Economy sees marginal growth for first half of 2017
Aug 05, 2017 , http://www.kaieteurnewsonline....-first-half-of-2017/
—Agriculture sector experiences overall growth
In spite of criticisms in recent months, the statistics show that the economy actually grew in the first half of 2017.
This is according to the 2017 Mid-Year Report. The document was released by the Ministry of Finance yesterday.
According to the document, economic growth in the first half of 2017 rose to 2.2 percent, compared to 2.0 percent for the same period last year.
The Finance Ministry said that this marginal increase was mainly driven by several factors. These include the expansion of the agriculture, fishing, and forestry sector with the manufacturing, construction, and services sectors also making significant contributions.
The Ministry said that growth in the agriculture, fishing, and forestry sector was led by expansion in the rice and fishing industries, attributable to favourable international prices, strong demand, and entry into new markets.
Overall, the Ministry said that the agriculture, fishing, and forestry sector grew by 6.4 percent, in the first half of 2017, underpinned by a strong recovery in the rice industry and improved performance in the fishing industry.
The rice production in the first half of 2017, recorded 349,867 tonnes, an increase of 31.6 percent over production in the first half of 2016. This noteworthy performance was attributed to a rise in acreage sown in all regions, especially in Region Five, where acreage sown rose by 30 percent to 42,595.
In addition to Government, the Ministry said that farmers as well as millers have also been actively engaged in seeking new markets.
The Ministry said that the pursuit of new markets has resulted in exports to Mexico of over $1 billion.
In fact, Ministry officials asserted that exports to Cuba of 15,000 tonnes, during the second half, are expected to contribute to the expansion of the industry. They noted that this is the first such shipment in over 40 years.
In addition to seeking new markets, the Ministry said that the Guyana Rice Development Board (GRDB) has been promoting value-added products in the industry.
In the first half of 2017, the Ministry said that the Burma Rice Research Station started research on a wheat-rice blend of flour, an initiative in which the private sector has shown keen interest.
Given these new developments, the Ministry said that rice production for 2017 is forecast to reach 590,000 tonnes, representing a growth of 10.4 percent over the production in 2016.
The major risks to the second crop include persistent untimely rainfall, which, so far, has damaged approximately 339.2 hectares.