Annual Report 2012
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GRENADA CHAMBER OF INDUSTRY AND COMMERCE
Annual Report 2012
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Your
BUSINESS Is Our Business
Let Us Help You... Increase Your Business visibility. Receive information on how to develop and improve your Business. Network with regional and international Business Chambers. By working together to develop and represent the Business Community. By ensuring advocacy of Private Sector issues.
GRENADA CHAMBER OF INDUSTRY AND COMMERCE
11 Frequente Industrial Park, St. George’s, Grenada Tel: (473) 440-2937/4485 . Fax: (473) 440-6627 Email: gcic@grenadachamber.org . Website: www.grenadachamber.org
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MISSION :
To be a reliable, effective and adaptive vehicle for Private Sector Advocacy, providing critical resources and facilitating initiatives for National Development.
VISION :
To lead the process in the creation of a strong, unified, globally competitive Private Sector, working in effective partnership with Government and Civil Society and driving Economic and Social Development.
MOTTO :
Your Business is our Business.
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CONTENTS 6
Board of Directors
7
Members of the Secretariat
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Private Sector Representative on Statutory Boards and Committees
10
President’s Review
14
Trade Update for 2012
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The Grenada Bureau of Standards
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Report of the Senate Activities for 2012
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Major Projects Committee Report 2012
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2012 Report on Grenada Ports Authority
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2012 Grenada Industrial Development Corporation Report
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Report of TAMCC Council for Year 2012
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Grenada Solid Waste Management Authority
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Grenada Authority for the Regulation of Financial Institutions
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Junior Achievement of Grenada
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Custom Brokers Report for 2012
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GCIC 24th Banquet Awards & Dinner
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Inter-sector Windball Cricket Competition 2012
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GCIC Calender of Events 2013
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Selected Economic Indicators 2012
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Grenada Bottling Co. Ltd. P.O. Box 76, Tempe St. George’s, Grenada Tel: 440-2222 / 1555
Recipient of the Manufacturer of the Year Award
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BOARD OF DIRECTORS
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Mrs. Aine Brathwaite President
Mr. Ruel Edwards 1st Vice President
Mr. Simon Stiell 2nd Vice President
Mr. Keith Johnson Treasurer
Mr. Mervyn Lord Assistant Treasurer
Mr. Clive Hosten Director
Mr. Wayne James Director
Mr. Elton Charles Director
Mr. Glynn Thomas Director
Mr. Nicholas George Director
Mrs. Hazelann Hutchinson Executive Director
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MEMBERS OF THE SECRETARIAT
*From Left to Right
Mrs. Hazelann Hutchinson
Executive Director
Ms. Jessie Cumberbatch
Junior Achievement Co-ordinator
Ms. Eudine Thomas
Administrative Assistant
Ms. Dolores Parke
Office Assistant/Attendant
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List of 2012 Statutory Boards/Committees and Representatives Custom Brokers Association
Mr. Valentino Sawney
EPA Steering Committee
Mrs. Hazelann Hutchinson
Grenada Bureau of Standards
Dr. Reginald Buckmire
Grenada Industrial Development Corporation
Mrs. Aine Brathwaite
Grenada International Financial Services Authority
Mr. Basil Harford
Grenada Pharmacy Council
Mr. Cedric Mitchell
Grenada Ports Authority
Mrs. Hazelann Hutchinson
Grenada Solid Waste Management Authority
Mrs. Aine Brathwaite
Junior Achievement
Mr. Nicholas George
Major Projects Coordinating Committee
Mrs. Aine Brathwaite
National Trade Facilitation Task Force
Mrs. Hazelann Hutchinson
Non State Actors Panel
Mrs. Hazelann Hutchinson
Social Protocol
Mrs. Aine Brathwaite
Sustainable Development Council
Mrs. Aine Brathwaite
T A Marryshow Community College
Senator Christopher De Allie
The Senate
Senator Christopher De Allie
Hall of Justice Project
Ms. Leslie Ann Seon
Regional OECS Business Council
Mrs. Aine Brathwaite / Mrs. Hazelann Hutchinson
GCIC Committees Events & Marketing
Mr. Clive Hosten
Junior Achievement
Mr. Nicholas George
Finance Committee
Mr. Keith Johnson
Membership
Mrs. Hazelann Hutchinson
Advocacy Committee
Mrs. Aine Brathwaite
Bus Shelter Committee
Mr. Wayne James
Inter-Sector Windball Committee
Mr. Wayne James / Mr. Kelly Gangadeen
Economic Affairs Committee
Mrs. Aine Brathwaite
This is how we 9
Annual Report 2012
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President’s Review
By: Mrs. Aine Brathwaite 2012 witnessed Grenadian businesses holding on with their fingernails. We saw empty buildings, rising unemployment and greater financial difficulties for both private and public sectors. The national and global outlook itself had not improved enough to create any feeling of security and the continuing unpredictability in the financial markets and economies of our traditional trading partners did not encourage foreign or local investment. 2012, in a nutmeg, was an extremely difficult year.
was on hold through to the end of the year.
Advocacy
Under the umbrella of the Grenada Private Sector Organization (GPSO), the affiliate bodies of the Grenada Chamber of Commerce, Grenada Employers Federation and the Grenada Hotel and Tourism Association, was very active in areas of advocacy.
With Government indebtedness to businesses estimated to be approximately $100 million as of December 2012, we applaud the business community for remaining resilient despite all the pressures surrounding them.
The GPSO supported the security firms in their efforts to slow the implementation of the minimum wage in 2012 and spread it over two years. As a result of this government action, we saw the closure of one security firm and the retrenchment of security officers with the installation of electronic surveillance systems.
And additionally, the proroguing of Parliament for five months placed the business community and government at a standstill. The country
The GPSO also advocated strongly against the amendment of Section 66 of the Labour Code as a result of the Grenada Breweries/
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TAWU impasse. At the end of the year, the amendment was still in the Lower House. The job is not yet over but the GPSO will continue to lobby against its implementation. The consequences of this amendment would be too dire for all foreign and local investment.
Manufacturers’ VAT Rebate
A comprehensive report was prepared on the effects of the VAT on manufacturing. This had been submitted to Government to use in their deliberations on VAT issues related to manufacturing. The road was rocky and while the VAT rebate was extended to December 31, 2012, in anticipation of a new regime for January 1, 2013, there was no firm agreement
on the way forward. The main concern for manufacturers was the effect on cash flow problems and how the rebate would be offset. Other sectors affected by the VAT and being supported by the GCIC was the construction industry where the regulatory framework has not been properly documented and real estate where transactions were being reassessed by the Inland Revenue Department after the completion of the sale and finally, the motor dealers who submitted a proposal to the government to improve sales volumes and consequently, revenues to government.
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Social Protocol
During the latter part of 2012, economic difficulties forced government, trade unions and the private sector to a resumption of the social partners’ meeting where issues were aired and discussed. We consider this move critical to forward positive momentum on all developmental issues.
