Guyana’s economy forecasted to expand by 10.6 per cent this year

–  Fortifying nation as the third fastest growing economy

Guyana’s economy will continue to record unprecedented growth this year, with economic expansion anticipated at 10.6 per cent.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh highlighted that the growth will be largely driven by peak oil production from the Liza Destiny floating production storage and offloading (FPSO) in 2024, and the commencement of the One Guyana FPSO in late 2025.

He informed the National Assembly, during his presentation of the 2025 National Budget, that this growth will cement the nation as the third fastest growing economies in the world.

“At that rate Mr Speaker, we will still be outperforming all of our peers and according to current global projects, we’ll still be, at 10.6 per cent, the third fastest growing economy in the world,” he underscored.

Considering significant investments are being injected to diversify the economy, Dr Singh said that the non-oil economy is forecasted to grow by 13.8 per cent.

Meanwhile, the agriculture, forestry and fishing sector are expected to expand by 11.4 per cent in 2025, with increased production targeted for all subsectors.

In the sugar industry, a growth of 115.4 per cent is anticipated, resulting in a turn-around; production target is set at 101,000 metric tonnes.

According to Dr Singh, this will be supported by the Guyana Sugar Corporation (GuySuco) efforts in mechanization and conversion efforts and valued-added production.

He further noted that building on momentum, rice is forecasted to expand by 12.4 per cent this year. Also, production is expected to reach 804,000 tonnes through expanded acreage and enhanced varieties through research and development.

“The other crop sub-sectors are projected to grow by 11.7 per cent. Here again, this reflects expansions in acreage, as we remain focused on executing our local food security agenda. Livestock is projected to grow by 7.5 per cent with production expected to expand further across all sub-categories,” he further disclosed.

Also continuing its upward trajectory, fishing will grow by 5.8 per cent, driven by increased investments in aquaculture, that is enhancing production.

The finance minister further revealed that a 1.3 per cent growth is projected in forestry, with a production target of 419,000 cubic metres.

In the extractive industries, mining and quarrying anticipates growth of 10 per cent.

Over in the oil and gas industry, production from the three existing FPSOs, along with the One Guyana FPSO, is expected to reach 786,000 barrels per day by the fourth quarter of 2025, with an average production of 674,000 barrels per day throughout the year. This contributes to the sector’s projected growth of 9.5 per cent in 2025..

Meanwhile, growth of 17.2 per cent is anticipated for gold mining, driven by higher production from both large-scale and small- to medium-scale miners, targeting 501,000 ounces of gold.

Bauxite Mining is expected to grow significantly by 70.1 per cent, supported by increased production, particularly at the Linden mine, which is projected to grow by 167.3 per cent totaling 4.4 million metric tonnes.

Other mining and quarrying sectors are projected to grow by 39.7 per cent, reflecting the many publics and private sector infrastructure investment.

Meanwhile, the manufacturing sector is expected to grow by 30 per cent with expansions across sugar, rice, and other manufacturing sub-sectors; construction will grow by 24.8 per cent while the services sector anticipates growth of 8 per cent.

Building on the growth achieved last year, the services sector is projected to expand by 8 percent in 2025. Notable expansions are projected for wholesale and retail trade and repairs, administrative and support services, information and communication, and transport and storage. These are expected to increase by 8.7 percent, 9.8 percent, 5.8 percent and 9.3 percent, respectively.