PPP/C'S PRUDENT ECONOMIC MANAGEMENT RESULTS IN 2.8% 2012 MID-YEAR GROWTH!!
SIGNS that Guyana’s economy might be on a roll for a sixth consecutive year were confirmed when Finance Minister, Dr Ashni Singh declared that growth, as at mid-yea
Noting that this sort of performance was self-evident of the country’s resilience in the face of economic and other global challenges, Dr Singh said a comprehensive assessment of its economy over the course of the first half of the year has demonstrated that the trend of positive real economic growth had in no way slowed.
“This growth reflects continued progress on the diversification of the productive sector, where we have now arrived at a point where we are no longer as we were 10 years ago: entirely dependent on one, two or three dominant sectors,” he told media operatives during a press conference called on Saturday at the National Communications Network (NCN) on Homestretch Avenue to review the findings of the Mid-Year financial report for 2012.
Key achievements in the first half of 2012
* The domestic economy achieved real growth of 2.8 per cent, with non-sugar gross domestic product expanding by 6.2 per cent. Overall growth for the year is now projected at 3.8 per cent and non-sugar growth at 3.9 per cent.
* Total export earnings grew by 9.2 per cent to US$592.1 million
* Gold production grew by 13.2 per cent to 184,929 ounces and export earnings amounted to US$268 million, an increase of 16.8 per cent over the corresponding period in 2011.
* The bauxite sector grew by 41.9 per cent and export earnings amounted to US$79.4 million, an increase of 21.8 per cent over the corresponding period in 2011.
* Rice production expanded by 1.4 per cent to 210,395 tonnes and export earnings amounted to US$84.6 million.
* The fisheries industry expanded by 13.8 per cent.
* Interest rates trended downwards and inflation remained within acceptable norms at 1.8 per cent in the first half of 2012.
* Private Sector Credit expanded by eight per cent to $145.3 billion.
* Foreign Direct Investment amounted to US$167.2 million in the first half of 2012