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Daily Data InsightsGuyana’s oil-driven economy has had the largest GDP per capita growth in the world in recent years

Guyana’s oil-driven economy has had the largest GDP per capita growth in the world in recent years

A line chart from Our World in Data comparing the GDP per capita of Guyana and the world from 1990 to 2022. Guyana’s GDP per capita line shows a sharp increase after 2020, surpassing the global average, which follows a steadier growth trend. The data is sourced from the World Bank and estimates are adjusted for inflation and for differences in the cost of living between countries.

Guyana, a small country in South America, has seen the fastest growth in gross domestic product (GDP) per capita in the world over the past decade.

This is illustrated in the chart, which shows GDP per capita for Guyana and the World, based on estimates from the World Bank.

The data is adjusted for inflation, so Guyana’s sharp growth is not due to price changes over time.

A large and sudden expansion in oil production has driven most of this growth. In 2020, Guyana began extracting oil. From 2020 to 2023, the country’s oil production grew 425%, making it a key contributor to global crude oil supply growth.

Over this period, Guyana’s GDP per capita rose from below the global average to well above it.

Read more about economic development and oil production →

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