Business Lunches
Our business lunches continued to be well received and supported. Efforts were made to facilitate discussions on topical issues and attract interesting speakers. But to put it frankly, we need more financial sponsorship from our business community.
Business Awards
In November, the Business Awards – our equivalent to the Oscars – took place at the Spice Basket. Focus was placed on highlighting businesses as opposed to the event itself. For the first time, the event was nationally televised. The guest speaker was Dr. Warren Smith, President of the Caribbean Development Bank. While we did not generate as much revenue from the event as in previous years, the public relations effect did the Chamber well and for 2013, we look to increase revenues from the event with different types of sponsorship packages. Also for the first time, we used social media, both Facebook and texting, to reach out to the members and the general public. The response was heartening.
OECS Business Council
The private sector in the OECS is engaged in establishing the OECS Business Council. The Council’s mission and I quote, “is to be the premier business advocacy and best practices organization in the region where collaboration with governments, national, regional and international institutions, creates an environment that facilitates business so that the private sector becomes the engine of growth”. This strengthening of the OECS private sector should facilitate us in access to funding, building partnerships among common businesses and between the different social sectors and representation on the Monetary Council for a more effective voice at a regional level.
Website
Plans were put in motion to set up a technologically modern and effective website for the Chamber to better meet the needs of members. This will be implemented in 2013.
Membership
We continue to attract members, many of them small businesses, and to profile the Chamber as an organization interested in and committed to the growth and development of business in our tri-island state. During 2012, we signed up 16 members in contrast to the 2011 figure of 11 members.
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GPSO
sectors in our society to build a Grenada in which we can all be secure and comfortable. In all things, the word is partnership. No one can go it alone. We need to look outside the box and not put limitations on our economic future or ourselves.
Conclusion
We have to thank the Board of Directors and Mrs. Hazelann Hutchinson and the enterprising team of the GCIC for the work they have put into the Chamber during this challenging year. We wish to thank all the businesses that supported the Chamber’s efforts during 2012 and look forward to an even more dynamic year in 2013.
This fruitful collaboration between the private sector organizations presents a united front committed to consensus and partnership. It is through these means that we can move forward and achieve much.
The world is changing and changing rapidly. We no longer have that luxury to sit back and wait eons for things to happen. We have to make things happen. We need to avail ourselves of the opportunities available to us improving the efficiencies of our businesses and of our staff. We need to work with the different
Tel: (473) 444-2896/3349/407-0049
. Fax: (473) 444-3835 . Email: joe.simon@goddardcatering.com
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Trade Update for 2012
By: Ruel Edwards and Hazelann Hutchinson 2012 was another challenging year for our local manufacturers; they grappled continually with the high cost of production particularly fuel and electricity as well as the ever increasing cost of raw materials and other manufacturing inputs procured both locally and abroad. Despite the above challenges, manufacturers through the work of their Chamber were engaged in a series of advocacy initiatives geared towards enhancing the sector. Specifically we participated in the: 1. Manufacturers’ VAT Rebate In 2010, as part of the restructuring of the tax system with the introduction of VAT and Excise Tax, the Government of Grenada also gave manufacturers a rebate equivalent
to 10% of their gross sales as part of its commitment to ensure local manufactures remained competitive. Between 2010 and 2012 manufacturers have conducted studies and impact assessments and have spent a significant amount of man hours negotiating with Government for a successor program. 2012 saw the extension of the program in its current form. Manufacturers anticipate that negotiations will resume in 2013. 2. Private Sector Working Group (PSWG) Having regard to our narrow productive bases, small population size and limited export volumes, a Private Sector Working Group (PSWG) was formed with representatives from the Ministry of Trade, EPA implementation Desk,
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GIDC, Office of Private Sector Development and the GCIC to collectively pursue solutions for a broad range of challenges. To this end the PSWG has enlisted the following as key focal areas for articulation if the private sector is to improve its performance and contribution to GDP: - Development of a mechanism for the dissemination of export market needs including the legal requirements needed by the private sector for entry into that market. - Investigating and challenging unfair trade practices being adopted by other countries within the region. - To examine the Transportation and shipping logistics challenges for less than container load cargo. - Absence of an Export Agency or Desk. - Certification and product quality management. - Private sector representative on the Trade Negotiating Committee. It is envisioned that accomplishing some or most of the above will lead to a coordinated
approach towards private sector development, assistance for capturing of new markets, overall improvement in the competitiveness of the sector etc. TRADE NEGOTIATIONS Grenada is at present involved in simultaneous negotiations at the World Trade Organization (WTO) under the Doha Development Agenda, negotiations with Canada for a new free trade agreement, at the CARICOM level and other bilateral. The Ministry is also involved in the implementation of the recently signed Economic Partnership Agreement between CARIFORUM and the European Union. In keeping with the decision of the CARICOM Heads of Government to negotiate a new Trade and Development Agreement with Canada, to date four rounds of negotiations were held with Canada. In 2012, the areas addressed in the negotiations were: i. Trade in Goods/Market Access (National Treatment and Market Access, Tariff Liberalisation, Safeguards/Emergency
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Action and Sanitary and Phyto-sanitary measures); ii. Trade in Services (Financial Services, Energy Co-operation and Tourism) Investment; iii. Trade-related Issues (Competition Policy, Monopolies and State Enterprises); and iv. Development Co-operation and Dispute Settlement. In preparation for the negotiations a number of consultations were held at the national level. Grenada also participated in the CARICOM Technical Working Groups on Market Access and Agriculture, Services and Investments, Legal and Institutional Issues and Trade Related Issues. Grenada’s initial tariff liberalization schedule and services offers were completed and submitted to the Office of Trade Negotiations. An initial investment offer was developed following consultations with the relevant stakeholders.
WORLD TRADE ORGANIZATION One year after the Doha Round of trade talks was formally declared at an impasse, WTO members began to show signs of reengagement in the negotiations during 2012. Grenada continues to follow the negotiations taking place in Agriculture, Manufactured Goods, Trade Facilitation, Fisheries Subsidies, Trade in Services, Special and Differential Treatment etc. Some of Grenada’s key interests lie in the Small Vulnerable Economies (SVEs) modalities secured in the market access negotiations under agriculture and NAMA and the SVEs flexibilities being pursued in fisheries subsidies, for Grenada and the OECS, these SVE modalities and the flexibilities, are important and should not be lost. The OECS Member States through the OECS
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Mission in Geneva continue to play an active role in the elaboration of the regular work of the WTO. CARICOM/DOMINICAN REPUBLIC At the Fourth Meeting of the Joint Council which took place in Port of Spain, Trinidad and Tobago, from 31 May - 1 June 2012, the main items on the Agenda related to requests by the Dominican Republic and CARICOM for additional preferential access for identified products under the Free Trade Agreement. The Protocol of the Revised Treaty of Basseterre in Article 10, speaks to free circulation of goods among OECS Member States. In this regard, a National Consultation on Free Circulation was held with the support of the OECS Hubs and Spokes Project. The National Trade Facilitation Task Force has been given the responsibility to coordinate the implementation of free circulation of goods. With respect to EPA Implementation, during the period 2012, a Gap Analysis was developed and areas of legislative intervention identified in ensuring EPA compliance. A National EPA Implementation Work Plan was also developed following extensive consultations by the Consultant. During 2012 a number of public awareness and information dissemination was undertaken. A number of consultations were held with Government Ministries and private sector organizations.
