In this section, we set out, without analysis or comments, the key takeaways from the Minister’s review of the economy in 2021 and the policies, targets and projections for 2022.
2022 Performance
● Overall Growth in Real GDP of 62.3% compared with an initial
target of 47.5%. The non-oil economy is estimated to have grown by 11.5% compared with a projection of 7.7%.
● Inflation of 7.2% compared with an initial target of 4.1%.
● The Central Bank rate of the Guyana Dollar to the US Dollar at December 31, 2022 was $208.5, the same as at December 31, 2020.
● Current revenue of $429.5 billion, an increase of $162.5 billion, or 60.8 % over 2021 and budget of $432.0 billion for 2022.
● Non-interest Current expenditure of $326.0 billion and interest expenditure of $8.7 billion. These represent an increase of 18.6% and 14.5% respectively over 2022.
● Capital expenditure of $258.1 billion compared with budget of $217.8 billion.
● Overall fiscal deficit of $177.6 billion compared with a projected deficit for the year of $110.7 billion and an actual deficit of $132.6 billion in 2021.
● Overall balance of payments surplus of US$128.3 million, just
US$1.8 million below that of the previous year.
● Merchandise exports of US$11,404.3 million and Merchandise
imports of US$3,623.6 million in 2022.
● Surplus on current account of US$4,262.4 million, compared to a revised deficit of US$ 1,995.0 million in 2021.
● A surplus of US$1,678.5 million in the capital account compared to a surplus of US$919.9 million in 2020.
● Gross external reserves of the Bank of Guyana of US$810.8 million at the end of 2022, an increase from US$680.6 million at the end of 2021.
Size of the Budget: $781.9 Bn, 41.42% increase
