The start-up of the ONE GUYANA floating production, storage and offloading (FPSO) vessel in 2025, played a decisive role in driving trade growth, with sharp increases in imports of agricultural machinery and construction materials, according to Finance Minister Dr. Ashni Singh.
Presenting the 2026 National Budget on January 26, Dr. Singh told the National Assembly that Guyana’s import bill expanded significantly in 2025, largely due to the arrival of the FPSO.
Overall import payments reached an estimated US$10.3 billion at the end of 2025, 50.2 percent higher than in 2024.
He added that growth in capital goods was driven mainly by increased imports of mining machinery, which rose by US$2.7 billion, “while other major contributors were imports of agricultural machinery, building materials, and industrial machinery, which grew by US$124.2 million, US$59.2 million, and US$55.7 million, respectively”.
This was mainly due to higher net non-financial public sector capital, supported by Natural Resource Fund transfers and greater disbursements, as well as improved net foreign direct investment from the ONE GUYANA FPSO, he added.
According to the Finance Minister developments in the oil and gas sector also strengthened Guyana’s external position. Net service payments declined by an estimated US$2.4 billion, while the capital account deficit fell by 19.5% to US$3.2 billion, due largely to transfers from the Natural Resource Fund and higher public sector disbursements.
Guyana’s foreign reserves rose to US$1.3 billion by the end of 2025, supported by a balance of payments surplus, he added.
Meanwhile, oil production remained the dominant growth driver. The Stabroek Block averaged just under 716,000 barrels per day in 2025, supported by output from Liza Destiny, Liza Unity, Prosperity, and the start-up of ONE GUYANA, which produced just under 191,000 barrels per day in the second half of the year.
Dr. Singh said the continued expansion of oil and gas activity is reinforcing growth across non-oil sectors, particularly agriculture, construction and services.
The Stabroek Block is operated by ExxonMobil, which holds a 45% stake, with co-venturers Hess 30%, and CNOOC 25%. The Stabroek Block’s estimated resource base is approximately 11 billion barrels of recoverable resources.
