In the first half of 2011, the sugar industry showed tentative signs that the path to recovery has commenced. The sector returned a 2011 first crop of 106,871 tonnes, reflecting a 30.5 percent increase over the first crop of 2010 and the best first crop performance since 2004.

Does this include remittances and drugs or?

quote:

Originally posted by Horse Man:
Does this include remittances and drugs or?

Yes. It also fails to account for the fact that "growth" in sugar was partially recovery from 2010 which was a bad year. Not real growth.

Yes the economy "grow" this year. Chicken was $300/lb in January now it is $400/lb.

Thanks Pee Pee Pee de economy grow.

quote:

Originally posted by Gupta:
Yes the economy "grow" this year. Chicken was $300/lb in January now it is $400/lb.

Thanks Pee Pee Pee de economy grow.

This is the problem. The cost of living is going up, and this stresses people like those clearners who mak eless than US$80/month.

Listen to these Katahar. Guyana one of the FEW Cpountries in the World to record a positive Growth and these Nimakarams gat SHIT to talk. Gwan suh al yuh Parasites. Deh Guyanese People nah STUPID.

quote:

Originally posted by Nehru:
Listen to these Katahar. Guyana one of the FEW Cpountries in the World to record a positive Growth and these Nimakarams gat SHIT to talk. Gwan suh al yuh Parasites. Deh Guyanese People nah STUPID.

Get behind the numbers bai, it's gold prices and the spike in sugar prices + coming off of a prior year dip. Always get behind the numbers before you spew swill. There is growth, true, but weak legs and not deeply grounded.

This is fantastic growth...better than the USA or Canada. But where are the jobs?

As far as I know Guyana don't have quarterly GDP data. Only Jamaica and TT do this in the Caribbean. These are just ad hoc data meant for election gimmickry. This is similar to the hydro gimmickry. What is the status with Fip's road, BTW?

5.9% of Fips road has been completed.

quote:

Originally posted by Gupta:
Yes the economy "grow" this year. Chicken was $300/lb in January now it is $400/lb.

Thanks Pee Pee Pee de economy grow.

This is why the numbers mek sense the economy grow and chicken price grow.

The Guyanese economy has seen real growth under the P.P.P/C...

Horsey aka Ossie as the days go by it reveals with an idiot you are...

whatever Albert, you have now been exposed as hostile to the homosexual community and we have it here on record.

The electorate will endorse their party..the peoples party...the peoples progressive party civic with the mantle of governance at the polls in the latter part of the year and let progress continue....

Albert if the economy doing so well how come we are paying the cleaners 15,000 dollars per month below the minimum wage?

I dont want to hear deflection or excuses because then i will move on to policemen how come they are only making 45K per month what exactly will that purchase? underwear? condoms?

The Guyana Economy has indeed exceeded all predictions and the P.P.P/C continues to do an excellent job of managing the economy....the electorate will ensure progress continue by endorsing the P.P.P/C

[QUOTE]Originally posted by Horse Man:
Albert if the economy doing so well how come we are paying the cleaners 15,000 dollars per month below the minimum wage?

I dont want to hear deflection or excuses because then i will move on to policemen how come they are only making 45K per month what exactly will that purchase? underwear? condoms?


Not smart enough to answer the tough questions eh albert? no surprise there

quote:

Originally posted by TK_REDUX:
As far as I know Guyana don't have quarterly GDP data.

You don't live in Guyana and you're not in the 'know' so shut your traps

quote:

Originally posted by SJ4321:

quote:

Originally posted by TK_REDUX:
As far as I know Guyana don't have quarterly GDP data.

You don't live in Guyana and you're not in the 'know' so shut your traps

How is your transition coming along?

*The report said in the mining and quarrying sector, bauxite production reached a total of 815,505 tonnes at the half year, an increase of 38.6 percent compared to the same period in 2010.

*Total gold production in the first half of 2011 was 163,413 ounces, an increase of 14.9 percent over 2010. *Private sector credit grew by 6.7 percent and amounted to $119.8 billion at end June 2011.

*The 2011 first crop (rice) was 207,514 tonnes, 23 percent higher than at the corresponding period in 2010 and the highest first crop in the industry’s history, the report said.

*“The (sugar) sector returned a 2011 first crop of 106,871 tonnes, reflecting a 30.5 percent increase over the first crop of 2010 and the best first crop performance since 2004,” the report said.

quote:

Originally posted by SJ4321:

quote:

Originally posted by TK_REDUX:
As far as I know Guyana don't have quarterly GDP data.

You don't live in Guyana and you're not in the 'know' so shut your traps

He knows way more about Guyana's ecopnomy than you do. All you know is what you are told. Thats why you do not even know the difference between ACTUAL per capita income and PPP per capita income.

