Full Breakdown
Guyana’s Oil Export Revenues Drive Record Economic Expansion in First Half of 2026
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Oil Export Revenues Surge
Guyana earned more than US $15 billion from crude-oil exports in the first half of 2026, reflecting a 76.4 % rise in total export earnings to US $16.2 billion. The surge stemmed from an 82.1 % increase in crude-oil earnings, driven by a 40 % jump in export volumes and a 28.9 % rise in crude prices. Production climbed from 115.7 million barrels in the same period of 2025 to 163.3 million barrels, raising average daily output from roughly 639,000 to about 902,000 barrels. Four FPSOs operated continuously in the Stabroek Block, and the One Guyana FPSO, launched in August 2025, contributed significantly to the higher output.
Broad-Based Economic Growth
Real gross domestic product (GDP) expanded by an estimated 33.3 % in the first half of 2026, with the non-oil sector growing 10.1 %. Mining and quarrying led non-oil growth at 40.7 %, while oil and gas itself grew 41.3 %. Construction rose 24.7 %, services 7.2 %, and manufacturing 3 %. Gold exports increased by US $269.8 million to US $826.2 million, and non-petroleum exports grew 24.6 % to US $1.146 billion. Net domestic credit reached $1.286 trillion, up 15.5 % from December 2025, with private-sector credit up 11.5 % and real-estate mortgages up 21.2 %.
Fiscal Outlook and the Natural Resource Fund
The government projects full-year petroleum deposits of nearly US $6.5 billion, a 136.8 % increase over the 2026 budget estimate. Of this, US $5.9725 billion is expected from profit-oil sales and US $508.1 million from royalties. The Natural Resource Fund (NRF) held a cumulative balance of US $4.2942 billion at the end of June, after a US $1.02 billion withdrawal in the first half of the year. Projected NRF withdrawals for 2026 total US $3743 billion under the NRF Act.
Official Commentary
President Irfaan Ali highlighted that the strong first-half performance prompted a revision of the full-year real GDP growth forecast to 20.8 %, with the non-oil economy expected to expand 10.2 % for the year. He emphasized that the expanding petroleum sector is fostering job creation, income growth, and broader structural stability, and asserted that the benefits of oil wealth will translate into improved household prospects across Guyana.
