Rice production increases over 51 percent for first quarter - BOG report

Rice production increases over 51 percent for first quarter – BOG report

Jun 18, 2017 News

The Bank of Guyana, in its Quarterly Report and Statistical Bulletin, said that only two productive sectors recorded growth for the first quarter of the year. The Bank reported, “Sectoral output growth was uneven during the first quarter of 2017 relative to the corresponding period last year.”
Bank of Guyana stated that the agricultural sector recorded increased production of rice by 51.5 percent. This was reportedly due to greater hectares cultivated, favourable weather and higher yield of 5.8 tonnes per hectare from 5.4 tonnes per hectare for the similar period in 2016.
The Central Bank reported that there was larger output of other crops on account of higher output of citrus, vegetables and other ground provisions. In contrast, it was reported that the sugar industry contracted by 33.8 percent, due to operational constraints, closure of the Wales estate and lower market prices.
Also, the Bank of Guyana stated that the forestry sector declined by 21.1 percent on account of decreases in plywood, round wood and logs by 38.5 percent, 30.2 percent and 29.2 percent respectively. This performance was reportedly due to downsizing of large scale logging companies such as Barama Company Limited and the erosion of international markets.
Bank of Guyana said that poultry production decreased by 8.5 percent.
Also in the report, it was stated that the mining and quarrying industry registered expanded output of gold by 0.5 percent on account of increased production by small to medium scale miners by 4.9 percent to 103,707 ounces or 63.9 percent of total output.
The Bank said that the “two large foreign gold mining companies’ output declined by 6.4 percent or 4,000 ounces to 59,070 ounces, which reflected Guyana Goldfields expanding by 7.4 percent to 43,539 ounces or 26.7 percent of total output while Troy Resources fell by 31.0 percent to 15,531 ounces or 9.5 percent of total output.
“The outturn was attributable to an increase in price by 3.2 percent to US$1,231.1 per ounce from US$1,192.6 per ounce at end-2016. Conversely, bauxite output contracted by 17.7 percent on account of declines in Chemical Grade (CGB) and Calcined Grade (RASC) bauxite by 68.9 percent and 52.2 percent respectively, due to fragile global market conditions. However, metal grade bauxite (MAZ) expanded by 13.5 percent owing to improved metal demand.”

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Rice production increases over 51 percent for first quarter – BOG report

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Rice production increases over 51 percent for first quarter – BOG report

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