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GYGT stands for Go You Good Thing.

An expression used to express ones joy and encouragement towards another's achievement.

Possibly an Australian phrase.
"Mate, so you're in the final, hey? GYGT."

Or,

(Imagine a room of middle class white blokes in suits, watching a horse race from behind the glass of an executive box)

"Come on, come on, come on, yes. Yes, yes YES! GYGT".
by aliceis February 28, 2011