Guyana’s economy expanded by an estimated 33.3 per cent during the first half of 2026, with the non-oil economy growing by 10.1 per cent, President Dr. Irfaan Ali announced Monday as he pointed to broad-based expansion across several major sectors.
During a press conference at the Office of the President, Ali said the Government has also revised its full-year growth forecast, with real Gross Domestic Product (GDP) now expected to expand by 20.8 per cent in 2026.
The non-oil economy is projected to grow by 10.2 per cent for the full year, which the President said would mark a sixth consecutive year of expansion following the contraction recorded in 2020.
The latest figures underscore the continued impact of Guyana’s rapidly expanding petroleum industry, but Ali sought to emphasise that growth is also being recorded outside of oil.
The oil and gas subsector expanded by an estimated 41.3 per cent during the first six months of the year, while the wider mining and quarrying sector grew by 40.7 per cent.
Gold mining recorded an estimated 11.3 per cent increase, bauxite grew by 7.3 per cent, and other mining, including sand, stone, manganese and diamonds, expanded by an estimated 40 per cent.
Construction, another major beneficiary of Guyana’s investment boom, grew by 24.7 per cent during the first half of the year.
Ali said the continued expansion was particularly significant because the growth is being measured against an already elevated base from previous years.
The services sector expanded by an estimated 7.2 per cent, while manufacturing grew by 3 per cent.
The agriculture, forestry and fishing sector contracted marginally by 0.5 per cent amid higher transportation, logistics and input costs.
Within the sector, however, sugar production expanded by 19.3 per cent, rice grew by 4.4 per cent, forestry increased by 15.4 per cent and fishing by 4.1 per cent. The other crops subsector contracted by 6.4 per cent, which Ali attributed in part to weather conditions.
The President said the performance reflects what he described as increasing economic diversification and structural strength.
“Isn’t this an economy that is healthy? Isn’t this an economy that is demonstrating strength, that is demonstrating diversification, that is demonstrating structural stability?” Ali said.
The President also pointed to increased borrowing by businesses and households as another indicator of economic activity.
Private-sector credit grew by 11.5 per cent, while credit to households increased by approximately $75.8 billion, or 14.6 per cent, according to figures presented during the press conference.
Real estate mortgages expanded by 21.2 per cent, reflecting continued activity in the housing and property markets.
Ali also disclosed that almost 180,000 new accounts were opened across Guyana’s banking and non-bank deposit-taking institutions between October 2024 and August 2026.
Between April and August 2026 alone, 59,951 new accounts were opened, which the President linked to measures introduced to make opening bank accounts easier for ordinary Guyanese.
The growth comes amid continued pressure from global fuel, food and transportation costs.
Ali said Guyana’s 12-month inflation rate stood at 4 per cent at the end of June, with inflation now projected to reach approximately 4.3 per cent by the end of 2026.
He pointed to international pressures including ongoing geopolitical conflicts, higher fuel and fertiliser prices, climate-related disruptions and increased global demand as factors pushing up living costs.
The Government, he said, has been attempting to cushion those pressures through tax measures, agricultural support, fuel interventions and investments aimed at lowering production costs.
