Manufacturing, Construction Sectors booming- Half Year Report

Oct 30, 2021 News

Kaieteur Kews – The country’s manufacturing and construction sectors’ performance boomed in the first half of this year, when compared to the same period for last year. This is according to the recently released Bank of Guyana (BoG) Half-Year Report.
The sectors’ performance this year was attributed to the lifting of some COVID-19 restrictions that were put in place and that of the reopening of the economy.
In the government’s half-year report, it stated that the construction industry “boomed, registering a growth of 25.5 percent.” In last year’s half-year report, it was noted that this industry declined by a 5.6 percent due to lower levels of both public and private sector activities.
The 2020 report also noted that the decline was a result of the COVID-19 pandemic restrictive measures and the absence of the 2020 National budget for public investments.
Meanwhile, the BoG report this year outlined that the 25.5 percent growth is due to the rehabilitation of major projects as well as the increase in public and private infrastructure projects and home construction projects.
As for the manufacturing sector, the Bank indicated that it recorded a 13.1 percent growth when compared with a 0.2 percent at the end of June 2020.
“This outturn reflected a 23.1 percent rise in output of ‘other’ manufacturing and 3.1 percent increase in rice manufacturing, which together offset the decline of 17.2 percent in the value-added of sugar,” the Bank explained.
The Report stated that ‘other’ manufacturing industries recorded increases in the categories of alcoholic beverages, which grew by 48.0 percent, paints which grew by 34.3 percent, malta which grew by 20.3, liquid pharmaceuticals which grew by 10.4 percent, non-alcoholic beverages which grew by 9.4 percent and electricity which grew by 3.8 percent. This is because economic activities thrived as a result of the economy reopening.
As for 2020, ‘other’ manufacturing industries declined.
According the 2020 half-year report, the decline in this industry was due to the pandemic’s restrictive measures.

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