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Manufacturing sector records mixed performance for 1st Qtr.

Jun 19, 2017 News

 

– BOG report

The manufacturing sector recorded mixed performance for the first quarter of this year. This is according to the Bank of Guyana’s Quarterly Report and Statistical Bulletin.
The bank reported that production of paints, non-alcoholic and alcoholic beverages and flour increased by 6.3 percent, 6.2 percent, 4.1 percent and 2.0 percent respectively, due to stable demand.
In contrast, it was reported that there was lower production of oxygen, margarine, biscuits and stockfeed by 21.0 percent, 7.3 percent, 6.2 percent and 1.8 percent respectively.
Also, Bank of Guyana reported that construction outturn was mixed with improved execution of public projects due to the efficacy of the public investment programme. However, it was recorded that private construction was weak, on account of a relatively subdued housing drive.
Bank of Guyana also reported on the performance of the services sector.
“The services sector recorded low activities during the review period.”
There were sluggish activities in the financial, insurance and other service industries due to rising economic uncertainties and lower private consumption expenditure.
Bank of Guyana reported that private sector credit declined by 1.5 percent compared to the 1.3 percent fall for the same period in 2016. However, electricity generated grew by 1.6 percent relative to 7.1 percent growth in the previous year.

 

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