Macroeconomic Forecast Guyana

May 2008 | Macroeconomic Forecasts

While the increase in domestic food prices is drawing the government into subsidising the cost of basic staples, Guyana, as one of the Caribbean's primary rice producers, could benefit from higher export prices. In 2007, rice exports grew 31.2% in volume terms from the previous year to 269,000 tonnes, but in value terms the increase was 41.9% to GYD15.2mn. This, however, did not prevent the trade deficit from growing an estimated 51.7% to US$411.0mn in 2007, with further widening forecast to around US$571.0mn for 2008 due to rising energy costs.

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