Guyana’s Economy Grew 43.6% in 2024

Guyana's economy achieved its fifth consecutive year of double-digit growth in 2024, expanding 43.6% as oil output and exports showed solid increases, Guyana’s Finance minister said on Friday, January 17^th, but the expansion is expected to slow this year.
The oil sector expanded 57.7%, while the non-oil sector grew 13.1% last year, the minister said.
Oil output rose to an average of 616,000 barrels per day (bpd) from 391,000 bpd the previous year as a consortium led by U.S. major Exxon Mobil which controls all production in the country, continued expanding operations and completed a key upgrade at its offshore facilities. A fourth floating oil production facility expected this year will add 250,000 bpd of output capacity to the Exxon consortium's operations.
The nation's oil revenue increased to $2.57Bn in 2024, including crude sales made by the government and $348Mn in royalties received from the Exxon group, compared with $1.62Bn in 2023, including $218.1Mn in royalties.
However, economic growth is expected to slow in 2025, with a 10.6% expansion mainly fueled by the non-oil sector for the first time in years. Oil sector expansion is expected to slow from recent years to 9.5% growth, due to lower crude prices.
Guyana forecasts an average of $71.9 per barrel for its crude this year, down from $78-80 last year, which would secure about $2.2Bn in revenue from oil exports.

(Source: Reuters)