Volume of exported goods estimated to expand by 50% annually until 2026

The oil economy of Guyana has experienced tremendous growth in the Gross Domestic Product (GDP), such that the Inter-American Development Bank (IDB) has outlined the possibility that the annual average of exports by volume will only continue to grow with more FPSOs and investment facilitation measures in place. In the IDB’s most recent edition of the Caribbean Economics Quarterly Report: Headwinds Facing the Post-Pandemic Recovery, it was reiterated that in their October 2022 World Economic Outlook (WEO), the International Monetary Fund (IMF) too, projected increased estimates for Guyana’s oil production and GDP growth. This projected increase in volume is attributed to elevated oil production from the operation of two additional floating, production, storage and offloading (FPSO) vessels. These estimates revealed that with a 50% increase in volume, there is a 27.5 per cent higher average compared to the IMF’s earlier estimate of 22.5 per cent in its April 2022 WEO. As it relates to higher annual average GDP growth, estimates leading up to 2026 may see a whopping 18.5 per cent rising to 31.6 per cent; with a 13.1 per cent difference amounting to a significant increase. These estimates represent the improvement of Guyana’s business climate and investment facilitation, as at early 2022, Guyana’s real Gross Domestic Product (GDP) was projected at 47.5 per cent, with a 7.7 per cent expansion in the non-oil economy. During the period of the 2023 National Budget, however, it was highlighted by Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh, that Guyana achieved a real growth of 62.3 per cent overall, with an 11.5 per cent increase in non-oil real GDP, suggesting that the economy performed well over the predictions made.