– Finance Minister says gov’t focuses on inclusive, sustainable model to cushion oil dependence

WITH Guyana’s economy recording 7.5 per cent growth in the first half of 2025 and the non-oil economy expanding by 13.8 per cent, the government says it remains firmly focused on sustaining inclusive, diversified growth.
According to the 2025 Mid-Year Report, the administration is continuing to build on the policy direction outlined in Budget 2025, which emphasises broad-based development across all sectors.
Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, had said the government will continue to leverage this period of rapid transformation and expansion to accelerate investments that support the diversification of the non-oil economy.
“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,” a release from the Ministry of Finance said.
The report underscored that non-oil activities continue to provide strong momentum, even as the petroleum sector expands rapidly.
The agriculture, fishing and forestry sector grew by an estimated nine per cent in the first half of 2025, driven by increased output in other crops, rice, livestock, forestry and sugar.
Within the extractive industries, the mining and quarrying sector expanded by 5.9 per cent, supported by growth across all subsectors — bauxite, gold, other mining, and oil and gas.
The manufacturing sector also recorded robust growth of 26.8 per cent in the first half of the year, with all subcategories performing strongly. The sector is now projected to grow by 14.9 per cent by year-end.
“The services sector is estimated to have expanded by 6.6 per cent 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 per cent,” the Ministry said.
However, the construction sector is estimated to have grown by 29.9 per cent in the first half of 2025, supported by government’s expanded Public Sector Investment Programme, along with robust private sector investments across several sectors. The sector is now expected to grow by 26.2 per cent in 2025.
Government’s housing drive over the last years not only impacted the construction sector but has been growing considerably with additional demand from citizens for their own homes and many accessing lower interest rates at commercial banks for mortgages.
According to the Ministry, the 2025 Mid-Year Report shows that real estate mortgages expanded by 11.4 per cent to $173.5 billion, driven by increases in mortgages granted for private dwellings and industrial and commercial properties.
Additionally, the People’s Progressive Party Civic (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 wellbeing of all of the people of our country,” the Manifesto further highlighted.