IMF praises growth in non-oil sectors, drop in unemployment rates
The International Monetary Fund (IMF) has lauded Guyana’s impressive growth for a seventh consecutive year, led by the policies and programmes of the President Irfaan Ali administration.
Following its Article IV Mission in Guyana, an exercise that reviews the economic well-being of member states, the IMF staff said in their preliminary findings that Guyana’s economy continues to expand at a “very rapid pace,” supported by robust oil sector growth as well as non-oil industries.
The financial institution said Gross Domestic Product (GDP) grew by over 19 percent in 2025, following average growth of nearly 40 percent during 2023 to 2024.
According to the IMF, during its mission, Guyana’s oil production exceeded expectations, surpassing 900,000 barrels per day by the end of 2025. This, it said, was an impressive 35 percent increase over one year, with similar volumes recorded in the first half of 2026.
“Encouragingly, broad-based growth in the non-oil economy continued at about 14 percent, with construction remaining the largest driver and agriculture, mining, and manufacturing also contributing meaningfully,” the IMF said in its statement.
It noted that these trends broadly continued in the first half of 2026 though some sectors were affected by heavy rainfall.
The financial institution also reported that Guyana has successfully strengthened its labour market with unemployment down at 6.2 percent by the end of 2025. It said too that average inflation was contained to 3.3 percent in 2025 but edged up by mid-2026, reflecting higher global energy and food prices.
Overall, the IMF said Guyana’s economic outlook remains highly favourable as oil production is expected to continue expanding and the non-oil economy is projected to grow by about 7 percent on average over the next five years. It said this is made possible as the government continues its ambitious plans to address infrastructure and developmental needs.