My question is, aside from gold, how many of these exports are at record levels? If you control for increased commodity prices, which are beyond the control of Guyanese producers, are these sectors more valuable than say 5 years ago?

quote:

Originally posted by caribj:

My question is, aside from gold, how many of these exports are at record levels? If you control for increased commodity prices, which are beyond the control of Guyanese producers, are these sectors more valuable than say 5 years ago?

Record levels my arse.......

In the first half of 2011, the sugar industry showed tentative signs that the path to recovery
has commenced. The sector returned a 2011 first crop of 106,871 tonnes, reflecting a 30.5 percent
increase over the first crop of 2010 and the best first crop performance since 2004. In a conscious
strategy to realise the targets set for 2011, but beset by wet weather, lingering industrial relations
challenges, and interruptions to harvesting, management decided to redeploy labour resources from
non-harvesting estates to support harvesting activities in those estates that were still in operation.
This yielded favourable returns. The industry continues to emphasise that if workers maximise the
opportunity days available for harvesting for the second crop, the annual target of 298,879 tonnes is
achievable. Recent agreements concluded with the industry’s labour unions on wages and salaries for
2011 are likely to be helpful in this regard. The sector’s projected growth for the full year therefore
remains unrevised at 35.3 percent.


3.4 The rice industry continued its successes of recent years into the first half of 2011. Coming
off a remarkable production performance in 2010, the 2011 first crop rice production at 207,514
tonnes was 23.3 percent higher than the corresponding period in 2010 and the highest first crop in
the industry’s history. This growth in production was attributed mainly to significantly improved
drainage and irrigation as a result of government investments, the development of a new and more
5
tolerant rice strain by the Guyana Rice Development Board, higher yields and, most importantly, a
higher acreage of paddy planted. The presence of favourable international prices served as a
significant catalyst for increased paddy acreages by farmers, although timely payment by millers to
farmers remains an industry concern. The industry at this point in time foresees no impediment to
its attaining the second crop target which, when taken together with the stronger first crop
production, results in an upward revision of projected growth in the industry from 4.9 percent to 12
percent.

3.5 Guyana can consider itself fortunate that, in an era of resurgent growth in food prices
globally and in the Caricom region in particular, local food production and supplies continued to be
effectively secured even in the face of adverse weather conditions. The other crops sector continues
to benefit from Government’s Agricultural Diversification Programme and the Grow More Food
Campaign and at the end of the first half the industry recorded a 3 percent growth rate. Weather
conditions are expected to be more favourable after July, which would augur well for production,
and there is no revision to the projection of 2 percent growth.

3.6 Production in the livestock industry was targeted to remain stable through 2011. However,
for the first half of the year overall production levels actually increased by 2.7 percent, with
increased production evident in areas of poultry meat, table eggs, mutton and beef while pork
production declined. As a result there is a now a higher expectation of the eventual annual output
and the original growth projections have been revised upwards to 0.6 percent.


3.7 At Budget the fisheries industry was targeted to grow just marginally by 0.4 percent over the
production performance of 2010. However, during the first half of the year, the industry recorded a
downward trend, with negative growth of 2.2 percent. A contributory factor in the reduced
production was higher prices for fuel, a critical input in the industry. The industry is now projected
to contract by 4.7 percent in the full year.


3.8 In the forestry sector, during the first half of 2011, production of logs, lumber and
roundwood all contracted, resulting in an overall negative growth in the industry of 30.3 percent.
Notwithstanding the resumed production of plywood manufacturing operations, sustained
international demand for several of Guyana’s traditional species now boosted by the penetration of
6
Guyana’s lesser used species into the international market, and attendant improvement in
international market prices, the sector is now projected to contract by 19.9 percent by year end
compared to an earlier projected contraction of 1.4 percent.


3.9 In the mining and quarrying sector, production of bauxite reached a total of 815,505 tonnes
at the half year, an increase of 38.6 percent compared to the same period in 2010. While both
companies have posted higher production, the increases came largely from the two lower valued
products. The composition of the industry’s output, a higher proportion of lower grade to higher
grade product, converts into a sub-sector growth of 13.8 percent. With this production mix expected
to continue during the second half, the expected growth rate for value added in the bauxite industry
is now projected at 13.4 percent.

Ashni people do not really care about these numbers when we cannot afford to buy chicken and we have to give police a frek here there and everywhere because dem nah get paid.

quote:

Originally posted by SJ4321:

quote:

Originally posted by TK_REDUX:

As far as I know Guyana don't have quarterly GDP data.

