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Guyana’s services sector sees sustained growth as a result of oil and gas impact – BoG report
Kaieteur News – Guyana services sector continues to experience sustained growth as a result of activities from the oil and gas industry.
Bank of Guyana
According to the half year report released by Bank of Guyana (BoG), major growth was recorded in the subsectors of professional, scientific & technical services, administrative & support services, information & communication, wholesale, retail trade repairs, accommodation, food services, as well as transport and storage.
According to the bank, the report noted that Guyana’s administrative and support services subsector expanded by 16.1 percent as the petroleum sector continues its expansive growth. In the information and communication subsector, growth was recorded at 19.8 percent.
With expansion as a result of both public and private investments into infrastructure within the sector, the accommodation and food services industry experienced an expansion of 10.0 percent.
The sector has been positively influenced by increased occupancy rates across hotels and the opening of new hotels, and dining establishments.
The construction sector experienced the most sustained and robust growth, increasing by 44.1 percent at end-June 2023.
“This outturn reflects a continued increase in government infrastructure projects, along with rapid private sector development initiatives,” the report said.
Additionally, the transport and storage industry grew by 6.7 percent. This outturn reflected the continued growth of the oil and gas sector which demanded more of these services.
Overall, the services sector activities increased by 9.1 percent reflecting growth within all the subsectors of services. This growth is linked to encouraging investments within the sector.
Meanwhile, the half year report pointed to the wholesale and retail trade as well as the repairs sector which recorded growth of 14.2 percent as infrastructural developments continues rapidly.
The BoG accredited this growth to consumers as they continue to spend more, as a sign of confidence in the economy.
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