Latest update March 31st, 2025 5:30 PM
Latest News
- Bandits cut through roof to rob WBD Supermarket
- Court Orders “Critic” to pay the Mohameds $52M
- ExxonM and CNOOC sticking to 11B barrels figure in Stabroek Block, but Hess says estimate higher
- Deadly Israeli strikes mar Gaza Eid celebrations
- Govt. to roll out automated speed ticketing system next week
Economy has grown considerably for the year – Finance Minister
– Gold industry a significant contributor
By Latoya Giles
Guyana’s economy has grown considerably over the last six months, says Finance Minister Ashni Singh – with gold being one of the major contributors. The minister made this disclosure yesterday at a press conference discussing the half-year economic review.
According to the Minster, the domestic economy achieved real growth of 2.8 percent, with non-sugar gross domestic product expanding by 6.2 percent. He said that an overall growth for the year is now projected at 3.8 percent and non-sugar growth at 3.9 percent. Dr. Singh noted that the total export earnings grew by 9.2 percent to US$592.1 million.
Minister of Finance Ashni Singh
With gold being a major contributor to the economy, the minister said that production grew by 13.2 percent to 184,929 ounces and export earnings amounted to US$268 million, pushing it to an increase of 16.8 percent over the corresponding period in 2011.
Surprisingly the bauxite sector grew by 41.9 percent. Dr. Singh revealed that the export earnings amounted to US$79.4 million, an increase of 21.8 percent over the corresponding period in 2011. Moreover, he told the media that rice production expanded by 1.4 percent to 210,395 tonnes and export earnings amounted to US$84.6 million.
The fishing industry also saw some growth, according to the minister, with an expansion of 13.8 percent being recorded so far for the year. Interest rates trended downwards and inflation remained within acceptable norms at 1.8 percent in the first half of 2012.
“Private Sector Credit expanded by 8 percent to $145.3 billion and Foreign Direct Investment amounted to US$167.2 million in the first half of 2012,” Singh stated.
Henceforth in the education sector, the minister said that some $10.2 billion was expended. He explained that the national school feeding programme benefitted over 46,000 students, with the hinterland venture serving more than 16,000 children in Regions one, seven, eight and nine.
“The national school uniform assistance programme provided for the distribution of 165,000 vouchers throughout coastal regions; while over 29,000 hinterland students will benefit from the distribution of school uniforms” the minister highlighted.
In the area of ICT, some 46 training courses were completed in the regions and 1,150 teachers were trained. The minister went on to say that $6.4 billion was expended in the Health sector in the first half of 2012. He added that medical outreaches were carried out in the Lethem, Mabaruma and Bartica areas to the benefit of over 500 persons.
Further, a Masters in Obstetrics and Gynecology was launched in the first half of 2012, with the enrollment of six candidates, and eleven medical support staffers were trained in neo-natal intensive care. Dr. Singh said that over 21,000 mothers and children benefitted from the distribution of nutritional supplements for children (infant sprinkles) and ante-natal supplements.
In the area of housing, a whopping $1.2 billion has already being expended so far for this year, with some 1,154 house lots being distributed. He said that 1,701 titles were processed in the first half of the year. 58 core homes were constructed and distributed.
According to the Finance Minister, under the second low income settlements programme, 148 professionals drawn from the Teachers’ Union, the Nurses Association and the Police Association were pre-qualified and referred to banks for fast track access to loans for home construction.
Singh said 79 families benefited from the distribution of subsidies on the coastland, while two Amerindian families benefited from full house and roof improvement subsidies and another 72 families have qualified for similar benefits in the Whitewater and Manawarin Amerindian Villages.
The minister expressed optimism that the growth would continue.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Choosing between bad and worse
Peeping Tom… Kaieteur News- I’ve always had an aversion to elections, which I suppose is natural for someone who... more
Weekend Cartoon
