Guyana’s Economy Surges by 43.6% in 2024

Guyana’s economy grew by an impressive 43.6% in 2024, with the non-oil sector expanding by 13.1%, driven by growth in agriculture, mining, and manufacturing. Oil and gas production surged by 57.7%, thanks to increased output from the Prosperity FPSO, boosting crude oil exports by 55%. The 2025 Budget reflects these successes, emphasizing initiatives to enhance wealth creation and sustain economic momentum.

Tax Reforms Provide Relief in 2025 Budget

The 2025 Budget introduced significant tax reforms, raising the income tax threshold to GYD $130,000 and cutting the personal income tax rate from 28% to 25%. Additionally, the first GYD $50,000 of monthly overtime pay will now be tax-free. These measures aim to increase disposable income for over 100,000 taxpayers and remove 22,000 individuals from the tax net, putting GYD $8.5 billion back in citizens’ hands.

Business Opportunities Based On Today’s Developments

Small Enterprises

1. Renewable Energy Solutions and Maintenance

   • Opportunity: With the commissioning of solar projects like the one at Port Mourant Water Treatment Plant and the government's push for renewable energy, small businesses can provide maintenance, repair, and installation services for solar systems.

   • Notes: Focus on training and certification for technicians to ensure high-quality service. Partner with larger renewable energy companies for subcontracting opportunities.

2. Eco-Friendly Vehicle Services

   • Opportunity: With proposed duty reductions on hybrid vehicles, there is a growing market for servicing eco-friendly vehicles, including repairs, spare parts, and charging stations.

   • Notes: Invest in early adoption of EV-related training programs. Partner with GCCI or local distributors to establish a first-mover advantage.

3. Custom Home Décor and Furnishings

   • Opportunity: The Palmyra Housing Project and other housing expansions create demand for home décor, furniture, and fittings tailored to new homeowners.

   • Notes: Focus on affordable, locally made products. Offering package deals for new homebuyers could boost sales.

Medium Enterprises

1. Standardization and Quality Consulting

   • Opportunity: With the GNBS launching a National Standardization Strategy, businesses in consulting, quality management, and certification can thrive by helping other businesses comply with new standards.

   • Notes: Offer training workshops and consulting services for companies across agriculture, manufacturing, and tourism sectors.

2. Smart Farming and Agri-Tech Solutions

   • Opportunity: The conflict between farmland and housing development signals a need for higher efficiency in agriculture. Medium enterprises can offer precision agriculture tools, drip irrigation systems, or farm management software.

   • Notes: Work with government programs to access funding or subsidies. Target regions experiencing the highest encroachment pressures.

3. Renewable Energy Infrastructure Development

   • Opportunity: Collaborate with government projects to install solar farms or supply components for renewable energy systems. Medium enterprises can focus on sourcing, logistics, and secondary installations.

   • Notes: Partner with international renewable energy companies for technology transfer and funding access.

Large Enterprises

1. Renewable Energy Manufacturing and Assembly

   • Opportunity: As Guyana prioritizes renewable energy, large-scale manufacturing of solar panels, inverters, or batteries presents a lucrative opportunity. Establishing a local facility reduces import dependency and positions the company as a leader in green energy.

   • Notes: Seek tax incentives and government partnerships under the LCDS 2030 strategy.

2. Infrastructure Development and Urban Planning

   • Opportunity: With large-scale projects like the Palmyra Housing Project, road expansions, and four-lane highways underway, large enterprises can bid for contracts in construction, road building, or real estate development.

   • Notes: Focus on long-term, public-private partnerships to expand operations. Build capacity for compliance with environmental and social impact assessments.

3. Hybrid and EV Dealerships

   • Opportunity: The GCCI’s recommendation to lower duties on hybrid vehicles creates a ripe market for large enterprises to establish hybrid and electric vehicle dealerships, complete with service centers and battery recycling facilities.

   • Notes: Collaborate with international car brands and develop regional hubs to serve neighboring countries.

General Notes Across Tiers

• Government Partnerships: Across all business sizes, aligning operations with government projects or incentives can reduce costs and ensure steady demand.

• Sustainability Focus: The overarching push for environmental sustainability offers competitive advantages to businesses that align with green practices.

• Innovation and Training: Emphasize training staff and investing in technology to stay ahead of industry trends, particularly in renewable energy and eco-friendly solutions.

These opportunities, tailored to the specific needs of small, medium, and large enterprises, leverage today’s developments to create pathways for growth and innovation.

Side Hustle Ideas Based On Today’s Developments

1. Solar Energy Installation and Maintenance Services

• What it is: With Guyana's push toward renewable energy (e.g., the Port Mourant solar farm), a side hustle offering small-scale solar panel installations for homes and businesses is highly viable. This could include consulting, basic installations, and maintenance for solar panels or water heaters.

• Why it works: Many individuals and small businesses want to lower their electricity bills but lack access to affordable solar solutions. You could target areas underserved by larger energy providers.

• Investment: Training on solar installation (available online) and purchasing basic tools.

• Earning Potential: High, given growing demand for renewable energy in residential and small commercial spaces.

2. Custom Home Improvement Services

• What it is: As the Palmyra Housing Project and other developments progress, offer specialized services such as custom kitchen installations, tiling, or interior painting. Bundle these with affordable décor consultations.

• Why it works: Many new homeowners lack the time or expertise for custom improvements, and developers often leave homes in a basic state. A creative, reliable side hustle could stand out.

• Investment: Minimal tools for painting, tiling, or basic renovations. Upsell services by partnering with local suppliers for discounted materials.

• Earning Potential: Medium to high, depending on the scale of the work and customization levels.

3. Online Business Consulting for Small Enterprises

• What it is: With more businesses looking to grow in Guyana’s expanding economy, side hustlers with experience in marketing, financial planning, or digital presence can offer consulting services to SMEs and startups. Focus areas could include helping local companies integrate with platforms like MMG or improving their digital marketing strategies.

• Why it works: SMEs often lack professional guidance to scale effectively, especially in underdeveloped regions where access to quality consulting is limited.

• Investment: Time and skills. Use free or low-cost tools like Canva for branding or QuickBooks for financial tutorials.

• Earning Potential: Medium, but this can scale over time as word-of-mouth referrals grow.

General Notes

• Leverage the Oil Boom: Many side hustles can target professionals in oil-related industries who have disposable income for services like home improvements or consulting.

• Focus on Underserved Markets: Identify niches where big businesses haven’t yet reached, such as renewable energy for small villages or tailored home services for new housing developments.

• Keep It Flexible: Choose a hustle that doesn’t require a significant time commitment but delivers clear, high-value results to clients.