Guyana’s economy declined in 2014- Finance Minister

Last Updated on Monday, 10 August 2015, 18:59 by GxMedia

Guyana’s economy registered a 3.8 percent economic growth, down from an original projection of 5.6 percent and subsequent revised target of 4.5 percent.

Finance Minister, Winston Jordan, in delivering the 2015 National Budget speech, attributed the slippage largely to the “rapidly declining political climate.”

He said inflation during 2014 was 1.2 percent due to low oil prices.

The budget is being presented under the theme Vision 2020: A Good Life in a Green Economy.

With a Commission of Inquiry continuing its work to determine the future of the loss-making sugar industry, the Finance Minister hinted that the ongoing low production such as the 216,186 tons produced in 2014 was a strong indicator that government would have to examine the implications of the uncompetitive industry.

He referred  to good performances in rice, manufacturing and the forestry sectors as major pillars of the growth recorded in 2014.