Guyana’s services sector is estimated to have grown by 9.1 percent in the first half of the year, driven largely by growth in administrative and support services as well as wholesale and retail trade and repairs. This was one of the key highlights in the Ministry of Finance’s 2023 Half-Year Report.
The ministry said the expansion in the administration and support services subsector was driven by an increase in the demand for security services, activities of call centres, and business support service activities.
In wholesale and retail trade and repairs, it said growth was driven by an increase in the demand for building materials.
Further, another notable increase in the first half of the year is that of information and communication, which grew by 19.8 percent over the first half of 2022. The ministry said this was driven by an increase in the provision of mobile and internet services, including the launch of a new mobile service in May of this year.
Additionally, the ministry said growth for the services sector has been upgraded to 7.8 percent in 2023.
With respect to the construction sector, the ministry said it is estimated to have expanded by 44.1 percent in the first half of year. Guyana Standard understands that momentum in this sector continues to be driven by a ramp up of activity in both the public and private sectors. Notably, government’s Public Sector Investment Programme (PSIP) grew from $258.1 billion at the end of last year, to a budget of $387.8 billion this year. This has led to the commencement and continuation of infrastructural projects across the country, alongside other substantial undertakings of the private sector.
Given the first half performance, and ramped up activity expected in the second half, the sector is now forecast to grow by 26.9 percent this year.
