GUYANA’S REAL GDP GREW BY 49 7% BUT WHAT DOES THAT MEAN

a gross domestic product simply represents all of the output that happens within the domestic economy so if you essentially take what happens in the agriculture sector the manufacturing sector the mining sector all of it its dollar value gives you your gross domestic product an important concept connected to that is economic growth which essentially means from year to year how much that dollar value changes so you can imagine if you have an increase in the agricultural sector an increase in the manufacturing sector an increase in the mining sector for example your overall gross domestic product GDP will improve or increase that is why we speak about GDP gross domestic product and economic growth hand in hand dayto day when we go about our lives we are impacted by the pace of economic activity how much we earn what the level of inflation is in the country how much foreign exchange is available how much potential salary increases one can have how much new investment there is that will create jobs all of that all of those indicators are usually derived and then imputed into the gross domestic product number and so in layman's terms what that means is that the healthier the growth number is the larger the GDP is when taken and divided over the entire population what is known as GDP per capita or GDP per person it essentially means more money more opportunities more infrastructure a better landscape a better Outlook a better um environment to exist in this year we've seen at the half year that there is a growth rate of the Guyanese economy of 49.7% Now by any standards this is a tremendous Quantum of growth and it is no secret that a lot of the growth that is happening in Guyana is driven by the petroleum sector as you know we are bringing a number of projects on stream uh by way of Exxon Mobile um and its partners and the government of Guyana so we've introduced a number of new fpsos in their production and we of course are over 600,000 barrels of oil per day now so it's no small secret that a lot of the growth that is driven in Guyana is derived from the petroleum sector in Guyana we see that non oil economic growth being 12.6% which by any measure is tremendous once you go above 4% of economic growth gr a rule of thumb essentially is four of 4% once you go above 4% you're having Healthy Growth so to know that Guyana has tripled in excess of of 35% that rule of thumb for Golden growth as it's termed in economic literature to see that that is happening I think speaks volumes and speaks positively about the level of commercial activity and the level of economic activity by extension that is happening in the guyes economy