Guyana’s economy is projected to grow by a robust 16.2 percent in 2026, continuing its rapid expansion even as growth moderates slightly from an estimated 19.3 percent in 2025. The outlook was presented on Monday by Finance Minister Ashni Singh during the unveiling of the country’s annual budget, underscoring the central role of the oil and gas sector in transforming Guyana into one of the fastest growing economies in the world.
According to Singh, the oil and gas industry will remain the dominant driver of growth, with the sector expected to expand by 17.9 percent in 2026. While this represents a slowdown from growth rates of 21 percent in 2025 and a remarkable 57.7 percent in 2024, it still reflects strong momentum as production stabilises at higher levels. Average crude output is forecast to reach around 840,000 barrels per day, cementing Guyana’s position as a major emerging oil producer.
Guyana’s economic surge has been fuelled by successive offshore oil discoveries and the rapid development of production facilities over the past decade. Revenues from oil exports have reshaped public finances, significantly increasing government income and enabling higher spending on infrastructure, health, education and social programmes. Singh noted that the continued expansion of the energy sector provides a solid foundation for broader economic development, even as authorities remain cautious about overreliance on oil.
Beyond hydrocarbons, the government is seeking to channel oil revenues into diversifying the economy and strengthening non oil sectors such as agriculture, manufacturing, construction and services. Public investment in roads, ports, housing and energy infrastructure is expected to support job creation and improve productivity across the wider economy. The finance minister emphasised that sustaining high growth will depend on translating oil wealth into long term development gains for the population.
Despite the optimistic outlook, Singh acknowledged that growth rates are naturally expected to ease as the oil sector matures and production growth becomes more incremental rather than explosive. However, even at lower levels, Guyana’s projected expansion far outpaces regional and global averages, highlighting the scale of the country’s economic transformation.
The government also faces the challenge of managing inflationary pressures, exchange rate dynamics and institutional capacity as revenues surge. Authorities have repeatedly stressed the importance of fiscal discipline, transparency and adherence to long term development planning to avoid the pitfalls often associated with resource driven booms.
Overall, the 2026 forecast reinforces Guyana’s status as a standout performer in the global economy. With oil and gas continuing to anchor growth and public investment accelerating across key sectors, the country is positioned to sustain strong expansion while working to convert its resource windfall into inclusive and durable development.
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