Guyana’s economy expanded by an estimated 33.3% in the first half of 2026, according to the Ministry of Finance’s mid-year report, as crude oil exports climbed to US$15.05 billion, up 82.1% from the same period last year.

The report attributes the jump in oil earnings to a combination of higher volumes and stronger prices. Export volumes rose 40%, while average prices increased 28.9%. Total export value across all sectors reached US$16.2 billion in the first half, up 76.4% year on year, with crude oil accounting for the overwhelming share.

Oil production averaged approximately 902,000 barrels per day in the period, up from roughly 639,000 bpd a year earlier, bringing total output to 163.3 million barrels for the half. The increase reflects continued ramp-up at Guyana’s offshore fields under the ExxonMobil-led Stabroek Block consortium.

Non-oil sectors also expanded, growing 10.1% and marking the sixth consecutive year of non-oil growth. Construction, mining and services led that expansion, the Ministry said, pointing to broader economic activity beyond the petroleum sector even as oil continues to dominate headline figures.

The Ministry now projects full-year petroleum revenue of US$6.5 billion, made up of an estimated US$5.9 billion in profit oil and US$508.1 million in royalties. The Natural Resource Fund held US$4.29 billion at the end of June, after US$1.02 billion in withdrawals during the first half. Full-year NRF deposits are now projected to run 136.8% above the assumptions built into the original 2026 budget, a revision that will feed directly into 2027 budget planning.

The oil and gas subsector is projected to grow 41.3% for the full year. The government is continuing its review of the Longtail field’s development plan, a gas-focused project targeting startup in 2030. [confirm current status of Longtail review and any timeline changes since mid-year report]

The figures reinforce the “two-speed Caribbean” dynamic that ECLAC flagged in August, with Guyana’s oil-driven expansion running well ahead of its regional peers and materially widening its fiscal capacity relative to the rest of CARICOM.

The mid-year report was published by Guyana’s Ministry of Finance and reported by Demerara Waves, CBC Barbados and Upstream.