Article 164 Promotion of Industrial Development In 2011, the mandated review was conducted. However, Member States were not able to endorse the results of the study. Therefore, at the 35th meeting of the COTED in December 2012, the following was agreed: i. Article 164 treatment would be extended to the same products and at the same rates until the end of 2018, with a review of the application of Article 164 to these products to be conducted in 2018. ii. LDCs shall maintain automatic licensing arrangements, solely for statistical and administrative purposes. iii. Without compromising the integrity of Article 164 and bearing in mind previous discussions held amongst Antigua and Barbuda, Grenada, and St.Vincent at the Seventeenth Inter-Sessional Meeting of Heads of Government in 2006, as well as the Twentieth and Twenty-First Meetings of the COTED, these three LDC countries would hold discussions aimed at resolving any outstanding issues pertaining to the regime on wheat or meslin flour. iv. Supportive measures in accordance with paragraph 2 of Article 164 of the Revised Treaty should be instituted and should be considered an indispensable element of the regime, including: - Enforcement of regional standards - Implementation of (Harmonized) Competition Policy legislation - Trade financing - Investment in the Energy Sector
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- Transportation v. The successful realisation of the objectives of the Article 164 regime would require shared responsibility and complementary actions by MDCs, LDCs, the Caribbean Community (CARICOM) Secretariat, the Organisation of Eastern Caribbean States (OECS) Commission, and the CARICOM Development Fund (CDF). vi. An implementation plan should be prepared at the soonest opportunity outlining timelines, roles and responsibilities of all actors (LDC and MDC States, the CARICOM Secretariat, the OECS Commission, the CDF and CEDA) including the private sector firms that benefit from the Article 164 regime. vii. MDCs would submit data on exports of Article 164 items to the LDCs, on an annual basis to the Secretariat. viii. LDCs would submit data on imports of Article 164 items from outside the Region, on an annual basis to the Secretariat.
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TRADE INFORMATION PORTAL The Grenada Trade Information Portal was successfully launched on June 14th, 2012. The website address is www.tradegrenada.gd. The Portal will provide manufacturers and exporters with an additional avenue to access export market information and to advertise their products to local, regional and international markets via the internet. The website aims to link potential exporters to new markets and provide timely trade data and information on new trade opportunities. The Portal forms part of an Action Plan of the National Export Strategy which also includes The Grenada Bureau of Standards Quality Management Project. Since the official launch of the Portal, a number of information, which includes market research, shipping information, manufacturers’ products and contact information, manufacturers’ directory, statistical data etc were uploaded on the website.
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The Grenada Bureau of Standards
By: Dr. E. Reginald Buckmire, MBE The Grenada Bureau of Standards (GDBS) continued to improve its capabilities and has been promoting and maintaining successfully the Standardization Movement in Grenada. Several steps towards enhancing the efficiency of the GDBS’ operations and upgrading its services have been introduced. One such step is the development of an Annual Business Plan to guide and aid management to conduct sound strategic and operational work. Ten (10) strategic objectives were identified in the GDBS’ Business Plan.
They include : ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Seminars in Different fields of Endeavour Improving Agro-Industries and Agri-Business Improving competitiveness in the Tourism and Hospitality Industry Enhancing the capability of the GDBS Laboratories Harmonizing National, Regional & International Standards Ensuring Compliance of all Standards Improving Quality of work in Buildings and Construction Expanding Standards and Quality Awareness Developing Staff and Management through Training Ensuring all measurements are reliable and true
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To this end, the GDBS did the following :
■ Signing of a Memorandum of Understanding (MOU) with GRENLEC to Certify Electri Meters. In this regard over 1000 meters have been certified. ■ Trained and audited some Food Vendors & Handlers in Cooperation with CARIRI (Trinidad). ■ Personnel including those located at the Fish Friday and Grand Anse benefited. ■ Tested Food Products & Water both imported and manufactured in Grenada. ■ Tested and monitored Wheat Flour base Products manufactured Locally and imported. ■ Tested and monitored imported cement and sand, concrete materials in construction and hollow concrete blocks made locally. ■ Verified Vehicular Tyres and Fuel Pump deliveries. ■ Trained personnel from Dominica, Guyana, St. Vincent & the Grenadines. ■ Monitored & Tested Scales and Measuring Devices. ■ Started working on Renewable Energy Systems in cooperation with some organizations from Latin America. ■ Developed Capabilities and obtained sophisticated equipment such as a modern GC/ Mass Spec to measure Essential oils & Alcohol based Products.
These are but a few achievements done as the Bureau of Standards move to address the water meters and other needs. There were three meetings of the Board during the year 2012.
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Report of the Senate Activities for 2012
By: Senator Christopher De Allie The year 2012 was again announced to be one with a packed legislative agenda. However, the prorogation of Parliament in July 2012 leading to the dissolution of Parliament in January 2013 curtailed the activities of the Senate and as such we were engaged in the deliberation of twenty nine Acts, the passage of twenty Bills, and the debating of four motions with eight Bills sent back for amendment.
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Annual Report 2012
During the period the following Bills of note were considered and passed : ■ Patents (Amendment) Act, 2012 ■ Financial Intelligence Unit Act, 2012 ■ Property Tax (Amendment) Act, 2012 ■ Income Tax (Amendment) Act, 2012 ■ Legal Profession (Amendment) Act, 2012 ■ Juvenile Justice Bill, 2011 ■ Labour Relations (Amendment) Act, 2012 ■ Terrorism Act, 2012 ■ Trademarks (Amendment) Bill, 2012 ■ Citizenship (Amendment) Act, 2012 During the period the following reports were laid before the Senate : ■ Report of The Supervisor of Insurance for the year ended December 31st 2010 Financial Statements for the following entities : ■ National Insurance Scheme ended 31st December 2011 ■ GARFIN for the period ended 31st December 2011 ■ Grenada Bureau of Standards ended 31st December 2011 ■ Office of the Ombudsman Plan 2012 and Annual Report for the period 2011 ■ Grenada Ports Authority ended 31st December 2011 ■ Grenada Food and Nutrition Council ended 31st December 2010 ■ Financial Intelligence Unit Grenada ended 31st December 2011
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Major Projects Committee Depelopment Program Report 2012
By: Mrs. Aine Brathwaite
As of end 2012, the status of major government projects were as follows :
PROJECT Grenville Market Development Agricultural Feeder Roads Regional Disaster Risk Reduction Project Lowther’s Lane Government Office Complex
COST $13.2M USD
UPDATE Abbatoir was 90% completed. Market was 75% completed. Bus terminus phase 1 was 100% completed.