You don't live in Guyana and you're not in the 'know' so shut your traps

Are there available the specific types of quarterly reports?

TK_REDUX might not be aware of numerous things, including the availability of these reports.

quote:

Originally posted by Demerara_Guy:

quote:

Originally posted by SJ4321:

quote:

Originally posted by TK_REDUX:

As far as I know Guyana don't have quarterly GDP data.

You don't live in Guyana and you're not in the 'know' so shut your traps

Are there available the specific types of quarterly reports?

TK_REDUX might not be aware of numerous things, including the availability of these reports.

Perhaps, Perhaps not!

quote:

Originally posted by albert:
The Guyanese economy has seen real growth

Thanks to the remittances for the AFC from the diaspora.

quote:

Originally posted by SJ4321:

quote:

Originally posted by TK_REDUX:
As far as I know Guyana don't have quarterly GDP data.

You don't live in Guyana and you're not in the 'know' so shut your traps

This response shows a profound degree of ignorance. Guyana does not report the national accounts statistics - in particular GDP growth each quarter. The Bureau of Stats needs to start reporting these regularly. You don't seem to know what national accounts is right? A proper response will be forthcoming.

There is no doubt that the Guyanese economy has been growing constantly since the P.P.P/C took office...

quote:

Originally posted by Demerara_Guy:

Are there available the specific types of quarterly reports?

TK_REDUX might not be aware of numerous things, including the availability of these reports.

There is a mid year report. His argument about not having a quarterly report is balderdash given that the title of this thread stated that the report was for the 'first half' of 2011

First Half report

SJ, where are the jobs to substantiate this growth?

quote:

Originally posted by albert:
There is no doubt that the Guyanese economy has been growing constantly since the P.P.P/C took office...

I agree, due to Narco trading, remittances and barrels.

But the quality of life has been growing diametrically opposite.

quote:

Originally posted by Mitwah:
SJ, where are the jobs to substantiate this growth?

In ya batty

quote:

Originally posted by SJ4321:

quote:

Originally posted by Mitwah:
SJ, where are the jobs to substantiate this growth?

In me batty

Ashni controll the numbers. He can tell us anything. A growth like that will translate into jobs.

quote:

Originally posted by Mitwah:

quote:

Originally posted by SJ4321:

quote:

Originally posted by Mitwah:
SJ, where are the jobs to substantiate this growth?

In me batty

Ashni controll the numbers. He can tell us anything. A growth like that will translate into jobs.

A large part of the growth in price driven, as in gold and sugar prices. The areas of decline were output driven, meaning the growth has no, or little legs. Without output driven growth, job creation will be stunted, with the people controlling the means of production just getting richer. In this case, the national treasury, as sugar is it the Govt hands and gold is royalty.

If the Govt is smart, they would flow this back to the mauufacturing sectors via targeted and specific tax incentives linked to employment outcomes. This however, cannot be done in a hap-hazard manner as the incentives would go invain. Also, a reduction in the VAT should be in the cards which will immediately create disposable income this boosting domestic commerce.

In the end, this price component of growth will not last, sugar prices will come down and so will gold price. If the legs are not put in-place for this, you can witness a growth disruption and it will be too late to start building these "legs".

quote:

Sj numbers: There is a mid year report. His argument about not having a quarterly report is balderdash given that the title of this thread stated that the report was for the 'first half' of 2011

First Half report

Fool...you think you can just produce a report and impress me when I spent four years of my life working in this exact area. The Bureau of Statistics is responsible constitutionally to produce national accounts statistics for Guyana. Similarly the BOG is charged constitutionally to produce balance of payments (BOP) statistics in Guyana. The Bureau never provided quarterly national accounts (aka GDP statistics). They only did this annually. All of a sudden we are getting these quarterly statistics from the Minister of Finance. I say it is good if the Bureau can start giving us quarterly GDP numbers rather than yearly. But why keep them only for MOF purposes? Jamaica and TT report these for everyone to consume.

quote:

Originally posted by TK_REDUX:


Fool...

And your continued resort to personal attacks highlights precisely how similar you are to those who you wantonly criticse.

BTW .....you resemble a particular individual

quote:

Originally posted by SJ4321:

quote:

Originally posted by Demerara_Guy:

Are there available the specific types of quarterly reports?

TK_REDUX might not be aware of numerous things, including the availability of these reports.

His Excellency Mr Ramjattan and his Team will grow the economy by 7-8% after we fix the social cohesion mess the PPP and PNC left us.

