The country‘s economy is driven by its petroleum industry, although its manufacturing and tour-
ism sectors are also very important. St Kitts and Nevis also did well, registering a GNI of US$13,330 per capita. Tourism and manufac-turing are the main drivers behind the twin-
island federation‘s development, after sugar cultiva-
tion, owing to growing production costs and falling world market prices, was reduced. The tourism sector has been doing particularly well, and the island has seen tourist arrivals expand from 379,473 in 2007 to 587,479 in 2009. It is also tourism which helped Antigua and Barbuda attain its US$12,640 GNI per capita. The
country‘s tourism sector accounts for more than half of the GDP, although the growing medical
schools and its students make very large contributions to the economy.
Guyana‘s CARICOM and South American neighbour Suriname achieved a GNI of US$8,480 per capita although its economy fell on hard times during the 1990‘s. The country‘s ability to beat back
economic hardships and register such a relatively high GNI is a result of government initiatives to diversify the economy, and decrease dependence on Dutch financial assistance. Bauxite mining couple with exploration and exploitation of oil contributes substantially to the
country‘s GDP, although agriculture and ecotourism are important components.
Ranking closer to Guyana was Jamaica and Dominica with GNIs of US$5,140 and US$6,460 per
capita respectively. About 50% of Jamaica‘s economy is built on income generated by tourism
related services. At the same time, Jamaica‘s economy is a fair mixture of state enterprises and pri-
vate businesses, while agriculture, financial and insurance services, manufacturing and mining
play integral roles in the country‘s economy.
Meanwhile, Dominica, whose economy historically depended largely upon gains from its banana and other agricultural endeavours, came back from the brink of a financial crisis in 2003 and 2004 to experience growth levels of 3.5 percent and 4.0 percent in 2005 and 2006 respectively. Growth in 2006 in particular, was said to be the fruit of macroeconomic reforms pursued by gov-ernment, which saw new ground gained in construction, tourism, offshore services and some sec-
tors of the country‘s banana industry.
GuySuCo in deep financial crisis
- owes creditors $10.5B
“No turnaround unless industry fixes agri problems” –
Kaieteur News, January 1, 2014
Government, this year, will be scrambling to find solutions for the country‘s sugar industry as pro-
duction fell to an embarrassing 23-year low in 2013. Production at the eight estates in Berbice and Demerara closed on December 21, the last day of grinding, at a dismal 186,807 tonnes. This was below the 190,000-tonne figure that had been targeted and which had been revised again and again from the original 260,000 tonnes at the beginning of the year. The situation has now left the Guyana Sugar Corporation (GuySuCo) owing banks and suppliers in excess of $10.5B, union offi-cials confirmed yesterday.