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Guyana records continued growth

Jan 12, 2013 News

 

 
– mining and tourism made important impact

The country’s economy has seen a four percent growth for 2012; this was according to Head of State Donald Ramotar. Ramotar made the disclosure yesterday at his first press briefing for the year.
According to the President, last year the economy continued on an upward path. He said that even though the growth is probably about four percent, one must appreciate that fact when they compare it with the whole international economic environment.
The President said that new areas of growth were developed.  He explained that at one time the country solely depended on rice, sugar and bauxite. Although those sectors are still operational, government notes that other areas such as mining and tourism are making an important impact, he added.
He said that is to show that country’s economy base is being boarded and government has tried to diversify the economy from external shocks.
In the area of agriculture, the head of state said that rice did well. However sugar didn’t do so well, because of unmet targets. The President said that if sugar had met these targets the growth rate would have been higher. Focus, he said would be given on further economic growth.
Back in September, it was the Finance Minister who said that Guyana’s economy has grown considerably. Singh had stated that it was gold that was one of the major contributors
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

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