$20M USD
Contract awarded but no mobilization as of end 2012.
$262M USD
Geotechnical works finalized. Terms of reference completed for various areas. Tenders evaluation completed; award pending funding.
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Parliament House
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$7.9M USD
Design contract awarded to Grenadian firm COCOA. Concept design development phase completed.
Caribbean Infrastructure Programme
$10M USD
At pre-contract stage.
St Mark’s Poultry Project
$8.9M USD
Site in St Marks approved. Awaiting financing.
Geothermal Project
On hold pending policy shift.
Carriacou Wind Energy Project
Financing agreement signed with EU. Draft tender document and Environmental Impact Assessment completed.
New Teaching Hospital
Preliminary work ongoing with the PPP project awarded to Balfour Beatty and the site assessment study completed with the local consultant.
Athletic Stadium
$32M USD
All plans completed and construction expected to begin June 2013.
Schools Rehabilitation
Construction ongoing at Grenville and at St Joseph’s Convent St George’s.
Venezuela Multi Project
Phase 1 of St George’s Market completed, Tanteen Pavilion completed and Ford Bridge contract completed.
MAREP
$10M USD
$8.2M USD
75% of work plan re human and social capacity building completed, 30 small business plans reviewed and 80% of work plan achieved.
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2012 Report on Grenada Ports Authority (GPA)
By: Mrs. Hazelann Hutchinson The early part of 2012 had Grenada’s sea and air ports struggling to continue operations when revenues were halted by an injunction in favor of the Taiwanese Ex-Im Bank. This injunction was later overturned and the revenues returned to the appropriate entities. The Grenada Ports Authority management and staff managed this period with resilience and assiduously kept operations going with continued professionalism. The global recession remained visible at the ports with physical indicators reporting a decline in cargo through-put for 2012 totalled 455,011 tons a shortfall of 4.7% from the 477,387 tons recorded in 2011. Imports saw a decline from 414,957 tons 6.2% compared to 442,587 tons recorded in 2011. cargo exported recorded positive growth of 15% in 2012, increasing from 34,800 tons in 2011 to 40,054 tons. Other results for 2012 revealed that break bulk imports as well as containerized imports decreased by 5% below 2011 results. Although there was a decline in total ship calls, Cruise Ship calls increased by 11% moving from 207 in 2011 to 230 in 2012 principally influenced by the weekly Mandalay calls. In spite
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of this increase, cruise passenger arrivals fell to 247,987 20.8% less than the 313,206 recorded in 2011. Calls by yachts to ports of entry on the mainland and Carriacou in 2012 totalled 4,464, a decrease of 6.8% compared to 4,791 calls the previous year. Yacht calls to Carriacou have been increasing steadily over the past few years unlike calls to the mainland Grenada. The continuing downward trend in operations is of much concern to the Authority as over 75% of its gross operating revenue is generated from cargo handling and other related activities. The Grenada Ports Authority continued its partnership with Customs via the ASYCUDA World System which will provide an interface between the Customs and Port Authority. 2012 saw the introduction of a one stop shop at the Queens Warehouse which is also utilized by the Ministry of Health and the Bureau of Standards.
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Key Strategic Objectives and Priorities for Fiscal Year 2013: ■ Continue with initiatives aimed at rationalizing cargo-handling labour with a view to achieving greater productivity and efficiency. ■ Institutionalisation of Performance Measurement for all staff. ■ Conduct an in-depth analysis of the various aspects of the Authority’s operations with a view to furthering the process of modernisation and mechanization and cost and waste reduction within the ports. ■ Improve the quality of service being delivered to port users and the general public. ■ Foster safe and efficient work practices. ■ Shift the focus of the Maritime Administration from a closed registry to establishing aninternational registry of ships.
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2012 Grenada Industrial Development Corporation Report (GIDC)
By: Mrs. Aine Brathwaite During 2012, GIDC won three awards, the Global Investment Promotion Benchmarking Award for the #1 investment promotion agency in the ACP states for enquiry handling, runner up for the UNCTAD Investment Promotion Award 2012 for excellence in promoting investment for jobs and skills and the CAIPA Regional Excellence Award in investment promotion for 2012. In keeping with the Investment Promotion Strategy, GIDC focused activities in 2012 on strengthening the investment generation system. Among the initiatives worked were the following:
a. The establishment of an inter-agency coordinating team. b. The establishment of a virtual web-based application and feed-back process. c. The development of a rigorous instrument to determine the experience and needs of investors. d. The alignment of the incentive regime with the investment promotion strategy. e. Development of a database for the registration of privately owned business properties. f. The development of a suite of accommodation solutions that match the needs of the investment promotion strategy. g. The development of a suite of internationally
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benchmarked aftercare services. h. A development of a system for vetting investment applications, tracking the status of applications and the performance of investors. i. The development of a system for monitoring and evaluating the impact of the investment generation process. GIDC also focused activities on branding and positioning the country as a superior location to do business. Key stakeholders, including Ministry of Foreign Affairs, the Export Development Unit within the Ministry of Trade, Ministry of Tourism and the Board of Tourism have been identified. The first meeting of stakeholders will take place in early 2013. Another key area of focus was on identifying investment opportunities. A “best bet” framework for selecting market driven opportunities and a template for the development of investment opportunity profiles were created. The following “best bet “ opportunities were selected: a. Medical Business Process Outsourcing (MBPO) b. Herbs & Spice Cluster c. Nutmeg value added Cluster d. Fish processing value added Cluster e. Natural product Cluster f. Agri-business Cluster g. ICT Cluster The profiles for the following opportunities were updated and marketed: ■ Bacolet Bay Resort and Spa ■ Grenada Forts Restoration project ■ Levera Resort Development project ■ Grand Harbour project
■ Dougaldston Estate project ■ Petite Trou project In addition to the above a number of potential project sites were visited to ascertain suitability for the location of projects. Among these sites were the Bon Accord Estate, Douglaston Estate, Belmont Estate, Noelville, Laura Spice Gardens and other locations in St. Mark’s, St Patrick’s and St. Andrew’s. Promotional activities in 2012 were geared towards increasing awareness of the country as an investment location. The main promotional tool used was the website. The website attracted a total of 1,224,733 hits. Most of the hits originated from the US, Canada and the region. 151 investment enquires were generated from the website. Twenty-nine (29) project proposals were received. Eighteen (18) were approved, seven (7) were implemented and two commenced operation. Sixteen (16) other projects which were in-implementation during the year also commenced operation bringing the total number to eighteen (18). The type of the projects received was as follows: Greenfield (new) investments -26 Brownfield (expansion) investments -3 Principle business activities were as follows: Resort/Guest Houses -4 Ancillary tourism services -8 Agri-business -5 Poultry -3 Bottled water -2 Manufacturing -6 Medical facility -1
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The average size of an investment project received was EC$2.2 million. The average number of jobs proposed per project was eight (8). Figure 1 below depicts the trend in investment proposals received by GIDC. Twenty-four (24) of the twenty-nine (29) project proposals received were from domestic investors. Thirteen (13) were manufacturing, seven (7) were tourism and four (4) were services. The average size of a project received was EC$700,000. The average number of jobs per project was five (5) persons. At the end of 2012 a total of sixty (60) projects were in the pipeline as follows:
from GIDC started operations. Twelve (12) jobs were created. f. Fifteen (15) SME’s were assisted with costing and pricing, recordkeeping, and website design. g. Four (4) exporters were assisted to access reimbursable grants in the amount of EC$416,000 to upgrade their operations: h. US$199,000 was secured under the Caribbean Youth Empowerment Program. The following was accomplished thus far: ■ 286 youth applied to the programme surpassing the targeted number by 86%. ■ 93 youth enrolled in the programme. ■ 90 youth completed life skills training, 93 youth completed ICT training, 43 youth
Table 1: Investment Pipeline at December 2012 Project Status Estimates Pending Implementation - 28 projects, EC$4.8 billion, 827 jobs Projects In-Implementation - 19 projects, EC$2.8 billion, 3,700 Projects Under Review - 13 projects, EC$36 million, 126 jobs In the area of Small and Medium Sized Enterprises (SME’s) the following was accomplished: a. Seventy-three (73) businesses were assisted to formalize their operations by completing the necessary forms to facilitate Business Name Registration. b. Business advice and counseling was provided to 106 businesses. c. 291 persons were trained in entrepreneurial and business skills. d. Preparation of business plans and access to funding was facilitated for thirty (32) potential and existing SMEs. e. Six (6) new SME’s that received support
completed Entrepreneurship Awareness training and 11.43 youth completed Entrepreneurship Skills Development. ■ Only 3 youth dropped out of the programme thus far. i. US$39,869 was secured under the Caribbean Financial Services Programme to provide training for SMEs Customer Service and Financial Management. Fifty-two (52) persons were trained. This information is taken from the official annual report of the Grenada Industrial and Development Corporation.
