Guyana: Economic Outline

Economic Indicators

The Guyanese economy has tripled in size since the commencement of oil extraction (end-2019), marking a significant transformation from one of the lowest GDP per capita in Latin America and the Caribbean in the early nineties. With much of its territorial waters still unexplored, Guyana’s gross oil resources are conservatively estimated at over 11 billion barrels, making it one of the world’s largest reserves on a per capita basis. Since 2022, rapid expansion in oil production, strong growth in the non-oil sectors, and large-scale public infrastructure investments have propelled Guyana to the highest real GDP growth rate globally, averaging 47% per year. In 2024, real oil GDP surged nearly 58%, while real non-oil GDP grew over 13%, demonstrating broad-based economic strength. The outlook remains very positive, with the economy expected to grow an average of 14% annually over the next five years, driven by continued robust oil output and solid non-oil sector growth. Improvements in infrastructure, productivity, and resilience are projected to raise non-oil GDP growth to an average of around 6.75% over the medium term—about 3 percentage points above the pre-oil decade average (data IMF).

Regarding public finances, since 2022, increased capital expenditure funded by oil revenue transfers from the NRF has widened the fiscal deficit from 5.1% of GDP in 2022 to 7.3% in 2024. Non-oil revenues, covering about 90% of primary current spending, were insufficient to offset a sharp rise in capital spending, pushing the non-oil primary deficit to 38% of non-oil GDP in 2024, partly financed by NRF withdrawals. The IMF expects a reduction in the deficit in 2025 (4.9%) and 026 (4.4%). Meanwhile, the debt-to-GDP ratio was estimated at 24.3% in 2024 (from 26.7% one year earlier), of which less than 40% is external, with an increase expected over the forecast horizon (28.6% by 2026) due to higher external borrowing and slower nominal GDP growth linked to lower oil prices, but it is projected to decline gradually thereafter as economic growth picks up. According to the IMF, inflation rose from 2% in 2023 to 2.9% in 2024, driven mainly by higher food prices and earlier floods, despite a still negative non-oil output gap. Labour and skills shortages, along with double-digit wage increases, are adding pressure. Inflation is expected to rise further in 2025 and reach 5.5% over the medium term, mainly due to rising non-tradeable prices and wage growth. Guyana’s current account surplus more than doubled in 2024 to about 24.5% of GDP, driven by a surge in oil exports, slower capital imports, and 16% growth in non-oil exports. Meanwhile, the financial account saw a rise in net outflows, mainly due to cost recovery payments to oil companies, despite continued strong oil-related FDI.

Guyana's unemployment rate was estimated at 10.2% in 2024 by the World Bank. Although the gap in male and female labour force participation has narrowed over recent decades, it remained significant at around 23 percentage points in 2023 (latest data available). Female unemployment rates also remain notably higher. Guyana's resource wealth is helping to tackle longstanding social and economic challenges. It supported the pandemic response and is funding infrastructure and human development. Poverty and social exclusion remain widespread in hinterland regions and among indigenous Amerindians. Sectors like agriculture, forestry, and fishing play a key role in job creation and poverty reduction, especially in rural areas where over 70% of the working-age population lives. According to IMF estimates, Guyana’s GDP per capita (PPP) reached USD 83,483 in 2024, more than doubling over the past two years.

Monetary Indicators	2020	2021	2022	2023	2024
Guyana Dollar (GYD) - Average Annual Exchange Rate For 1 GBP	267.31	286.77	256.99	259.15	266.48

Source: World Bank - Latest available data.

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Latest Update: October 2025