At the end of 2021, Guyana’s total export earnings amounted to US$4.3B, 68 percent higher than the US$2.6B earned in 2020. This was disclosed by Senior Minister within the Office of the President with responsibility of Finance, Dr. Ashni Singh.
The economist, who has been presenting for over five hours up to the time of publication, indicated that the exponential growth in export earnings was due to oil exports growing by 179.6 percent to US$2.9B amid increases in both volume and price.
Matching the intensity of the rise in exports, Dr. Singh said total import payments grew by 90.8 percent to US$4,293.1 million. He said this was primarily attributed to the arrival of Guyana’s second FPSO, Liza Unity, which accounted for US$1,658.6 million or 38.6 percent of total imports for 2021.
In the oil and gas subsector, he said production is expected from both Liza Destiny and Unity FPSOs, and the rate of production for 2022 is expected to be approximately 257,000 barrels of oil per day on average. As such, the subsector is projected to grow by 96.7 percent in 2022.