Guyana Projects 16.2% Growth in 2026 Driven by Oil Expansion

Guyana's Finance Minister Ashni Singh ashni singhpresented the 2026 annual budget on January 26, forecasting a robust 16.2% economic growth, primarily fueled by the burgeoning oil and gas sector. The budget outlines a significant increase in crude oil production, projected to average 840,000 barrels per day in 2026. This expansion is supported by Exxon Mobil Corporation's XOMenhanced production capacity, anticipated to reach 1.15 million barrels per day through a new offshore project set to commence later this year.

The oil sector is expected to grow by 17.9% in 2026, a slight decline from the 21% expansion in 2025, yet maintaining its pivotal role in Guyana's economy. The country, which has recorded six consecutive years of double-digit growth, is Latin America's newest major oil producer and the fifth-largest crude exporter after Brazil BR, Mexico MX, Venezuela VE, and Colombia CO.