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Economic growth rate reviewed

Screen Shot 2014-08-11 at 6.24.16 PMThough the figure is less than that projected in his budget speech, the revised projection is in line with what international financial institutions have been predicting.

According to the Minister of Finance, Dr AShni Singh, the economy is now projected to grow by 4.5% this year. That’s 1.1% less than what he predicted in his budget speech. The revised target is in line with the estimate of the World Bank and the International Monetary Fund.

For the first half of this year, the economy grew by 3.2 percent.

In his mid-year report, the Minister highlighted key areas of growth in the economy.

The rice industry is reporting an unprecedented production boom, with production in the first crop of this year recorded at over 312,000 tonnes – that’s 18% more than last year.

Though sugar continues to stare down a dismal outlook, the industry reporting production figures of close to 264, 000 tonnes, 18% better than last year.

Gold production figures plummeted by 18%.

IN forestry, the Minister credited the 38% growth to the introduction of new incentives to support harvesters.

Other sectors recording growth were manufacturing, construction and the wholesale and retail sector.

Minus gold, total exports grew by 4.3 percent to US$307.5 million in the first half of this year.

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