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Report of TAMCC Council for Year 2012
By: Senator Christopher De Allie The greater part of the year had the Council engaged primarily in issues of financing for the College. The Council continues to grapple with the amount of subvention given especially when this amount is primarily for the payment of salaries. The year 2012 also saw the increase in the number of students requesting assistance for meals, transportation and payment of fees. Towards this end the GCIC and the Employers Federation was instrumental in developing and financing a necessitous students fund to the tune of over E.C$10,000.00 to help the students. As a result the Council continues to look for ways for the development of programmes and identifying sources for alternative funding for the College. This aspect of alternative funding
has been strategically approached by the development of a Resource Mobilisation Unit within the College which has used its relations with the Private Sector to generate some much needed funding in both cash and kind. The Council appointed committee on pension matters recommended to the Council and Council approved for the staff an alternative Pension Savings Plan that will provide the necessary security and benefits for the employees. However, due to a shortage of funds the Plan has not been activated as at the date of this report. A great part of the Council’s time was spent in finding the adequate space to house our student population of approximately 2,600. The College continues to be challenged to adequately house its students and as such was
Annual Report 2012
35
Annual Report 2012
successful in negotiating a lease and purchase arrangement with the NIS for the Armstrong Building in an effort to help alleviate this issue. We are still not able to adequately cover our Mechanical Building which was damaged during Hurricane Ivan. The students continue to operate in a building that leaks profusely and results in the suspension of classes on a regular basis. It is my opinion that the College has not benefited from being strategically placed by the Ministry of Education and the Government among the tertiary institutions in Grenada. We continue to see the slighting of the College in its proper financing for Capital works and Operational Expenses in that the Government budgets E.C$10M for the College when we actually require E.C$13M to just meet operational expenses. We continue to be told of a perception existing within the halls of the Government that the
36
institution is wasteful and under performing, a perception that is easily dispelled by the performance of its students in the Cape Exams for 2012. This is further augmented by the success of the graduation ceremony of the college where more than three hundred students obtained Associate Degrees. In conclusion the main challenge for the College going forward continues to be the upgrading of the physical plant in this difficult economic environment to house the number of students that are interested in obtaining a tertiary education. The subvention from the Government continues to come at a slow rate and leave very little room for flexibility and manoeuvring at the Institution. It is hoped that the College can be recognised for the excellent contribution it has made and continue to make to the development of students at the tertiary level.
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Annual Report 2012
Grenada Solid Waste Management Authority
By: Mrs. Aine Brathwaite The Grenada Solid Waste Management Authority continued to carry out its mandate to preserve Grenada’s environment and maintain the health of its people through collection of waste. Despite the severe financial limitations and land space constraints at Perseverence, the Authority’s management and staff have to be commended for the service they provide to Grenada, Carriacou and Petite Martinique.
Environmentally Friendly Schools Initiative
The Environmentally Friendly Schools Initiative of the Grenada Solid Waste Management Authority has been one of the growing school projects of the GSWMA which has been effecting positive change in school aged children towards the environment. In 2009 when the program was re-launched
following its suspension after the passage of Hurricane Ivan, a total of thirty-nine schools registered in the program and were actively engaged in the various components of the initiative. In 2012, there was a record number of registered schools in the program with fifty-two schools. Schools have been actively engaged in projects at the community level such as adoptions of beaches, rivers, historic sites and other places of interest. Special projects including the cleaning of reefs and marine protected areas were targeted. Waste reduction/ recycling initiatives including composting of organic school waste has been implemented by most schools as a means of encouraging students to be better committed to waste diversion.
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At the end of the year St. George’s Methodist Primary School emerged as the most outstanding school with twenty schools getting Gold awards in the initiative.
Waste Diversion The Metal Trade
The GSWMA continued to facilitate private entities engaged in the export of metal for recycling purposes. A total of approximately two thousand nine hundred and twenty seven metal bales, each bale weighing approximately eight hundred lbs were diverted for the landfill. This represents an approximately 80% increase over the previous year. New private sector companies have been formed to deal with waste materials as a source of revenue. This is a trend that is being encouraged.
Public Education
Seeing the need to encourage greater compliance to solid waste management, the Authority sought to reach out to more of the Grenadian population through its public
education programs. In 2012 the Authority moved from broadcasting its radio series from three days a week to a daily programs and extended its reach by adding two new radio stations to its usual list. It is hoped that with the use of these broadcasting agents, more of our citizens will have access to information from the Authority which will help them make more informed decisions that would encourage good solid waste management practices. Anti-litter awareness week of activities in 2012 targeted communities throughout Grenada. The Authority staged a series of activities geared at sensitizing the population on the issues of littering. The Authority also staged its first ever “Poor Man’s Dinner” as a fundraiser in aid of the Grenada National Patient Kidney Foundation and at the end was able to present a total of six thousand two hundred and fifty dollars ($6,250.00) to the organization to help its patients obtain dialysis care.
