SAN JUAN – Guyana’s gross domestic product grew 3 percent in 2015 despite lower prices for its commodity exports and delays in budget implementation as a result of general elections, the International Monetary Fund said in a statement.
The IMF, which sent a mission to Georgetown last week to meet with government officials, said the Guyanese economy remains “resilient” and that it expects improved growth this year, supported by an increase in gold production and public investment.
For 2016, the mission projects 4 percent GDP growth as the economy becomes more diversified thanks to new projects in the areas of transportation, telecommunications infrastructure and renewable energy.
“The authorities have an ambitious investment strategy for environmentally sustainable and socially inclusive growth,” the IMF said.
In 2015, according to the IMF, “lower prices reduced the cost of fuel imports, which more than offset the impact of lower commodity export prices, reducing the current account deficit to 4.6 percent of GDP in 2015 from 10.8 percent in 2014.”
The IMF mission, led by Marcos Chamon, also noted the improved financial performance of Guyana Power and Light and reforms to the Guyana Sugar Corporation.