as a result of new mines such as First Bauxite, and growth in the Services Sector: Wholesale and Retail Trade as well as Financial Services – which grew due to the increase in business tourists, regional and expatriate workers, as well as the final completion of shopping centres such as the much talked about MovieTowne development,” Boyer related.
