Guyana’s economy grew by an estimated 33.3 per cent during the first six months of 2026, according to the government’s latest economic report presented to the National Assembly on Wednesday.
Finance Minister Dr Ashni Singh tabled the 2026 Mid-Year Report, which attributed the expansion to strong activity in the country’s hydrocarbon industry and the wider domestic economy.
The non-oil sector also recorded significant growth, expanding by 10.1 per cent during the review period.
Government Raises Full-Year Growth Forecast
Following the first-half performance, the government increased its projection for Guyana’s real gross domestic product growth for the full year to 20.8 per cent.
The forecast for the non-oil economy was also revised upward to 10.2 per cent.
The report showed that public capital expenditure had reached nearly US$250 billion, reflecting government investment in development projects and infrastructure. Private sector credit also increased by 11.5 per cent during the first half of the year.
The administration said its economic strategy involved directing revenue from the energy industry towards long-term national development while maintaining fiscal discipline and managing public debt sustainably.
IMF Highlights Strong Oil Production and Economic Diversification
The International Monetary Fund’s assessment of Guyana’s economy also pointed to continued expansion in both the oil and non-oil sectors.
In its 2026 Article IV Mission Staff concluding statement, released in late July, the IMF reported that the economy had grown by more than 19 per cent in 2025, following average growth of nearly 40 per cent in 2023 and 2024.
The fund identified rising oil production as a major contributor to the country’s economic performance. Output exceeded expectations, reaching more than 900,000 barrels per day by the end of 2025, representing a 35 per cent increase compared with the previous year.
Similar production levels were maintained during the first half of 2026.
Construction Leads Growth Outside the Oil Industry
The IMF also reported that Guyana’s non-oil economy continued to expand, recording growth of approximately 14 per cent.
Construction was identified as the main contributor to activity outside the petroleum industry. Agriculture, mining and manufacturing also supported the sector’s performance.
The fund said the expansion was being supported by the government’s macroeconomic policies, investment in infrastructure and human capital, and efforts to diversify the economy.
Natural Resource Fund Supports Long-Term Development Plans
Guyana’s Low Carbon Development Strategy 2030 and its five-year development plan remain central to the government’s approach to diversification and sustainability.
The IMF highlighted the accumulation of petroleum revenues in the Natural Resource Fund as an important measure for building the country’s external and fiscal reserves.
Investment in physical infrastructure and human capital has also been identified as a means of supporting growth beyond the oil industry, with improvements in healthcare and education among the areas highlighted.
Government Prioritises Skills, Healthcare and Social Protection
During his presentation of Budget 2026, Singh outlined government priorities aimed at supporting economic growth and improving living standards.
These include providing young people with skills needed for a more diversified economy, expanding access to healthcare and strengthening the resilience of the health system.
The government also plans to reinforce social protection programmes.
Singh said the investments were intended to improve productivity and strengthen national resilience while ensuring that economic opportunities were available to people across the country.
