GEORGETOWN, Guyana — Guyana’s economy grew by an estimated 7.5% in the first half of 2025, with the non-oil economy expanding 13.8% as the country continued its rapid economic transformation fueled by both hydrocarbons and broad-based domestic activity, according to the Mid-Year Report released Monday by the Ministry of Finance.
The performance marks the fifth consecutive year of non-oil growth in the first half, following the pandemic-related contraction in 2020. Citing robust sectoral growth and accelerating public and private investment, the government revised its 2025 full-year outlook upward to 15.2% overall and 13.9% for non-oil GDP, up from earlier projections of 10.6% and 13.8%, respectively.
Finance Minister Dr Ashni Singh said the figures reflect the administration’s commitment to strong economic management and shared national progress.
“Our economy continues to expand in a manner that is broad-based, sustainable and inclusive,” Singh said, noting that Budget 2025 was designed “to ensure that unprecedented economic expansion continues to be harnessed to deliver tangible and lasting benefits for all Guyanese today and for generations to come.”
Broad-based sectoral gains
The agriculture, fishing and forestry industry expanded 9% in the first half, buoyed by a 136.7% surge in sugar output and strong performances in rice (13.9%), livestock (11.7%), and other crops (7.4%). Forestry grew 6.2%.
Mining and quarrying increased 5.9% overall. Petroleum production rose 5.5%, with 115.7 million barrels lifted in the first six months. Bauxite output climbed 133.1%, gold production improved 10.9%, and other mining activities—driven by sand, stone and manganese—expanded 24.2%.
Manufacturing increased by 26.8%, supported by gains across all subsectors. Construction surged 29.9% amid a rapidly expanding public infrastructure program and increased private-sector investment. Services expanded 6.6%, with gains in commerce, finance, ICT and professional services.
External accounts and credit expansion
The balance of payments registered a US$10.3 million surplus through June, with the current account posting a US$197.9 million surplus. Non-oil exports rose 12.5% to US$919.7 million, led by gold and bauxite.
Capital goods imports surged — mainly due to the US$2.5 billion One Guyana FPSO — pushing total imports to US$5.89 billion, a 81% increase.
Net domestic credit expanded 17.7% to G$1.01 trillion, with private-sector lending up 7.7%. Mortgage credit climbed 11.4%, while household borrowing rose 7.3%, driven partly by vehicle loans.
Inflation moderates; social relief measures continue
Inflation was 2.9% at mid-year, with fuel prices falling sharply — gasoline by 20.9%, diesel by 32.8% and kerosene by 34%. The government projects inflation at 3.1% for the year.
Authorities have highlighted ongoing measures to ease living costs and expand income support, including doubling old-age pensions since 2020, increases in public assistance, a zero excise tax on fuel, extended freight relief, and the continuation of the part-time jobs program. The income tax threshold has doubled to G$130,000 per month since 2020, and cash-transfer measures continue to target households and vulnerable groups.
Government touts social progress.
The report cited major investments in education access, vocational skills training, new hospitals and digitalized health services, as well as housing expansion and business-support initiatives aimed at ensuring Guyanese benefit directly from the oil-fueled boom.
“Government remains committed to prudent management of our natural resources while continuing to invest in people and communities so that all Guyanese share the benefits of our national transformation,” Singh said. “While challenges and risks remain, our Government will continue to ensure that these are met with resolve, charting a steady course toward resilient prosperity.”
Guyana remains the world’s fastest-growing economy over a multi-year horizon, driven by its rapidly expanding offshore oil industry, alongside ongoing efforts to diversify production and reduce its dependence on hydrocarbons.