BUDGET 2025: Guyana’s economy grew by 43.6% in 2024; inflation subdued

In 2024, Guyana’s economy is estimated to have grown by 43.6 per cent overall.

This was announced by Finance Minister Dr. Ashni Singh during his 2025 budget presentation on Friday in the National Assembly.

The growth comes with an expansion of 13.1 per cent in the non-oil economy.

“The growth in the overall economy reflects continued strong expansion in oil output, while growth in the non-oil economy is driven by increases in rice, other crops, and bauxite production, along with expansion in other mining and quarrying as well as in the construction and services sectors,” Dr. Singh said.

Inflation remained subdued despite global price pressures, with the 12-month inflation rate for 2024 estimated at 2.9 percent.
Food prices were a significant contributor, rising by 5.6 percent, though this was offset by the government’s strategic efforts to stabilize domestic markets, Dr. Singh said.

The agriculture, forestry, and fishing sector grew by 11 per cent.

The sugar-growing subsector contracted by 21.8 percent. The rice-growing subsector achieved an expansion of 9.3 percent. The other crops subsector grew by 10.9 percent. The forestry subsector expanded by 4.6 percent and the livestock industry expanded by 24.6 percent.

Growth in advanced economies in 2024 is also estimated to have remained stable when compared with 2023, at 1.7 percent.

Guyana’s growth is cast against growth in the Caribbean region which is estimated at 7.7 per cent in 2024, up from 2.7 percent.
Excluding Guyana, the Caribbean is estimated to have grown by 3.5 percent in 2024 compared to 2.3 percent in 2023.

Looking ahead, Guyana’s financial and economic trajectory remains strong.

The continued focus on infrastructure development, investment in human capital, and responsible fiscal management positions the country for further sustainable growth.

With improved debt management and a diversified economy, Guyana is poised to continue on its path of robust transformation in the coming years.