Guyana’s economy recorded a 19.3% growth rate last year with the non-oil sector expanding by more than 14%, Finance Minister, Dr. Ashni Singh said today.
Delivering the 2026 National Budget under the theme: ‘Putting People First’ the Finance Minister said despite a tough global environment, which saw the decline in oil, rice and sugar prices as well as the slump in prices of other export products, the country’s overall economic growth remains stable.
“Our overall real economic growth continues to be supported by strong expansion of oil and gas activities as well as sustained growth across the non-oil sectors of the economy. Growth in the non-oil economy in 2025 was driven largely by agriculture, mining, construction and services,” the Finance Minister reported.
The Finance Minister noted that the economic growth highlights Guyana’s emergence as a key player in the global market
Sectoral growth
According to the Finance Minister, the Agriculture, forestry and fishing sector grew by 11.5% last year while the the sugar growing sub-sector despite its many challenges, expanded by 26% , having produced 59,600 tonnes of sugar.
For sugar, Dr. Singh said production was hampered by heavy rainfalls and labour shortages including low employee turnouts.
As it relates to rice, the Finance Minister noted that despite the challenges in that sector, the rice sub-sector grew by 15.7% in 2025 with 810, 299 tonnes of rice produced.
The forestry sector also recorded a 2.7% growth.
Livestock industry grew by 12.5% while the fishing sub-sector expanded 6.5% for.
Additionally, the Mining and quarrying sectors expanded by 21% and the oil and gas sector also expanded by 21% with the production of 261 million barrels of oil.
“Growth was driven largely by higher production from Liza Unity and Prosperity FPSO vessels, combined with he start up during 2025 of the One Guyana FPSO. Mr. Speaker, the Stabroek Block on average produced crude oil at a rate of just below 830,000 barrels per day with Liza destiny producing at a rate of 134, 300 barrels per day, Liza Unity, 249,500 barrels per day, Prosperity at 255,200 barrels per day and the One Guyana which start up during the year produced just under 191,000 barrels per day,” the Finance Minister noted.
As it relates to the mining industry, Dr. Singh reported that the gold mining industry expanded by 11.6%, with total gold declaration reaching 484,321 ounces last year
“Importantly Mr. Speaker, the increase in gold declaration has been supported by a tougher compliance and enforcement environment in the sector,” the Minister noted.
In addition, the Bauxite mining industry grew by 53.4% in 2025 with 3.9m tonnes of bauxite produced while the and stone and manganese sector recorded strong growth with an estimated of 28.9 percent last year.
The manufacturing sector also expanded by 25% in 2025.
For this year the finance minister anticipates that gold prices are expected to remain high while oil prices are expected to trend downward, while sugar prices are expected to contract and rice prices are also expected to continue to go downwards.
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