Guyana's economy soars with 43.6% GDP growth in 2024
Key Points(5)
- 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’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.
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.
