Guyana’s non-oil economy grew faster than its oil industry for the first time since ExxonMobil began production in December 2019.
According to the Ministry of Finance’s mid-year report, non-oil gross domestic product (GDP) expanded by 13.8% in the first half of 2025, compared with 5.5% growth in the oil and gas sector. The non-oil economy’s outperformance was driven by strong activity in construction, services, agriculture, and manufacturing. These sectors have grown rapidly over the years due to the spillover effects from the oil boom.
The report said Guyana’s overall economy grew by 7.5% in the first half of the year, with total real GDP for 2025 now projected to expand by 15.2%, up from an earlier forecast of 10.6%.
Notably, though the non-oil economy grew by a higher percentage in the first half, the situation will reverse in the second half. The government expects the oil sector to expand by 15.6% this year as the Yellowtail development, ExxonMobil’s fourth project in the Stabroek Block, ramps up, increasing overall oil production offshore Guyana. Non-oil growth for the full year is expected at 13.9%, making 2025 the fifth consecutive year of expansion in both the oil and non-oil economies.
Guyana’s petroleum production reached 115.7 million barrels in the first six months of 2025, up from 113.5 million barrels a year earlier, with daily output averaging nearly 640,000 barrels per day, the Ministry’s report said. The negligible growth, compared to previous years, has to do with the fact that no new oil project came online until the third quarter. The sector’s economic growth was further tempered by lower oil prices. Crude oil averaged US$71.70 per barrel in the first half of 2025, down 14.6% from the same period last year.
