budget statement 2012.indd - Grenada Customs & Excise Division

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Last year, the US economy is estimated to have grown by only 1.8 percent leading to only a modest decline in the US unemployment rate from 9.1 percent to 8.8 per cent. The UK, an important tourist market for the Caribbean is estimated to have grown by only 0.9 per cent. The economies in the Euro Zone were depressed as governments there intensified austerity measures to contain a fiscal and debt crisis. GDP is estimated to have expanded by only 1.6 per cent. Emerging and developing economies grew by 5.9 percent compared with 6.2 percent the previous year. This performance was led by China which grew by 9.2 percent compared with 10.2 percent a year earlier and India which grew at 7.4 percent in contrast to 9.9 percent the previous year. So what are the immediate prospects for the global economy? Based on the World Economic Outlook 2011, global output is projected to expand by 3.25 percent in 2012. The USA is expected to grow by 1.8 percent while the UK and Canada are projected to grow by 1.3 percent. It is now confirmed that the Euro-zone is back in recession and will contract by 0.5 percent this year. Unemployment there is now at an all time high of 10.7 percent. Mr. Speaker, these global prospects demand that small open economies like <strong>Grenada</strong> become even more creative in findings ways to sustain our development. 2.2 Recent Economic Performance of CARICOM In its report on the economic performance of Latin America and the Caribbean for 2011, the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) notes I quote: 2012 Budget Statement Page 3
“There is a great possibility of a deep crisis in the Euro-zone, which would significantly affect the global economy overall and would impact our region primarily through the real channels of exports, prices, foreign investment, remittances and tourism and the financial channels of greater volatility, possible capital outflows and difficulties in accessing credit”. End of quote. That report also stresses, Mr. Speaker, that future growth will be intricately tied to the economic performance of developed countries, and a drop in their level of activities would result in a fall in demand for goods, negatively affecting regional exports and the prices of principal export products. Within the CARICOM, the commodity based economies strengthened but there was only marginal recovery in some of the tourism dependent economies. In terms of best performers, Suriname is projected to have grown by 4.5 per cent, followed by Guyana at 4.0 per cent as both countries benefited from high commodity prices. Closer to home, Barbados is projected to have grown by 0.3 percent while Trinidad and Tobago is projected to have contracted by -1.4 percent. Table I Recent Economic Performance of Selected CARICOM countries Country 2009 2010 Preliminary 2011 Forecast 2012 Barbados -4.0 0.3 0.3 1.2 Jamaica -3.0 -1.2 1.5 1.7 Guyana 3.3 4.4 5.3 6.0 Trinidad and Tobago -3.5 -0.6 -1.4 2.6 Sources: World Economic Outlook, International Monetary Fund, October 2011 and ECCB Page 4 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 8 and 9: 2.3 Economic Performance of the Eas
Page 10 and 11: 2.5 ECCU Eight-Point Stabilisation
Page 12 and 13: Manufacturing -4.9 -5.3 3.9 1.5 Ele
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
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Cabinet has received the report and
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With the support of the Government
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or Tainos - and to continue to rais
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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
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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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budget statement 2012.indd - Grenada Customs & Excise Division

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