Manufacturing Sector grew by 25%, earned $70B in 2023 - GMSA

Manufacturing Sector grew by 25%, earned $70B in 2023 – GMSA

Apr 21, 2024 News

Kaieteur News – Guyana’s manufacturing sector recorded a 25 per cent growth in 2023 raking in G$70B, the Guyana Manufacturing and Services Association (GMSA) said in its annual report released on Thursday.

According to the report, the 2023 growth represented a $13.7B increase in revenues when compared to 2022.

The reported noted that Guyana has been shifting away from the traditional sugar and rice production and has been more focused on other manufacturing sectors such as spirits, processed foods, chemicals, and pharmaceuticals, to name a few.

According to the GMSA, Guyana’s manufacturing sector was accounted for by five percent production bringing in GY$3.29 billion in sugar, 24 percent in rice amounting to GY$17.22 billion and 71 percent in other products with a total of GY$49.83 billion.

The growth in other manufacturing production was credited to fabricated metal products and non-metallic products. This, GMSA claimed was proof of the spillover of the energy sector and construction boom on manufacturing. Other sub-sector developments were seen in paints, alcoholic beverages, processed foods, pharmaceuticals, textiles and sewn goods.

Bitumen, a substance created from the distillation of crude oil was also highlighted. DCSN Manufacturing Incorporated, the first and only manufacturer of CRS 2 and RC 250 bitumen, has thus far produced 100,000 tons, all of which was produced locally.

GMSA also alluded to opportunities for manufacturers as Guyana’s proximity to the Caribbean, Latin-America and Guyanese Diaspora markets such as Florida, New York and Toronto were cited. Moreover, Guyana’s duty-free access to the CARICOM market must not be overlooked.

Notable products for manufacturing are uncooked pasta, medicaments, rum and prepared sauces.

In the service sector, the industry generated GY$500 billion and grew by ten percent at the end of 2023 as compared to 2022. This sector accounts for 13 percent of Guyana’s Gross Domestic Product (GDP) and over 41 percent of non-oil GDP. It was distinguished that all the sub-sectors saw an increase and this was attributed to the influence of the energy sector. It was also suggested that this sector will continue to see growth as the energy sector matures.

The top two key sub-sectors were wholesale and retail trade and repairs and administrative and support services, bringing in GY$95.83 billion and GY89.74 billion for the service sector respectively.

As the service sector continues to grow, it was mentioned that opportunities greatly lie in the tourism, hospitality and catering, financial services and information technology sub-sectors.

GMSA said that Guyana’s manufacturing and services sectors are driven by the changing dynamics of the Guyanese economy and the confidence of investors.

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