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Date: October 28, 2013 at 17:17:30
From: News, [65.48.205.137]
Subject: Grenada's Economy growing under Dr. Mitchell's Government says ECCB

 

Grenada's Economy growing under Dr. Mitchell's
Government says ECCB

ST. GEORGE'S, GRENADA, Monday, October 28, 2013 - GIS:
Measures introduced by the 7 month old New
National Party administration since taking up office in
February are reaping big benefits for Grenada,
according to the Eastern Caribbean Central Bank

The latest quarterly report from the ECCB released on
Monday said the Grenada economy has expanded in the
first half of the year, influenced by developments in
the construction and manufacturing sectors.

The report explained that Construction activity has
rebounded in the first half of 2013, recording positive
growth for the first time since 2006.
According to the ECCB, the expansion in construction
was also supported by growth in the public sector
capital programme, as evidenced by the increased
outlays for capital expenditure.

The report said Public sector construction activity was
primarily limited to the maintenance and rehabilitation
of roads, schools and other public buildings.
In presenting the 2013 budget in Parliament in April,
Prime Minister Dr.Keith Mitchell announced stimulus
measures to the construction sector by reducing VAT on
a number of construction items to 5% from the 1st, May,
2013 to December 31, 2014.

These included sand, cement, Roofing materials, steel,
lumber and construction blocks.

The report suggested that the pace of economic activity
is projected to accelerate in the remainder of 2013.

The April to June report, which provided reviews of all
the Eastern Caribbean Currency Union members, is also
available on the ECCB website.

Government Information Service


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