Highlights

In this section, we set out, without analysis or comments, the key takeaways from the Minister’s review of the economy in 2023 and the policies, targets and projections for 2024.

2023 Performance

Overall Growth in Real GDP of 33% compared with an initial target of 25.1%. The non-oil economy is estimated to have grown by 11.7%, compared with a projection of 7.9%.

Inflation of 2% compared with an initial target of 3.8%.

The Central Bank rate of the Guyana Dollar to the US Dollar at December 31, 2023 was $208.5, the same as at December 31, 2022.

Current revenue of $597.9 billion, an increase of $168.4 billion, or 39.2% for the year.

Non-interest Current expenditure of $369.9 billion and interest expenditure of $11.7 billion. These represent an increase of $43.9 billion, or 13.4% and - $11.7 billion. or 33.6% compared with Budget for the year.

Capital expenditure of $421.8 billion compared with budget of $ $387.8 billion.

Overall fiscal deficit of $227.4 billion compared with a projected deficit for the year of $193.4 billion and an actual deficit of $177.6 billion in 2022.

Merchandise exports of US$13.2 billion and Merchandise imports of US$6.6 billion.

Surplus on current account of US$1,980.9 million, compared to a revised sur plus of US$ 3,507.0 million.

A deficit of US$2,027.6 million in the capital account compared to a deficit of US$3,357 million.

Overall balance of US$34.2 million, compared with projected NFA of US$150 million. Financed by Bank of Guyana Net Foreign Assets.

Size of the Budget: $1,146 Tn, 46.6% increase