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Annual Report 2012
Grenada Authority for the Regulation of Financial Institutions (GARFIN)
By: Basil Harford The Grenada Authority for the Regulation of Financial Institutions (GARFIN) is a Statutory Body created by Parliament by way of the Grenada Authority for the Regulation of Financial Institutions Act No.5 of 2006. This Act was proclaimed effective on February 01, 2007 by way of SRO No. 2 of 2007. Act No. 5 of 2006 was subsequently repealed and replaced in 2008 by Act No1 of 2008 which broadened the scope of responsibilities of GARFIN and strengthened its supervisory powers. GARFIN is referred to as the Single Regulatory Unit or SRU for the non bank financial sector. The GARFIN Act consolidated supervision of the non-bank financial sector under one
Authority making GARFIN responsible for the administration of some twelve pieces of legislation as follows: Building Societies Act, Cap 38 Friendly Societies Act, Cap 118 Cooperatives Societies Act, 1996 (as it relates to financial cooperatives and Credit Unions) Insurance Act, Cap 150 subsequently repealed and replaced with the Insurance Act 2010 Company Management Act, 1996
Annual Report 2012
International Betting Act, 1998 International Trusts Act 1996 International Companies Act, Cap 152 International Insurance Act, 1996 Offshore Banking Act, 2003 Grenada Development Bank Act, Cap 129 Money Services Business Act 2009 Previous to the creation of GARFIN the above legislation was under the administration of several separate authorities.
Consolidation of Credit Unions under one single authority.
During the period under review the Authority addressed the status of a number of Credit
41
Unions operating in the country, among them being the Tivoli Credit Union, the River Sallee Credit Union, the Communal Credit Union, the Grenada Union of Teachers Credit Union and the Public Service Cooperative Credit Union. The Authority also addressed the status of the Grenada Building and Loan Association and in particular the appointment of a Judicial Manager to oversee its revitalization. During the period also, the Authority addressed the performance of the Executive Director with a view to determining his suitability for reemployment. There was overwhelming approval as to his suitability and was accordingly approved for reemployment. Generally speaking I would say that the organization is functioning admirably and far above local normal standards. I would therefore recommend it for emulation.
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Junior Achievement of Grenada
By: Nicholas George St. George’s University Charter Hall was transformed into a room of splendor as over 300 Junior Achievers along with their teachers, business consultant and parents from the 15 JA companies throughout the State of Grenada came together to participate in the JA Company Program Annual Graduation & Awards Ceremony. Individuals as well as JA companies were awarded for their hard work and dedication towards the 2011/2012 Company Program.
The achievers of St. Joseph’s Convent, St. Andrew (Fruitti D Litez) were in their glory as they received the most prestigious award “Company of the Year”. First runner up was Bishops College, Carriacou (Wonderfully Accessorized World) followed by Westmorland Secondary School (WestLime Promotions) second runner up. It is customary that the top achievers of the winning company be given the opportunity
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to represent Grenada at the JA Company of the Americas Competition. This year with the support of USAID, five (5) students and their business teachers representing St. Joseph’s Convent, St. Andrew (Fruitti D Litez) and Bishops College, Carriacou (Wonderfully Accessorized World) travelled to Montevideo Uruguay to present their respective JA companies amongst 19 other companies within Central America, North America, South America and the Caribbean. After a very tough battle of business skills, ingenuity and innovation St. Joseph’s Convent (St. Andrew) created history in Montevideo on Thursday November 29th, 2012 when Fruitti D Litez received the 2nd place trophy in the Junior Achievement Company of the Year, Americas Competition. Grenada is the 1st Caribbean island to place in the top three (3) of this competition. JA Grenada (along with 4 other countries) is a proud recipient of a 3 year grant compliments USAID. The funding is to be used as a means of creating sustainability of JA offices in the region; hence there will be a transition whereby JA Grenada will become an independent entity. This fund also permits JA Grenada to grow and extend the
program to primary schools as well. After meeting with Minister for Education, Sen. The Hon. Franka Bernadine JA Grenada was given authorisation to introduce JA “Our Nation” to students of Grade 5. Our premiere target are the schools within Carriacou and Petite Martinique and the parish of St. Andrew. St. George’s University along with CIBC/FCIB continues to be Junior
Achievement Grenada’s main sponsors and much appreciation is extended to them. The Committee also expresses sincere appreciation to all other local businesses, consultants, teachers and volunteers who have supported this program in cash or kind. Your contributions have certainly impacted positively in the development of the minds of our youth.
Annual Report 2012
Belmont Estate The Caribbean’s Best Agri-tourism Experience
S
44
foot, to discover cocoa, fruit orchards, vegetable garden, dry forest, observe wildlife and visit a natural spring. Garden Tour which provides guests with a comprehensive overview of the many exotic and indigenous plants which; have made Belmont their home. It features our Sugar mill Garden; Herb Garden; Vanilla Garden; Orchid Garden; Blue Garden; Riverside Garden and a Wild and
et among rolling verdant hills, lies Belmont Estate, which offers an escape from the stress of day to day life and provides visitors – local and foreign - with the perfect opportunity to experience a slice of traditional rural life and agri-tourism at its best.
For more than 300 years, Belmont Estate has played a pivotal role in the agricultural sector of the island being involved in cocoa, nutmeg and bananas. Ten years ago the company diversified into tourism, creating an experience that affords visitors an opportunity to participate and observe a working plantation. Today, through the dedication and hard work of its directors, managers and employees Belmont Estate is considered one of the top agri-tourism businesses on the island. It offers an experience second to none with our main attractions being our heritage museum, tours, restaurant, and farm animals. We host business luncheons; staff parties, dinners and awards ceremonies; cocktails and project launchings at our well appointed restaurant. We are also a chosen destination for weddings; Mother’s and Father’s Day luncheons; Valentine and Christmas dinners; fundraising luncheons and dinners; birthday, anniversary, and family reunions. Our tour package include: Tree to bar Chocolate Lovers Tour which provides a fascinating experience of the delicate crafting of chocolate, from the bean to the bar. It allows the guest an opportunity to touch, taste, see, smell and hear cocoa and chocolate. It features include a visit to our cocoa fields and Grenada Chocolate Factory; Lunch featuring chocolate dishes at our restaurant. A farm Tour which is an extraordinary adventure for persons interested in organic farming, or farming in the Caribbean. It features a full tour of our organic farm by All Terrain Vehicle or land rover and
Wacky Garden. Our pursuit of excellence in all our products and services; has resulted in us partnering with several innovative, creative persons and companies such as the Grenada Chocolate Company, The Grenada Project, The Craft cooperative; Grenville Cooperative Credit Union and Imagine Gift Shop; all of which offer their services and/ or products on the estate. This has allowed us to create a stronger brand and offer a wider product range and services for our guests. We are also a member of the Grenada Organic Agriculture Movement. We have also expanded into value added products such as cocoa balls, grounded nutmeg, cinnamon and mace; sauces and condiments; jams and jellies; floral bouquets and fresh flower arrangements which are available at the estate; supermarket shelves and gift shops. While here guests can also enjoy and purchase delicious award winning organic chocolate bars and bon-bons from the Grenada Chocolate company; goat cheese from the goat dairy and locally made arts and crafts. Key to Belmont’s success is the relationship with its community. Following the passage of Hurricane Ivan we established a charity arm of the company The Belmont Foundation (formerly hearts and hands of Grenada). The Foundation seeks to enhance the lives of the vulnerable persons within the community in particular children and the elderly. Its activities include: • Weekly soup kitchen • Annual Christmas Hamper distribution • Annual Kiteflying and family Fun day • Annual book, uniform and school supplies distribution • Thrift shop for used and new clothing at low prices As we continue to achieve our vision of being the Caribbean’s best agri-tourism experience we are increasing and diversifying our product offerings, while we maintaining high service standards and creating a ‘wow” and magical experience for all our guests.
