The extractive sector continued to play a major role in Guyana’s economy in 2023, contributing significantly to GDP, government revenues, and exports.
Data from the GYEITI Data Dissemination Bulletin FY 2022 vs FY 2023 shows that the sector accounted for 72.30% of total GDP, 61.55% of total government revenues, and 95.03% of total exports in FY 2023.
The oil and gas industry remained the dominant contributor across all three areas:
- 68.38% of GDP (GYD BIL 2687.63)
- 58.01% of Government Revenues (GYD BIL 384.26)
- 87.67% of Total Exports (GYD BIL 2414.74)
Mining remained the second-largest extractive contributor, while forestry and fisheries made comparatively smaller contributions.
Compared to FY 2022, the extractive sector recorded continued growth in FY 2023:
- GDP contribution increased by GYD 857.03 billion (46.82%)
- Government revenue contribution increased by GYD 55.10 billion (16.74%)
- Export contribution increased by GYD 360.21 billion (17.53%)
These figures highlight the growing economic importance of the extractive industries and the continued impact of the oil and gas sector on Guyana’s overall economic performance.
