Guyana's Oil Boom
A Visual Journey Through Guyana's Economic Transformation
Guyana was once, one of the poorest nations in the Americas.
In 1990, it had the lowest GDP per capita among South American countries at $951, second only to Bolivia at $723.
In May 2015, ExxonMobil announced the discovery of 90 meters of high-quality, oil-bearing sandstone reservoirs, about 200 km off the coast—one of the largest crude oil finds of the past decade. Since then, Guyana has seen an unprecedented economic transformation. Its rapidly growing GDP has catapulted it among the highest per capita income countries in South America, with significant gains expected in the coming years.
To demonstrate this, have a look at the Annual Percent change of Real GDP growth numbers since 2019. The single digit number prior to 2019 are now transformed into jaw dropping numbers, and the economy is almost tripled in size since the oil discoveries.
This series of visualizations provides insights into Guyana's economic rise, focusing on key indicators such as GDP per capita growth, oil exports, and trade relationships.
In this post, we’ll explore Guyana’s economic ascent through four key visualizations:
GDP Per Capita Growth: How Guyana’s economic standing compares to other South American countries.
GDP Per Capita (PPP): Adjusting for purchasing power to reflect Guyana's real growth.
Oil Export Growth: A closer look at the role oil exports play in the country’s revenue.
Export Partners: A mapping of Guyana’s key trade partners and its growing influence in the global market.
These graphs attempt to highlight Guyana's swift rise and provide context for understanding how its oil-driven economy is shaping the nation's future. While oil wealth has transformed the country’s finances, it also presents challenges, particularly in ensuring that the benefits of this growth are widely shared among all Guyanese.
As expected, it is drawing a lot of attention from across the world in terms of investment opportunites, trade relations and more. There are a several challenges and complex dynamics that will shape the next days in Guyana’s growth story , determining whether this oil boom becomes a oil boon or an oil curse.
Share your thoughts about this economic journey of Guyana and how you anticipate this journey to unfold.
Sources: