Final report on 2017 economic performance for Parliament, IMF review

Apr 06, 2018 News

Minister of State, Joseph Harmon

Cabinet has approved an end of year outcome statement that provides a full perspective on the economic performance last year.
At a post-Cabinet media briefing yesterday, Minister of State, Joseph Harmon explained that the report was presented to Cabinet on Tuesday by Finance Minister, Winston Jordan.
The report will be tabled in the National Assembly and will also be the subject of intense scrutiny during the upcoming International Monetary Fund (IMF) Article IV Consultations.
According to Harmon, the report submitted by the Finance Minister highlighted statistical data in the areas of production of main commodities by sector, including sugar, rice, bauxite, gold and forestry; annual growth rate by sector, electricity, water construction and service industries.
The report also provides details of prices, the fiscal sector and debt management.
In November last year, Jordan presented the 2018 National Budget which reflected actual data up to October 2017 and projections for November and December 2017.
During his budget speech to the National Assembly, Jordan had said that the overall real growth rate for 2017 was projected at 3.8 percent. By mid-year, 2.2 percent was achieved, up from two percent for the same period the previous year.
The economist recalled that the 2017 projection was subsequently revised from 3.8 percent to 3.1 percent. Jordan attributed this to weak performance in the mining and quarrying sectors, and the sugar and forestry industries. He projected that by the close of 2017, the economy would have achieved a 2.9 percent growth rate. Jordan has estimated that the rice industry was expected to record an output of 602,087 tonnes for 2017, an increase of 12.7 percent over 2016.
Sugar production was projected to decline to 152,000 tonnes in 2017, a 17.2 percent reduction compared to 2016’s output. Preliminary estimates suggested that the livestock industry was projected to grow by 4.4 percent at the end of 2017, compared to a decline of 5.8 percent in 2016.
The forestry sub-sector was also expected to show some improvement, with a projected slowing of the contraction to 7.2 percent in 2017, from 27.3 percent in 2016. Total production for 2017 was projected at 297,070 cubic metres, 10 percent lower than 2016.
Mining and quarrying sector was anticipated to contract by 1.9 percent, compared to the 46.1 percent expansion in 2016. Gold declarations were expected to remain stable, bauxite production and other mining were expected to decline by 2.3 percent and 12.6 percent, respectively.
In 2016, the IMF review concluded that subdued agricultural commodity prices, bad weather, and delays in public investment weighed down activity, while large increases in gold output helped support growth.
Growth in 2017 was expected to be supported by an increase in public investment, continued expansion in the extractive sector, and a recovery in rice production.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News