Guyana’s Economy Continues to Grow in 2024
GDP Growth
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.
Non-Oil Economy
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.
Budget 2025 Presentation
Minister Singh, speaking during his budget 2025 presentation, ‘A secure, prosperous and sustainable Guyana,’ noted that this growth occurred despite global inflationary pressures.
Inflation Rate
Despite those challenges, he said, inflation remained subdued, with the 12-month rate estimated at 2.9 percent.
Key Sectors
The minister said last year was a significant milestone in the country’s history, reflected in the progress recorded in key sectors.
Agriculture and Forestry
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.
Livestock and Extractive Industries
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.
Services and Construction
The services and construction sectors expanded by 7.4 percent and 30.8 percent, respectively.
Private Sector Credit
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.
Oil and Gas Industry
Moreover, the oil and gas industry expanded by 57.7 percent in 2024, producing 225.4 million barrels of oil.
Conclusion
In conclusion, Guyana’s economy continued to grow in 2024, driven by a strong expansion in the non-oil economy and the oil and gas industry. Despite global inflationary pressures, the country’s GDP growth remained robust, with key sectors such as agriculture, forestry, and services recording notable growth.
FAQs
Q: What was Guyana’s GDP growth rate in 2024?
A: Guyana’s GDP growth rate was 43.6 percent in 2024.
Q: What drove the growth in the non-oil economy?
A: The growth 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.
Q: What was the inflation rate in 2024?
A: The inflation rate was estimated at 2.9 percent in 2024.
Q: What was the growth rate in the oil and gas industry?
A: The oil and gas industry expanded by 57.7 percent in 2024, producing 225.4 million barrels of oil.