With large injections of revenue from the oil and gas sector, Guyana is expected to grow its economy by 47.5% while inflation is pegged at 4.1% for 2022, according to Senior Minister in the Office of the President with responsibility for Finance Dr Ashni Singh.
Singh announced the projection when he presented the country’s first budget utilizing its earnings from the oil and gas sector. Budget 2022, pegged at $552.9 billion is a whopping 44.3% larger than last year’s and 36.6% above total expenditure for 2021. It is important to note that this budget is partly financed by the US$607.6 million ($126.7 billion) in earnings from activities offshore Guyana.
Last year’s budget was $353.8 billion but the government also approached the National Assembly for supplementary provisions to cater for expenses it didn’t budget for.
