News

Guyana Lowers Growth Projection for 2012, Citing Sugar Contraction

By: Caribbean Journal Staff - September 24, 2012

Above: Amaila Falls in Guyana

By the Caribbean Journal staff

Guyana has revised its 2012 growth projection downward from 4.1 percent to 3.8 percent, according to Finance Minister Dr Ashni Singh.

The revision was a result of the country’s sugar sector underperforming and being unlikely to improve in the second half of the year.

Earlier this month, Singh released a report showing the country’s GDP to have grown by 2.8 percent in the first half of 2012, despite a contraction in sugar.

Excluding sugar, Guyana’s GDP grew by 6.2 percent in the first half.

While Guyana has moved to diversify its economy in recent years by exploring areas such as ICT, transport and mining, the rice, bauxite and sugar sectors still contribute heavily to the country’s economy, according to Singh.

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