Guyana predicts modest growth at half-year

The Guyana economy is expected to show modest growth during the first half of 2011, Finance Minister Dr Ashni Singh has said.

"The preliminary signs show that the economy performed well in the first half of the year," he said, noting that "rice and sugar did well compared to last year's corresponding period, and that bauxite production was picking up."

The Guyana Sugar Corporation produced more than 106,000 tonnes of sugar, compared with 82,000 tones of the commodity in the first half of 2010, he said.

The finance minister said that despite the progress, the authorities "are cognizant and well aware of the challenges and issues which continue to plague the sugar sector, but there has been marked improvement already, even if the originally anticipated first crop target was not met".

Singh said that the results were similar in the non-traditional sectors.

"Not only are the preliminary data showing good performances in the traditional sectors so far, but in the new and emerging non- traditional areas as well," Singh said, without disclosing any definitive figures as it relates to the actual economic growth.

"We have just started to receive end-June data and it's a little too early to make any quantified announcement as it's too soon after the reporting period, but I would say that all preliminary signs are indicating that the economy performed well in the first half of the year - the news is relatively positive."

Earlier this year, Minister Singh told legislators that Guyana's real gross domestic product was projected to grow by 4.6 per cent this year.

- CMC