Non-oil economic growth to average 8% for rest of the decade – Dr Singh

…over 10% non-oil economic growth recorded between 2021-2024

Guyana’s non-oil economy, which comprises of the traditional sectors such as agriculture and mining, has not only grown at an average of over 10 per cent for the last three years, but it is also forecasted to grow by an average of eight per cent for the next five years.
During an appearance at the Guyana Energy Conference and Supply Chain Expo (GECSCE), Finance Minister Dr Ashni Singh revealed what Guyana’s growth projections for the non-oil economy are up to 2030.
According to the Finance Minister, Guyana has been successful at growing its non-oil economy in spite of the presence of oil, averting the dreaded Dutch disease. This has resulted in Guyana’s non-oil economy recording strong growth between 2021 and 2024…growth which is expected to continue over the remainder of the decade.

“It would easily be understood why one would make the mistake to think that what is happening in Guyana is only about oil. But we have been at pains to strip out oil and only speak about what is happening in the non-oil economy. So, the red line here indicates, growth in the non-oil economy.”
“And between 2021 and 2024, our non-oil economy has grown at an average of 10.3 per cent. And we are projecting into the remainder of the decade, growth in the non-oil economy that will be in the vicinity, on average, of eight per cent, going up to the end of the decade,” Dr Singh said.
According to Dr Singh, such consistent growth is unparalleled, whether you look at Latin America or the Caribbean. And this growth rate has been evident since the People’s Progressive Party/Civic (PPP/C) Government returned to office in 2020.
“Since 2020, we’ve been growing at rates that essentially have exceeded every single comparative group around the world. Whether you compare with the world at large, whether you compare with advanced economies, whether you compare with this hemisphere, whether you compare with the Caribbean or Latin America and the Caribbean,” the Finance Minister added.
While the economic contribution of Guyana’s oil and gas sector looms large, it had been projected that the non-oil economic sector would grow by 13.8 per cent this year. Sectors such as Agriculture, Fishing and Forestry, with sub-sectors like sugar, rice and other crops, as well as mining and quarrying all expected to grow.
While presenting the 2025 Budget in the National Assembly last month, Dr Singh had given a further breakdown, sector by sector, of how the economy is expected to perform. For instance, in Agriculture, Fishing and Forestry, these sectors are expected to grow by 11.4 per cent, as increased production is targeted for all subsectors. And true to its word last year, the Government has set a production target of around 101,000 tonnes for the Guyana Sugar Corporation (GuySuCo) in 2025.
Meanwhile, the other crops subsector has been projected to grow by 11.7 per cent this year. This will include an expansion of the acreage being cultivated. Further, the Government indicated that it will remain focused on helping the region to achieve the 25 by 2025 food security target… namely a reduction of food imports by 25 per cent by this year.
In the area of mining, the Finance Minister also projected that mining and quarrying would grow by 10 per cent this year. This is on the back of the “modest growth” expected from the oil and gas and support services sector. Nevertheless, he noted that the gold, bauxite, and other mining subsectors are expected to record strong growth.
“Additionally, growth in bauxite mining this year is expected to be supported by higher expected production from both operators in the industry, with output from the Linden mine expected to increase by 167.3 per cent. Total bauxite production for 2025 is projected at just over 4.4 million tonnes,” Dr Singh had also said.