Georgetown, GINA, February 1, 2016
Finance Minister Winston Jordan, against the backdrop of the economy merging from a disruptive year, said the expectation is that 2016 will be a year of recovery, that will put the economy on a higher growth path to realise the "good life".
The following are targets for 2016:
- growth rate of 4.4 percent
- Non-sugar growth is projected at 4.3 percent
- Agriculture, Fishing and Forestry are projected to grow marginally by 0.3 percent.
- Sugar production is targeted to grow by 4.8 percent to 242,287 metric tonnes.
- Rice production is expected to decline by 8.4 percent from the 2015 level to 630,028 metric tonnes.
- Other crops sub-sector is anticipated to grow by a further 2.5 percent and livestock, 0.5 percent.
- Fisheries sub-sector is expected to grow by 1.5 percent.
- Forestry sub-sector is estimated to growth by 2.5 percent with an output of 392,469 cubic metres of timber harvested.
- Mining and quarrying sub-sector is targeted to improve by 16.6 percent, to be driven by gold, whose output is conservatively estimated to increase by 22 percent to 550,000 ounces.
- Other mining (sand and stone) is targeted to improve by 4.4 per cent.
- Bauxite production is expected to be maintained just at the 2015 level of 1,526,467 metric tonnes in light of world market prices.
- Manufacturing sector is projected to decline by 0.7 percent, as a consequence of rice production being scaled back.
- The Services sector is expected to grow by 4 percent, with projected growth in the construction sector of 10.5 percent.
- Inflation is expected to be around 2 percent in light of the predicted increase in growth in almost all sectors
- Overall balance of the balance of payments is expected to improve considerably, to a surplus of US$46.26 million, from a deficit of US$107.68 million in 2015
- Merchandise exports are expected to earn US$1.2 billion, an increase of 2.5 percent. Merchandise imports are projected to rise by 2.7 percent to US$1.5 billion
- Central Government's current revenue is projected at $173.3 billion, an increase of 7.2 percent.
- Tax revenue is projected to increase by $7.6 billion, or 5.3 percent, while non-tax revenue is estimated to grow by $4 billion, or 21.7 percent.
- Value added and income taxes are projected to grow by 9.9 percent and 5.3 percent, respectively.
- Both customs and excise taxes are expected grow by 6.8 percent and 0.7 percent, respectively.
- A total of $8.7 billion is estimated to be transferred to the Consolidated Fund.
- Royalties are expected to amount to $3.9 billion, based on the projected output of Guyana Goldfields Inc. and Troy Resources Inc.