Latest update April 7th, 2026 12:30 AM
Non-oil exports in 2024 barely reached US$1.8B
…as Gov’t claims non-oil economy can support excessive borrowing
Kaieteur News- In 2024, Guyana’s non-oil exports totaled approximately US$1.8B raising questions about government’s assurance that this revenue stream would be able to service the country’s ballooning debt.
According to information contained in the Bank of Guyana 2024 Annual Report, the export of major commodities accounted raked in US$1,379,000,000. These earnings related to export of sugar, rice, bauxite, gold and timber. See table attached.
Meanwhile, the report highlights that total earnings from all other exports were US$420.2 million – 3.7% more than the value for the same period last year. The document explained, “This increase was primarily on account of higher receipts in the sub-categories of re-exports, ‘other’ (which consists of wildlife, personal effects, handicrafts and nibbi-furniture), manganese ores, diamonds, pharmaceuticals and prepared foods…all other sub-categories recorded lower earnings.”
In 2024, the non-oil sector recorded a 13.1% growth, with massive increases in the production of sand and stone, especially. Marginal increases were also noted in the rice, other crops and forestry sectors.
Table showing ‘other exports’ and the earnings recorded between 2022 and 2024 (Source: Bank of Guyana)
Over the past five years, the country’s economy experienced double digit growth, fueled mostly by the oil and gas sector. With Guyana copping ‘the world’s fastest growing economy’ on account of the rapidly expanding petroleum industry, the government of Guyana (GoG) has also increased the country’s debt over the years.
The argument often made is that Guyana now boasts the lowest debt to Gross Domestic Product (GDP) ratio in the Caribbean. Between 2019 and 2024, the government grew the country’s debt by a significant US$4.2B.
Analysts have however pointed out that the growth in GDP is driven by the increased oil production which the country hardly benefits from. In 2023, Vice President Bharrat Jagdeo was asked by Kaieteur News whether the country’s current borrowing could be sustained by the non-oil sector. He responded in the affirmative.
Table showing the earnings recorded from the major exports between 2022 and 2024 (Source: Bank of Guyana)
“Yes, because as I pointed out now that, and I don’t wanna go back through that again, our debt to GDP (Gross Domestic Product) ratio and our debt service to revenue ratio are among the lowest in the world today as I speak in spite of all the borrowing,” Jagdeo said.
Previously, Advisor to the Opposition Leader on Economics, Elson Low said the nation may be slipping into a debt trap that could see the country failing to meet its loan obligations should oil prices collapse. He reminded that Dr. Ashni Singh informed the International Energy Conference in 2023 that with the tripling of Guyana’s economy, the country is now in a better position to take more loans. Low said, “This implies that the reason we are able to take on more debt is because of the oil sector. As a result, our ability to repay these debts is dependent on the oil sector.”
Debt-to-GDP smokescreen
The Opposition contends that the debt-to-GDP formula is a smokescreen and does not depict the gravity of the administration’s borrowing trend. Low highlighted that since Guyana’s GDP has significantly increased, the ratio reflects a reduced debt. This however does not mean that the country’s total stock of debt has declined; contrarily, Guyana’s public debt has grown substantially. The Opposition Economist explained, “Because the country has grown so quickly, the debt to GDP number has fallen sharply so even if you take on a huge amount of debt you would still have a low debt to GDP ratio. This is misleading however because we must bear in mind that a growth in Guyana’s GDP is not the same as growth in government revenue.”
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