| Over the years, the bauxite industry has performed poorly, with local economists foreseeing no positive development signs in the near future. It appears however,Cheap NFL Jerseys China, that the sector is poised to make a comeback.According to officials within the Economic Policy Analysis Unit (EPAU) of the Ministry of Finance, production in the bauxite industry has regained momentum.The officials said that this is after slowing production rates in April and May, giving rise to cautious optimism that the industry will return to positive growth in 2016.Kaieteur News understands that the most recently analyzed figures for the sector showed that bauxite production for July last was 122,157 tonnes compared to 117,883 tonnes in July,Cheap Jerseys Free Shipping, 2015.The analysts said that this brings bauxite production from January to July, 2016 to 882,NFL Jerseys From China,847 tonnes compared to 864,707 tonnes produced during the same period in 2015. They said that this represents an increase of 2.1 percent.Additionally, the officials said that except for the months of April and May, bauxite production has been consistently higher in 2016 compared to 2015. They said that this consistency is mainly attributed to improved efficiency.Regarding production for June, last, figures were pegged at 89,Cheap Jerseys From China,534 tonnes compared to 73,352 tonnes in June, 2015. The Ministry of Finance officials said that this brings bauxite production from January to June, 2016 to 760,689 tonnes compared to 746,824 tonnes during the same period in 2015.As for May, last, the analysts said that bauxite production was 96,772 tonnes compared to 122,237 tonnes in May,Wholesale Nike NFL Jerseys, 2015.It was in 2015 that Finance Minister, Winston Jordan had said that bauxite continued to experience unfavourable global markets, resulting in both bauxite companies in the industry producing below capacity.He said that encouragingly however, Canadian-owned First Bauxite is going ahead with opening a new mine in the Bonasika area, having recently completed the feasibility study for mining bauxite in that area.The Finance Minister said it is important to note that the bauxite sector underperformed in 2015, largely due to low commodity prices. During 2016,Authentic NBA Store, he said that the sector will continue to face challenges,Cheap Jerseys 2018, as commodity prices are expected to remain low.The economist said that work is presently underway to stimulate greater foreign and local investment in the forestry sector, especially in value added activities.The Economic Policy Analysis Unit is one which on a monthly basis provides an update on some of the important developments within Guyana’s economy.It also provides an update on the forecast of key economic variables within Guyana’s economy. |
