GEORGETOWN, Guyana, CMC – Guyana’s growth trajectory continued in 2024 with an estimated Gross Domestic Product (GDP) of 43.6 percent, up from the 33 percent expansion in 2023, Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh reported on Friday.
This overall GDP growth featured the expansion of the non-oil economy by 13.1 percent, compared to 11.7 percent in 2023. The development in the non-oil economy was driven primarily by increases in rice, other crops, and bauxite production, as well as expansion in the mining, quarrying, construction, and services sectors.
Minister Singh, speaking during his budget 2025 presentation, ‘A secure, prosperous and sustainable Guyana,’ noted that this growth occurred despite global inflationary pressures.
Despite those challenges, he said, inflation remained subdued, with the 12-month rate estimated at 2.9 percent.
“The growth in the overall economy reflects a continued strong expansion in oil output. This highlights Guyana’s emergence as a key player in the global energy market, but also underscored the stellar successes achieved in building a diversified economic base,” Dr. Singh said.
The minister said last year was a significant milestone in the country’s history, reflected in the progress recorded in key sectors.
Providing an overview of the macroeconomic developments that took shape last year, the senior minister disclosed that the agriculture, forestry, and fishing subsectors grew by 11 percent, while the rice-growing subsectors expanded by 9.3 percent.
The sugar subsector contracted by 21.8 percent. The forestry and other crops subsectors grew by 4.6 percent and 10.9 percent, respectively.
The livestock industry also recorded notable growth, with a 24.6 percent increase.
For the extractive industries, the mining and quarrying sector expanded by 55.9 percent, while the manufacturing sector expanded by 13.5 percent.
The services and construction sectors expanded by 7.4 percent and 30.8 percent, respectively.
Meanwhile, private sector credit increased by 19.8 percent last year, reflecting the government’s commitment to creating a conducive environment.
Dr. Singh noted that the overall growth in private sector credit increased almost fourfold to 72.3 percent between 2020 and 2024.
Moreover, the oil and gas industry expanded by 57.7 percent in 2024, producing 225.4 million barrels of oil.
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