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46
Annual Report 2012
Custom Brokers Report for 2012
By: Valentino Sawney The introduction of Asycuda World by the Customs & Excise Department has completely transformed the clearing of goods through our ports. Not only has this technologically advanced data interchange system made it easier for customs brokers and traders to provide service in a more efficient and less cumbersome manner but also, Asycuda World has allowed Grenada’s demanding shipping community to make a giant and necessary leap into the future and save on much needed TIME. The Manifest Module of Asycuda World was the first module introduced in early 2011 and though the initial phase of its introduction wasn’t without its share of problems it was successfully implemented in 2012. This module allowed shipping companies the
ability to transmit relevant and appropriate shipping documents electronically to local agents. Local agents now have the ease of transmitting their manifest directly to Customs as well as the ability to prepare and send required information to the relevant ports of entry in Grenada in a timely fashion. Furthermore, shipping agents and consolidators have the option of now emailing shipping documents (the prepared waybill, bill of lading and airway bill) to importers. As you would imagine, the change from an in-person delivery process to simply transmitting and processing shipping documents with a click of a button has greatly reduced the time it takes for goods to be cleared. The drastic reduction in the time taken to process Customs entries for the clearing and exporting of goods
Annual Report 2012
47
through our ports is therefore an extraordinary achievement by Grenada’s Customs and Excise Department. Asycuda World affords customs brokers and traders the versatility of using the system to process and submit customs entries at any time. Its single window functionality allows for other remarkable features such as: ■ The ability for customers to pay for their import through an agreed accounting system. ■ The ability for brokers and traders to
apply to the Ministry of Trade for an import license with the Grenada Bureau of Standards supporting this initiative. ■ The ability (within the next few months) for border control agencies, such as, the Ministry of Agriculture, the Ministry of Health and the Grenada Ports Authority to be fully integrated into a single framework. Asycuda World has greatly enhanced the facilitation of Trade and will go a very long way in ensuring Grenada’s competitiveness on the regional and international market.
Annual Report 2012
48
GCIC 24th Banquet Awards & Dinner
By: Mr. Clive Hosten The Chamber’s activities for 2012 climaxed with our 24th GCIC Annual Awards Ceremony held at the Spice Basket. The event was a red carpet affair similar to the Oscars and gave us the opportunity to showcase the crème de la crème of the business community. For the first time ever, the event was shown nationally live and via internet streams to the Diaspora compliments Flow Grenada. Various awards were also interviewed prior to the event with recordings shown on the night of the event and on local media before the event. We also introduced a new category the People’s Award. The winner of this first ever prestigious award sponsored by Virgin Atlantic was Jonas Browne and Hubbard (Gda) Ltd. As a business event it would be remiss of us not to have a recognized speaker deliver the feature address, Dr Warren Smith, Chief Executive Officer of the Caribbean Development Bank(CDB), spoke to the role and responsibilities of the CDB during these recessional times and the role of the private sector and Government. We want to congratulate all our award winners, nominees and you our members who supported by sponsoring or attending and invite you to our 25th Annual Awards Ceremony scheduled for November 30th 2013.
Tier One Sponsors:
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49
Governor General of Grenada, Carriacou & Petite Martinique Sir Carlyle Glean
Prime Minister of Grenada, Carriacou & Petite Martinique Hon. Tillman Thomas
Annual Report 2012
Guest Speaker - Dr. Warren Smith President of the Caribbean Development Bank
50
Corporate Social Excellence of the Year Mrs. Michelle Sayers-Griffith - RBTT Bank Grenada Ltd. (Sponsored by Grenada Grand Beach Resort)
Business of the Year Mr. William Baptiste - Cathwills Stationery
Service Excellence of the Year Mr. Clive Hosten - Grenada Electricity Services Ltd
(Sponsored by Grenada Co-operative Bank Ltd.)
(Sponsored by G4S Secure Solutions (G’da) Ltd.)
People's Award Jonas Browne & Hubbards
Exporter of the Year Ms. Cecile La Grenade - De La Grenade Industries
(Sponsored by Virgin Atlantic)
(Sponsored by Republic Bank (G’da) Ltd.)
Annual Report 2012
51
Environmental Excellence Mr. Ryan Singh-Spice Isle Recycling
Manufacturer of the Year Ms. Francis Taylor - Grenada Bottling Company
(Sponsored by G4S Secure Solutions (G’da) Ltd.)
(Sponsored by Republic Bank (G’da) Ltd.)
Young Entrepreneur of the Year Mr. Andrew Welham - Up in Smoke
Small Business of the Year Mr. Sebastian Paul - SP's International Trading Ltd.
(Sponsored by Jonas Browne & Hubbards (G’da) Ltd.)
(Sponsored by Jonas Browne & Hubbards (G’da) Ltd.)
Business Woman of the Year Ms. Debra Mason - Caribbean Naturals
Winner of the Virgin Premier Economy Tickets Ms. Sallie-ann Nixon
(Sponsored by Jonas Browne & Hubbards (G’da) Ltd.)
