The Guyana economy is booming due to recent oil discoveries, making it one of the fastest-growing globally. Oil production, led by ExxonMobil, drives exports, while agriculture, including rice and sugar, remains vital. Gold mining also contributes. However, infrastructure gaps and reliance on oil pose risks. Efforts to invest in education, healthcare, and renewable energy aim to ensure sustainable growth, with governance reforms critical to managing newfound wealth.
Guyana Economy Size
Guyana’s economy, at $15 billion, is small but booming, with oil discoveries driving rapid GDP growth, transforming it into a regional economic player. See Guyana GDP.
Guyana Purchasing Power Parity (PPP)
Guyana’s economy has a PPP GDP of $40 billion, nearly triple its $15 billion nominal GDP, driven by low costs and oil discoveries. PPP per capita is around $50,000, reflecting rapid growth in purchasing power. Oil boosts domestic markets, but reliance on exports limits broader PPP benefits and diversification.
Guyana Growth Rate
The economic growth rate is 12.0% in 2024, propelled by oil exports. New offshore fields and foreign investment drive unprecedented growth, but reliance on a single commodity poses risks. Agriculture and fisheries contribute modestly, while infrastructure investments enhance resilience, positioning the economy as a regional outlier despite governance challenges.
Guyana Inflation
Guyana’s inflation rate is around 5% in 2024, driven by rising global food and fuel prices amidst an oil boom. Strong export revenues increase domestic demand, pushing service costs up. Currency appreciation helps limit imported inflation, while infrastructure investments add pressure. Monetary policy aims to stabilize in this rapidly growing economy.
