| Guyana‘s economic downturn has been revised negatively for some time now by pundits and experts alike but for the first time in a number of years the country’s economic growth rate has been set at below one per cent.At least this is according to the latest revised figures.The Ministry of Finance over the weekend released the figures for the first half of this year and according to the statistics revealed, “at the time of preparation of Budget 2015, preliminary estimates indicated half year growth rate of 0.9 percent.”According to the Finance Minister Winston Jordan, “with the passage of time and the benefit of actual first half performance in a number of sectors real GDP (Gross Domestic Product) recorded growth of 0.7 per cent in the first half of 2015.”He noted too that the delay in the presentation and passing of the National Budget due to Parliament being prorogued in November of 2014, its dissolution in 2015 and elections being held in May, 2015, contributed to the lower mid-year economic growth compared with similar periods in previous years.This delay meant that many government agencies were unable to carry out their planned programmes for the year.” According to the mid-year report issued by the Finance Minister, many new projects were held in abeyance while only a few projects, which were rolled over from the previous year,Cheap Authentic Jerseys, attracted funding.He said too, “at the same time, the atmosphere of uncertainty and tensions surrounding the holding of General Elections, led to investors postponing decisions in many cases.”According to the Mid-year Report with the installation of a new government and the passage of the National Budget, growth is expected to surge in the second half of 2015 and is projected to reach 3.4 percent, as a result of the measures outlined in Budget 2015.SectorPerformanceRegarding the traditional sectors, Minister Jordan has reported that sugar production grew encouragingly by 1.6 percent in 2015, to reach 81,271 tonnes.He said on the evidence of the first half performance, the whole year projection of 219,Wholesale NFL Jerseys,913 is being maintained.“Even though the industry has projected a more buoyant Mid-Year Report 2015 outcome of 227,400 tonnes for 2015, the lower estimate has been used given past experiences.”He said “this slight increase of 1.7 percent in 2015 production will result from expected better weather conditions, facilitating increased harvesting of canes, coupled with the ongoing efforts to resuscitate GuySuCo including a $12B injection by Government.”According to Minister Jordan, notwithstanding the performance, the industry’s average cost of production remains excessively high.He reported also that the rice industry continued to record exceptional growth.It was noted that in light of that performance, the end of year output and growth projections have been revised upwards to 703,462 tonnes, equivalent to 10.7 percent over the 2014 record production level.Rice SubsidyIt was noted too that the Government has provided generous support to the rice industry,Wholesale Nike NFL Jerseys, with $9B being transferred to the Guyana Rice Development Board by June 2015.However the loss of the Venezuelan market under the Petrocaribe Rice Trade Agreement has heightened uncertainty, according to the Minister’s report.It states too that with pressure mounting to find new markets, the Government is committed to assisting the farmers to find alternative markets and will support Private Sector initiatives to secure the future of the industry.The production of the other crops subsector rose by five percent over the half year output for 2014 and this was as a result of the ongoing support to the subsector.According to Jordan,Discount NFL Jerseys, the subsector is projected to grow by 2.0 percent in 2015.He noted too that the livestock industry grew by 15 percent in the first half of 2015, compared to the same period in 2014, as a result of growth in poultry, egg,China Jerseys Cheap, mutton and milk production.He said the sector is projected to grow by 8.9 percent for this year,Wholesale Authentic Jerseys, with poultry and egg production continuing to be the main drivers of this growth.According to Jordan, “The fisheries sector continued its downward spiral in the first half of 2015, contracting by 11.6 percent.”He said this persistent contraction in the industry has been the result of overfishing and possible under-declaration, combined with smaller fleets,Cheap Jerseys From China, lower harvesting in aquaculture, and piracy. |
