According to the latest statistical report of the Central Bank, there was uneven growth within the traditional industries for the first quarter of 2019.
The agricultural sector, for example, experienced growth in forestry on account of higher output of sawnwood and roundwood by 63.0 percent and 12.7 percent, respectively, and was attributed to favourable market conditions. The Guyana Standard understands that output of logs fell by 5.4 percent due to lower demand.
With respect to fish catches, the Bank of Guyana noted that there was an increase of 15.5 percent and it was driven by the operation of more fishing vessels. Output of other crops, such as fruits and vegetables, increased to satisfy local and foreign demand. Central Bank also noted that sugar output declined by 34.3 percent with the restructuring of the Guyana Sugar Corporation (GuySuCo) while rice output declined by 9.3 percent due to rice bug infestation and increased costs for inputs.
Turning its attention to mining and quarrying, Central Bank said that this sector registered lower production, reflecting a decline in the declaration of gold by 4.9 percent. It said that this outturn was due to lower output by the two foreign gold mining companies by 15.0 percent. The Bank noted that Troy Resources output declined by 40.4 percent while Guyana Goldfields Inc. output increased marginally by 1.0 percent. In contrast, the local gold miners’ declarations were higher by 3.6 percent. Moreover, the gold industry it said, experienced a 2.0 percent decline in its average export price.
This news agency also understands that the production of bauxite contracted by 24.4 percent due to major industrial unrest at RUSAL operations. Central Bank said that the production of Chemical Grade Bauxite (CGB) and Metallurgical (MAZ) decreased by 47.2 percent and 24.1 percent respectively.
With regard to construction activities, Central Bank said that this increased from higher private and public investments. It said that the outturn in the services’ sector was reflective of activities in the real estate and storage subsectors. Furthermore, Central Bank said that preliminary estimates suggest that the activities of the petroleum industry have capitalised economic activities, particularly in the construction and services sector during the first quarter of the year.
As for the manufacturing sector, mixed performance was registered. Production of ice cream, margarine and non-alcoholic beverages expanded by 37.6 percent, 20.7 percent, and 19.1 percent respectively. Conversely, the output of oxygen, liquid pharmaceuticals, acetylene, and nitrogen gas decreased by 60.1 percent, 26.2 percent, 16.6 percent, and 8.5 percent respectively.
