Guyana’s economy achieves 43.6% growth in 2024

Guyana experienced robust economic growth in 2024, with GDP rising by 43.6 percent, up from 33 percent in 2023, according to Ashni Singh, Senior Minister in the Office of the President. Non-oil GDP grew by 13.1 percent, driven by rice, crops, bauxite production, mining, quarrying, construction, and services.

Despite global inflationary pressures, inflation remained low at 2.9 percent.

During his 2025 budget presentation, Singh highlighted significant milestones, including 11 percent growth in agriculture, forestry, and fishing; 9.3 percent in rice; and 24.6 percent in livestock. However, the sugar sub-sector contracted by 21.8 percent.

Mining and quarrying expanded by 55.9 percent, manufacturing by 13.5 percent, construction by 30.8 percent, and services by 7.4 percent.

Oil and gas output surged by 57.7 percent, reaching 225.4 million barrels, underscoring Guyana’s emergence as a global energy leader. Private sector credit also grew by 19.8 percent in 2024, with a fourfold increase to 72.3 percent between 2020 and 2024, reflecting the government’s efforts to foster a business-friendly environment. -(CMC)