Significantly higher oil production led to extraordinary economic growth in Guyana in 2022. The economy grew by 62.3% in real terms. The non-oil economy, which increased by 11.5%, also made notable contribution to the gross domestic product (GDP) following the ceasing of COVID-19 restrictions in 2022. Fiscal performance, however, led to a widening of the overall deficit. Meanwhile, the public debt ratio declined given the strong growth in the oil sector; but debt in relation to the non-oil economy decreased less. The balance of payments (BOP) recorded a marginally smaller surplus and the financial sector remained relatively stable.

The economic outlook for 2023 is positive. Growth is expected to be driven by the continued expansion in the oil sector with positive knock-on effect on the non-oil sector.