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Guyana's economy projected to expand by 5.6 percent in 2014
Published on March 26, 2014 Email To Friend    Print Version

GEORGETOWN, Guyana (GINA) -- Guyana’s economy is projected to expand by 5.6 percent in 2014, with the non-sugar economy projected to grow by 5.2 percent.

Agriculture

With the sugar industry projected to record an improvement of 15.6 percent in output to 215,910 tonnes in 2014, the importance of this industry in national development will see government’s continued support to transform the industry into a profitable one in the long -term.

The rice industry is projected to grow by a moderate 1 percent, with a production target of 540,793 tonnes, coming off the bumper crop of 2013. In addition, emerging challenges have manifested early in 2014, including lower paddy prices, late payment by millers, and some degree of uncertainty in key export markets.

Further, as livestock continues to be a major contributor to overall agriculture, it is targeted to grow by 3.3 percent in 2014. In addition, the forestry sector is programmed to expand by 3.3 percent, associated with improved monitoring and management practices and buy-in and cooperation of the harvesters. The improved monitoring and management of fishing grounds is expected to return a 2.2 percent increase in output in the fishing industry.

Industry

The mining and quarrying sector is expected to return a moderate growth of 2.8 percent in 2014. Gold which is the dominant factor in this sector is targeted to produce 484,562 ounces, a moderate growth of 0.7 percent, reflecting the volatility of world market prices and consequent impact on investment and production. However, the bauxite industry is projected to expand by 11.5 percent, mainly due to expanded production levels of metal grade bauxite.

The manufacturing sector is projected to achieve a robust growth performance of 7.1 percent in 2014, primarily based on the anticipated recovery of the sugar industry.

Services

The services sector is projected to grow at 6 percent and the construction sector, one of the major engines of growth in recent years, growing by an expected 7.5 percent. Rental of dwellings sector is projected to grow by 9 percent.

Following a slowdown in 2013, the wholesale and retail sector is projected to grow by 4.5 percent, in line with the anticipated growth performances of key commodity and manufacturing sectors.

Meanwhile, the transportation and storage sector is projected to expand by 8.4 percent, reflecting the continued expansion of economic activity in the hinterland areas.

Further, the information and communication sector is expected to grow by 4.2 percent, as the economy continues to embrace and adopt the latest in digital technology. The banking sector has been a catalyst in the continued expansion of economic activity, recording double digit growth in recent years, and is expected to grow by 11.8 percent in 2014.

Additionally, the electricity and water sector is projected to expand by 7.2 percent, while education, health and other services are estimated to grow by 4 percent, 3.8 percent and 7.6 percent respectively.
 
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