Guyana's Economy Grows 49.7% in 2024

Guyana's economy has shown remarkable growth, with a 49.7% increase in GDP in the first half of 2024, driven largely by the oil sector, which accounted for 67% of this growth. President Irfaan Ali has adjusted the country's full-year growth estimate to 42.8% from 34.8%, attributing this to increased public and private sector investments. Oil production surged to 113.5 million barrels in the first half of the year, and the oil sector is expected to grow by 56.4% for the entire year. Non-oil growth also remained robust at 12.6%, projected to decline slightly to 11.8% by year-end. Despite challenges such as global inflation and foreign exchange demands from neighboring countries, the government's economic management has fostered consistent growth. This marks four consecutive years of expansion in the non-oil economy following a contraction in 2020.