budget statement 2012.indd - Grenada Customs & Excise Division

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Manufacturing -4.9 -5.3 3.9 1.5 Electricity & Water 3.5 1.2 -0.6 0.2 Construction -7.0 -31.6 -6.3 -8.0 Wholesale & Retail Trade 0.0 -16.8 -1.7 1.5 Hotels & Restaurant 3.0 -12.3 -9.7 4.1 Transport & Communications -2.0 2.0 -9.8 2.0 Financial Intermediaries -2.2 0.7 1.6 -1.0 Real estate & Business -0.1 -1.1 0.9 1.3 Public Administration 3.6 3.0 7.2 0.8 Education 16.0 5.5 1.1 1.8 Health 0.3 2.8 2.7 2.8 Community & Social Services 2.3 -4.6 -2.6 3.0 Private Households 0.6 0.7 0.7 0.8 All Sectors 1.7 -5.7 -1.3 1.1 Total Imports grew by 4.2 percent to $917.1 million. Total Exports grew by 20.8 percent to $84.6 million with manufactured and agricultural exports increasing by 6.9 percent and 30.1 percent respectively. Fish exports, however, declined by an estimated 17.3 percent. Several environmental factors are responsible for this development including global warming and overfishing on the shoreline which is affecting the availability of bait for our fisherfolk. The contributors of foreign exchange to <strong>Grenada</strong> were: Tourism - $290.7 million; Foreign Direct Investment - $104.6 million; Remittances - $77.6 million, Loans to the Public Sector - $74.1 million, Agriculture - $50.7 million, Grants - $41.3 million and Manufacturing - $7.5 million. 2012 Budget Statement Page 9
Chart I – <strong>Grenada</strong>’s Contributors of Foreign Exchange in 2011 Remittances $77.6m Loans $74.1m Grants $41.3m Tourism $290.7 m FDI $106.8m Agriculture $50.7m Manufacturing $7.5m Source: ECCB Inflation as measured by changes in the Consumer Price Index (CPI) was 3.5 percent compared to 6.5 percent for the year 2010. The main factors driving inflation were rising prices of imported food, petroleum and health products. Mindful of the hardships faced by our people, Government implemented several measures to cushion the effect of rising prices: • VAT on cement, lumber, steel and galvanize was cut by half • VAT on chicken drummets was cut to zero • In April, the retail price of a 20 pound cylinder of cooking gas was reduced from $56.46 to $47.96 - a reduction of $8.50 • In December, the retail price of a 20 pound cylinder of cooking gas was again reduced, this time from $47.96 to $45.00 Job creation was constrained by the slow pace of the economic recovery. The National Insurance Scheme (NIS) registration data, Page 10 2012 Budget Statement
Page 2 and 3: CONTENTS 1.0 INTRODUCTION 2.0 INTER
Page 4 and 5: 1.0 INTRODUCTION Mr. Speaker, I beg
Page 6 and 7: Last year, the US economy is estima
Page 8 and 9: 2.3 Economic Performance of the Eas
Page 10 and 11: 2.5 ECCU Eight-Point Stabilisation
Page 14 and 15: which serve as a proxy for employme
Page 16 and 17: TABLE IV - PERFORMANCE OF VAT AND E
Page 18 and 19: US$6 million - October 1997 US$10 m
Page 20 and 21: Education and Human Resource Develo
Page 22 and 23: • Cuthbert Peters Park in Gouyave
Page 24 and 25: 4.0 FOCUS AND THEME OF 2012 BUDGET
Page 26 and 27: During the past year, Government ad
Page 28 and 29: interest payments; and a further $7
Page 30 and 31: • Water Charges - 25% reduction
Page 32 and 33: The focus this year is on the imple
Page 34 and 35: Energy Development is a pillar of t
Page 36 and 37: The direct benefits of this Program
Page 38 and 39: This is an exciting and promising i
Page 40 and 41: nesses commenced operations within
Page 42 and 43: Since January 2011, VAT on cement,
Page 44 and 45: 6.7 JOB CREATION: IMPLEMENTATION OF
Page 46 and 47: Tenders for the construction phase
Page 48 and 49: Venezuela Multi Project This projec
Page 50 and 51: In terms of infrastructural develop
Page 52 and 53: Health System Strengthening Governm
Page 54 and 55: Government will continue its effort
Page 56 and 57: 4. Construction of Dover Hard Court
Page 58 and 59: Cabinet has received the report and
Page 60 and 61: With the support of the Government
Page 62 and 63:
or Tainos - and to continue to rais
Page 64 and 65:
6.23 LAW AND JUSTICE In 2012, the M
Page 66 and 67:
The Force will also modernize its K
Page 68 and 69:
The Caribbean Regional Technical As
Page 70 and 71:
Mr. Speaker, the 2012 Budget shows
Page 72 and 73:
Annex II RevenueCollectionsbyDepart
Page 74 and 75:
Annex IV GrenadaFiscal&DebtIndicato
Page 76 and 77:
Annex VI UseofPetroCaribeFunds 2011
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