GEORGETOWN, Guyana, CMC – Guyana says real economic growth is expected to remain strong with the oil and gas sector continuing to be the primary driver of overall growth, supported by sustained dynamism in the broader non-oil economy. Finance Minister Dr. Ashni Singh said that this year, overall growth is projected at 16.2 per cent, with growth in the non-oil economy at 10.8 per cent.
Delivering the GUY$1.5 trillion (One Guyana dollar=US$0.004 cents) budget to Parliament on Monday night, Singh said that the agriculture, forestry, and fishing sector is projected to grow by 7.6 percent this year, with expansion expected across all subsectors.
He said the sugar subsector is projected to expand by 67.9 per cent, with a target of 100,041 tonnes of sugar, while the rice sector is expected to grow by 1.8 per cent, with a production target of 827,500 tonnes of rice.
The other crops subsector is projected to grow by 9.8 per cent this year, driven by increased production and cultivation across all major crop categories.
Singh told legislators that the livestock subsector is projected to expand by 2.6 per cent, with higher production across all categories, and that the fishing subsector is also projected to grow, with a 2 per cent growth target for 2026 and higher marine and aquaculture production expected.
He said the forestry subsector is projected to grow by 7.6 per cent this year, with a 2026 production target of 533,592 cubic metres of timber.
The Finance Minister said that the mining and quarrying sector is projected to grow by 17.6 per cent this year, with continued expansion in the oil and gas sector supported by growth in gold mining, bauxite mining, and other mining and quarrying.
“The oil and gas sector is projected to expand further by 17.9 per cent this year. The four producing FPSOs in the Stabroek Block are projected to produce almost 307 million barrels of crude oil – at a rate of approximately 840,000 bpd.”
Singh said the gold and bauxite mining subsectors are expected to expand by 5.4 per cent and 19.3 per cent, respectively.
“in 2026. In gold mining, this year’s declarations are targeted at 510,450 ounces, with higher projections from all categories of operators. Bauxite production is targeted at approximately 4.8 million tonnes for 2026, with higher output expected from both large producers in the industry”.
Singh told Parliament that manufacturing and construction are also expected to show growth, and “this year, we expect to see continued growth in key service industries such as financial and insurance activities, wholesale and retail trade and repairs, transport and storage, professional, scientific and technical services, and administrative and support services.
“These industries are projected to grow by 11 per cent, eight per cent, 5.3 per cent, 23.2 per cent, and 6.9 per cent, respectively,” he added.
He said that this year, the overall balance of payments is expected to record a surplus of US$151.3 million, mainly due to a projected reduction in the capital account deficit.
Singh said that the current account is expected to record a surplus of US$1.7 billion this year, with a projected merchandise trade balance of US$8.8 billion.
“Total export earnings are expected to grow by 1.8 per cent to US$20.5 billion, with export earnings from crude oil projected to grow by 0.9 per cent to approximately US$18 billion, reflecting projected price moderation.
“Non-oil exports are projected to increase by 8.6 per cent to US$2.5 billion, mainly on account of higher anticipated export earnings of gold and bauxite, with greater output and favourable prices. At the same time, import payments are anticipated to increase by 14.2 per cent to US$11.7 billion in 2026, with the arrival of the Errea Wittu FPSO expected in the second half of the year.”
Singh said that the capital account is forecasted to record a lower deficit of US$1.6 billion, underpinned by higher projected disbursements and FDI inflows in 2026.
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