Guyana’s non-oil economy expanded by 13.8 per cent in the first half of 2025, according to the country’s mid-year economic report, underscoring a period of broad-based expansion even as its hydrocarbon sector continues to transform the national economy.
Tourism, Industry and Commerce Minister Susan Rodrigues described the figures as exceptional by global standards. “By any measure, that is a remarkable growth percentage,” she said during a live broadcast, noting that the overall economy grew by 7.5 per cent, marking the fifth consecutive year of broad-based expansion driven by performance across agriculture, tourism, trade and infrastructure.
Rodrigues added that Guyana’s diversification will be reflected across agencies such as the Small Business Bureau, Guyana National Bureau of Standards, Guyana Tourism Authority and the Competition Consumer Affairs Commission, and stressed that the government’s development strategy aims to ensure prosperity “reaches every single Guyanese” regardless of background.
Oil’s role in a transforming economy
While the non-oil economy has posted impressive gains, Guyana’s oil and gas sector continues to be a dominant force in its overall economic trajectory. First commercial oil was produced offshore in December 2019, and the sector has expanded rapidly since then, contributing significantly to GDP growth, export earnings and government revenue.
By 2024, Guyana’s daily oil production had risen to roughly 645,000 barrels per day, a dramatic increase from initial output and part of a broader expansion that has positioned the country as one of the world’s fastest-growing oil producers. Production is expected to climb further in the coming years with additional offshore developments planned.
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In 2025, production capacity edged above 900,000 barrels per day, buoyed by projects such as Yellowtail and other developments in the Stabroek Block, which hosts an estimated 11 billion barrels of recoverable oil.
This surge has not only lifted GDP figures but also dramatically increased revenues flowing into Guyana’s Natural Resource Fund and state coffers, providing resources that the government is using to invest in infrastructure, energy projects and broader economic transformation.
Economists note that the rapid expansion of the oil sector has reshaped Guyana’s economy — raising questions about how to balance resource-led growth with sustainable diversification — even as it helps finance ambitious public investments.
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Rodrigues’ remarks highlight this dual trajectory: strong performance outside of oil paired with a hydrocarbon boom that continues to redefine Guyana’s economic landscape, offering both opportunities and strategic challenges as the country develops.