There is a mid year report. His argument about not having a quarterly report is balderdash given that the title of this thread stated that the report was for the 'first half' of 2011

First Half report

That 5.9% Half-Year GDP Growth
Read by Gerhard Ramsaroop, AFC Executive

Introduction

Finance Minister Ashni Singh reported that Guyana’s GDP grew by 5.9% in the first half of 2011. The Minister went to great lengths to emphasize the non-sugar sector aspects of economic growth. We can understand this given the fiasco associated with the new Skeldon factory that has consistently failed to meet its production and employment targets. The Minister gave us the growth rate of several sectors of the economy. Notably absent is the weight of each sector of the economy.

We know that the Bureau of Statistics has rebased the GDP statistics to 2006. One implication here is new weights would have been used for the various sectors of the economy when calculating GDP from 2006. If we play around long enough with the weights we can get higher growth rates without there being any change in the actual output of the sectors. However, this is another issue for another day.

It is important to note that Guyana did not historically publish quarterly breakdown of GDP as several of our sister CARICOM countries – Trinidad and Tobago, Belize, Barbados and Jamaica – have done. It is interesting that Guyanese are offered up these half-year estimates in an election year. We find it strange that the Bureau of Statistics has not been reporting the quarterly GDP statistics. For the Minister to be able to come up with a half-year estimate these numbers must be available. Even the Bank of Guyana does not report them. As a matter of fact, the Bank of Guyana’s monetary policy functions will be better served if the Minister can release these numbers on a quarterly basis. The Minister might need to consult President Jagdeo before this becomes a reality.

The Jagdeo Rate of Growth

The average rate of real GDP growth under President Jagdeo has been 1.95% from 2000 to 2010. This is hardly spectacular. Even if we assume a 5.9% rate of growth for 2011 we will achieve an average rate of growth from 2000 to 2011 of 2.3%. The PPP has a habit of telling Guyanese how well Guyana is doing in spite of the global crisis and problems. What it does not want to face up to is the fact that when the world economy achieved a boom from 2000 to 2007, Guyana grew at a meagre 1.45% in the pre-crisis period. Why has this been the case? Below this release will explain some reasons for this mediocre performance.

Private Investments

A country must have investments if it is to continue growing. Growth, in turn, is critical because it leads to employment creation for citizens. If investments are zero then there will be no growth. We particularly value private investments given the private sector’s ability to generate growth. When analysing private investments we must take the private investment rate (PIR), which is calculated as the dollar amount of private investments divided by GDP. If we look at the PIR since 1992 it has declined continually. It continues to decline into 2010. Therefore, it is a mystery how growth has picked up given Guyana’s declining PIR.

Government investments have however increased while PIR is declining. Government investments have two main aspects: (i) a non-tradable aspect such as construction of roads, schools, bridges, etc; and (ii) a tradable component such as investments by GuySuCo and GuyOil – notable state-owned enterprises. The problem is government investments have been very inefficient to date. The Skeldon sugar factory is a disaster while infrastructure works continue to break up after a few months of being constructed. It is therefore a mystery how Guyana can achieve 5.9% growth with grossly inefficient public investments and falling domestic private investments.

Jobs

While the Minister appears keen to report half-year GDP we still do not have regular statistics on the Guyana labour market. The unemployment rate continues to be a mystery and it is a number typically subjected to political abuse. We also need to know what the rate of labour force participation is, which is calculated by dividing the labour force by the population. Regular labour statistics are critical for the proper management of the economy. In the United States, for instance, they even know the ethnic and gender profile of unemployment. The AFC will be a government of transparency and every effort will be put in place to see these data get collected and reported regularly.

Underground Economy and Remittances

These two have served as an important source of consumption. Guyana receives approximately 40% of GDP in remittances each year. This is one of the highest percentages in the world. Remittance inflows are stable and altruistic. Even when the North American economies enter into recession, Guyanese abroad still remit funds home. Remittances have served as an important pressure valve and have propped up family consumption for years. The inflows have also created a false sense of success among government Ministers. From an economic growth perspective, remittances could contribute to a reduction of labour supply and willingness to work. Remittances is the dual of migration of Guyanese – itself a symptom of the failed policies of the PPP since 1992.

The illegal underground economy has been particularly destructive in terms of security and has made it difficult for legitimate businesses to compete. Drug trafficking and money laundering lead to corruption of at all levels of the society. The WikiLeaks are bringing these out clearly. However, we must note that these illegal activities do not contribute favourably to long-term GDP growth and prosperity. Drug dealing increases the cost of doing business among legitimate business investors.

ress-releases&Itemid=55" target="_blank">Source

quote:

Originally posted by SJ4321:

quote:

Originally posted by TK_REDUX:


Fool...

And your continued resort to personal attacks highlights precisely how similar you are to those who you wantonly criticse.

BTW .....you resemble a particular individual

look like you are the kanwah eye one!