By Celestine Chacon | January 20, 2025
Guyana’s economy has seen extraordinary growth, with its Gross Domestic Product (GDP) soaring by 43.6% in 2024, surpassing the 33% growth achieved in 2023.
This was announced by Finance Minister Dr. Ashni Singh during his presentation of the 2025 national budget.
Despite facing global inflationary pressures, Dr. Singh highlighted that inflation in Guyana remained stable, reaching an estimated 2.9% for the year 2024, a significant achievement in a year marked by external financial challenges.
The growth was largely driven by the oil sector, but Dr. Singh noted that the non-oil economy also saw substantial gains, particularly in rice, crops, and bauxite production.
In addition, the mining, quarrying, construction, and services sectors all contributed to the overall economic expansion.
The mining and quarrying sector saw an impressive growth of 55.9% in 2024, primarily due to the oil and gas industry, but also bolstered by growth in gold, bauxite, and other mining activities.
On the fiscal front, Dr. Singh reassured the public that Guyana’s public debt remains sustainable, with the debt-to-GDP ratio dropping by more than 20% from 47.4% in 2020 to 24.3% by the end of 2024.
This indicates a marked improvement in managing public debt, ensuring the country’s fiscal stability without the need for major adjustments.
The finance minister’s remarks underscore Guyana’s continued economic growth and stability, setting the stage for further development in the years ahead.