For the first half of 2025, the growth of Guyana’s Gross Domestic Product (GDP) surpassed expectations. According to the Mid-year report released by the Ministry of Finance, the country recorded a 7.5 per cent growth rate during the reporting period, reflecting continued strong growth in the oil and gas industry, more so considering that the fourth Floating Production Storage Offloading vessel (FPSO) came online in the second half of the year.
This performance was complemented by the non-oil economy, which recorded a 13.8 per cent growth rate. Notably, this is the fifth successive year of expansion in the non-oil economy at the half-year, following contraction in 2020.
As the country moves into the second half of the year, authorities noted that overall real GDP growth for 2025 is now upgraded to 15.2 per cent, up from 10.6 per cent, with non-oil growth of 13.9 per cent, up from 13.8 per cent. This will make 2025 the fifth successive year of expansion in both the overall and non-oil economy.
A perusal of the report shows that several subsectors within the agriculture industry performed credibly despite market challenges. The sugar sector, for example, is estimated to have expanded by 136.7 per cent when compared with the first half of last year. Statistics from the Guyana Sugar Corporation (GuySuCo) show that it produced 15,954 tonnes of sugar in the first crop of this year, compared with 6,739 tonnes during the same period in 2024. It remains on track for a production target of approximately 101,000 tonnes of sugar, with the second crop being traditionally and substantially the larger of the two crops.
Turning to the rice-growing industry, it is estimated to have grown by 13.9 per cent in the first half of 2025. The production target for the full year remains 804,000 tonnes of rice equivalent, with a growth target of 12.4 per cent, buttressed by continued support to farmers and renewed efforts to secure new and more attractive markets.
Continuing on a positive note, the livestock subsector is estimated to have expanded by 11.7 per cent, in the first half of the year, driven by increased output across all products. The overall outlook for the subsector remains positive, and growth for the year is now projected at 7.2 per cent.
As it relates to the extractives sector, the mining and quarrying sector is estimated to have expanded by 5.9 per cent in the first half of the year, driven by increased output across all subsectors – bauxite, gold, other mining and oil and gas.
Regarding the gold mining subsector, the report states that it grew by an estimated 10.9 per cent in the first half of this year, with higher declarations from the single large producer and the small- and medium-scale miners. The sector’s growth target for 2025 remains unchanged at 17.2 per cent.
As for the other mining and quarrying subsector, it continues to be driven by the surge in construction activities across the country. It is estimated that the subsector – which includes sand, stone, diamonds and manganese – expanded by 24.2 per cent in the first half of the year. Taking this into consideration, the growth target for the other mining and quarrying sector is now 21.2 per cent for 2025.