Guyana's Oil Boom Drives Economic Growth of 43.6% in 2024

Guyana's economy surged ahead in 2024, achieving an impressive 43.6% increase in Gross Domestic Product (GDP), up from 33% in 2023, according to Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh. Speaking during his 2025 budget presentation, themed "A Secure, Prosperous, and Sustainable Guyana," Singh highlighted the nation's economic progress despite global inflationary pressures. Inflation remained subdued at an estimated 2.9% for the year.

The non-oil economy also showed remarkable growth, expanding by 13.1% compared to 11.7% in 2023. This growth was fueled by increases in rice and other crop production, as well as bauxite, mining, quarrying, construction, and services. Singh described the gains as evidence of Guyana's emergence as a global energy leader and its success in diversifying its economic base.

Guyana sector highlights
Guyana's agriculture, forestry, and fishing sub-sectors grew by 11% in 2024, driven by a 9.3% expansion in rice production. However, the sugar sub-sector contracted significantly by 21.8%. Other highlights include:
Forestry: 4.6% growth
Other crops: 10.9% growth
Livestock: 24.6% growth
The extractive industries recorded substantial gains, with the mining and quarrying sector growing by 55.9% and manufacturing expanding by 13.5%. Meanwhile, the construction and services sectors grew by 30.8% and 7.4%, respectively.
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Private sector credit rose by 19.8% in 2024, reflecting the government's success in fostering a business-friendly environment. Since 2020, private sector credit has increased nearly fourfold, reaching 72.3%.
Guyana's oil and gas industry continued to thrive, with production reaching 225.4 million barrels in 2024, representing a 57.7% increase. Singh emphasized that the strong growth in oil output underscored the country's prominence in the global energy market while supporting its broader economic development.
"This year marks a significant milestone in Guyana’s history, with achievements across key sectors demonstrating our resilience and potential," Singh stated.



Guyana's oil output and export trends are expected to continue growing in the coming years, driven by increasing production capacity, strong European demand, and a growing export value. The country's economy, beyond oil exports, is driven by several key factors, including agriculture, mining and quarrying, construction and services, private sector credit, diversification, and strategic management. To mitigate risks associated with oil dependence, Guyana can focus on investing in agriculture and agribusiness, developing the manufacturing sector, promoting tourism, investing in education and skills development, promoting investment in renewable energy, strengthening institutions and governance, and fostering a business-friendly environment.