- Finance Minister says government will continue to use this period of rapid transformation and expansion to invest in diversifying non-oil economy
GEORGETOWN, Guyana, (DPI) – With Guyana’s economy this year recording a 7.5 percent growth in the first half of the year and the non-oil economy expanding by 13.8 percent as highlighted in the country’s 2025 Mid-Year Report, senior minister in the office of the president with responsibility for finance, Dr Ashni Singh says government will continue to use this period of rapid transformation and expansion to ramp up investment to support the continued diversification of the non-oil economy.
The 2025 Mid-Year Report highlighted that government remains strongly on course with the policy direction set out at the beginning of the year in budget 2025. The first half of the year has once again reconfirmed Guyana’s position as one of the fastest growing economies in the world, and has demonstrated more importantly, government’s commitment to building a growth model that is inclusive and sustainable, and that is consistent with government’s drive to diversify the country’s economic base. Activities in the non-oil economy provided strong momentum, even as the petroleum sector continued to expand rapidly.
The non-oil sectors, which expanded in those years, included the agriculture, fishing and forestry sector, which grew by an estimated 9 percent in the first half of the year. This was driven by growth in other crops, rice growing, livestock, forestry and sugar. Under the extractive industries, the mining and quarrying sector is estimated to have grown by 5.9 percent in the first half of the year as a result of increased output across all subsectors – bauxite, gold, other mining, and oil and gas.
The manufacturing sector is estimated to have grown by 26.8 percent in the first half, driven by growth across all subcategories with the sector now projected to grow by 14.9 percent this year.
The services sector is estimated to have expanded by 6.6 percent in the first half of the year, primarily supported by growth in wholesale and retail trade and repairs, administrative and support services, financial and insurance activities, professional, scientific and technical services, and information and communication, while the overall 2025 growth target for services is now 8.6 percent.
Meanwhile, the construction sector is estimated to have grown by 29.9 percent in the first half of 2025, supported by government’s expanded public sector investmentpProgramme, along with robust private sector investments across several sectors. The sector is now expected to grow by 26.2 percent in 2025.
Government’s housing drive over the last years not only impacted the construction sector but has also been growing considerably, with additional demand from citizens for their own homes and many accessing lower interest rates at commercial banks for mortgages. The 2025 Mid-Year Report shows that real estate mortgages expanded by 11.4 percent to $173.5 billion, driven by increases in mortgages granted for private dwellings and industrial and commercial properties.
The PPP/C 2025 Manifesto notes that the agenda of the Party is consistent with a robust and viable macroeconomic framework with government’s aim continuing to be the realisation of strong and sustainable economic growth.
“Our policies therefore ensure that the current period of high economic growth is navigated in such a manner as to mitigate the risk of Dutch Disease, contain inflationary pressures, secure competitiveness, and ensure that economic growth results in meaningful and lasting improvements in the well-being of all of the people of our country,” the manifesto further highlighted.
The post Guyana has undergone five consecutive years of expansion in the non-oil economy appeared first on Caribbean News Global.