(Sponsored by Virgin Atlantic)
Annual Report 2012
52
Inter-sector Windball Cricket Competition 2012
1st Place Winner - Police
Zone A winner - MNIB
Zone B winner - Digicel Rising Stars
2nd Place - Country Cold Store
Zone C Winner - LIME Grenada Ltd
Zone D Winner - Police
53
Annual Report 2012
gdb2.pdf 1 24/04/2013 11:46:48
GRENADA DEVELOPMENT BANK Development Through Financing We offer: Student Loans
Agro-processing Loans
Mortgage Loans
Micro-enterprise Loans
Fishing Loans
Other Business Loans
Tourism Loans
Business Registration
Agricultural Loans
We have deep roots in building this country. Founded more than 45 years ago, GDB has played and continues to play a major role in developing our people and country. P.O. Box 2300, Melville Street, St. George’s, Grenada . Tel: 473. 440.2382 / 1620 / 1379 . Fax: 473.440.6610 Email: gdbbank@spiceisle.com . Web: www.grenadadevelopmentbank.com
54
Annual Report 2012
Grenada Chamber of Industry and Commerce Calender of Events 2013 JANUARY Date 23rd
Event
Venue The Flamboyant Hotel –
Business Luncheon
Bougainvillea Conference Room
FEBRUARY Date
Event
Venue
4th
Junior Achievement Open House – St. Andrew’s
Bains Hall
12th
Junior Achievement Open House – St. George’s
GBSS Auditorium
14th
Junior Achievement Open House – Carriacou
Hillsborough Community Centre
MARCH Date
Event
Venue
14th
GCIC Inter-sector Windball Cricket Opening Ceremony
Morne Rouge Playing Field
8th
Junior Achievement: Business Plan Presentation
GCIC Conference Room
12th
Junior Achievement: Launch “Our Nation” – Primary School Program
Carriacou & Petite Martinique
APRIL Date
Event
Venue
30th
GCIC Annual General Meeting
GCIC Conference Room
30th
Junior Achievement Trade Fair
Grenada Trade Center
MAY Date
Event
Venue
6th & 7th
ECCB Financial Training Seminars
GCIC Conference Room
14th
Junior Achievement Annual Report Presentation
GCIC Conference Room
55
Annual Report 2012
15th
Business Luncheon - Dr. The Right Hon. Keith Mitchell
TBC
28th
Junior Achievement Awards Ceremony
TBC
JUNE Date 19th
Event
Venue
Business Luncheon
TBC
JULY Date 24th
Event
Venue
Business Luncheon
TBC
AUGUST Date
Event
Venue
SEPTEMBER Date
Event
Venue
18th
Business Luncheon
TBC
TBC
GCIC Golf Tournament
Golf Club
OCTOBER Date
Event
Venue
TBC
Junior Achievement Recruitment
TBC
23rd
Business Luncheon
TBC
NOVEMBER Date
Event
Venue
30th
GCIC Banquet & Award Ceremony
TBC
TBC
Junior Achievement Leadership Training Seminar
TBC
DECEMBER Date TBC
Event Junior Achievement of the Americas Competition
Venue TBC
Annual Report 2012
Join the
56
CHAMBER Today!
Your
BUSINESS Is Our Business
Let Us Help You... Increase Your Business visibility. Receive information on how to develop and improve your Business. Network with regional and international Business Chambers. By working together to develop and represent the Business Community. By ensuring advocacy of Private Sector issues.
GRENADA CHAMBER OF INDUSTRY AND COMMERCE
11 Frequente Industrial Park, St. George’s, Grenada Tel: (473) 440-2937/4485 . Fax: (473) 440-6627 Email: gcic@grenadachamber.org . Web: www.grenadachamber.org
Annual Report 2012
57
2012
Selected Economic Indicators
Source: Grenada Statistics Department/ECCB Date: February 2013
Annual Report 2012
58
GRENADA BALANCE OF PAYMENTS STATISTICS (EC$M) 2009 Net
2010R Net
2011P Net
-532.34
-547.04
-552.10 -533.35 -552.20
-567.13
-469.38 -614.48 -630.96 16.48
-525.45 -683.88 -700.50 16.62
-531.50 -519.42 -524.81 -689.70 -681.03 -697.56 -705.43 -699.51 -716.59 15.73 18.49 19.03
-530.19 -714.50 -734.09 19.59
B. SERVICES TRANSPORTATION TRAVEL INSURANCE SERVICES OTHER BUSINESS SERVICES GOVERNMENT SERVICES OTHER (FINANCIAL)
145.10 -93.45 274.09 -24.91 3.37 -14.01 0.00
158.43 -96.00 273.13 -23.78 12.28 -7.20 0.00
158.20 -95.05 287.09 -27.42 12.36 -18.78 0.00
161.61 -96.27 281.43 -27.88 13.33 -8.99 0.00
172.75 -98.87 296.16 -28.59 13.29 -9.23 0.00
184.31 -101.62 311.58 -29.34 13.19 -9.50 0.00
C. INCOME COMPENSATION OF EMPLOYEES INVESTMENT INCOME Direct Investment Portfolio Investment
-170.22 0.47 -170.69 -148.77 5.71
-107.67 0.46 -108.13 -83.00 4.75
-85.79 0.44 -86.23 -55.55 3.73
-79.79 0.45 -80.24 -56.69 5.49
-94.33 0.46 -94.79 -58.16 5.59
-104.90 0.47 -105.37 -59.79 5.69
D. CURRENT TRANSFERS GENERAL GOVERNMENT OTHER SECTORS
107.26 62.44 44.82
86.08 40.29 45.79
65.19 18.89 46.30
65.85 19.13 46.72
66.94 19.50 47.44
67.97 19.86 48.11
638.12
515.84
563.63
523.45
552.20
567.12
104.42 104.42
160.20 160.20
140.49 140.49
141.02 141.02
141.94 141.94
143.04 143.04
0.00
0.00
0.00
0.00
0.00
0.00
533.70 276.90 276.90 209.26 14.17 52.34 1.13 37.84 218.96 -36.04 69.75 -69.75
355.64 163.14 163.14 100.77 13.39 50.31 -1.32 7.84 184.66 5.21 -25.99 25.99
423.13 115.15 115.15 65.09 14.23 41.06 -5.23 27.16 280.82 -6.12 5.41 -5.41
382.42 88.13 88.13 45.56 14.53 32.86 -4.81 3.30 290.99 -2.94 -12.84 12.84
410.26 93.61 93.61 50.12 14.90 33.51 -4.92 3.37 313.28 0.00 0.00 0.00
424.08 99.60 99.60 55.13 15.32 34.18 -5.03 3.43 321.05 0.00 0.00 0.00
CURRENT ACCOUNT GOODS AND SERVICES A GOODS MERCHANDISE (f.o.b.) GOODS PROCURED IN PORTS BY CARRIERS
CAPITAL AND FINANCIAL ACCOUNT A. CAPITAL ACCOUNT CAPITAL TRANSFERS ACQUISITION / DISPOSAL OF NONPRODUCED NONFINANCIAL ASSETS B. FINANCIAL ACCOUNT DIRECT INVESTMENT In Reporting Economy (inward) Equity Reinvested Earnings Land Sales Other PORTFOLIO INVESTMENT OTHER INVESTMENTS NET ERRORS AND OMISSIONS OVERALL BALANCE FINANCING Source: ECCB and Central Statistical Office
2012F Net
2013F Net
2014F Net
59
Annual Report 2012
SELECTED RETAIL SALES INDEX YEAR
% CHANGE 2009/ 2010/ 2011/ 2008 2009 2010
2012/ 2011
2010
2011
2012
118,106.6
120,813.2
126,200.4
-14.6
-10.1
2.3
4.5
357.6
365.8
382.1
-14.6
-10.1
2.3
4.4
35,659.9
35,043.0
28,614.4
-25.0
-13.1
-1.7
-18.3
INDEX (JAN1980 = 100)
415.6
408.4
333.5
-25.0
-13.1
-1.7
-18.3
TOTAL RETAIL SALES
153,766.6
155,856.2
154,814.8
-17.3
-10.8
1.4
-0.7
23.2
22.5
18.5
RETAIL SALES ‘000 EC$ INDEX (JAN1980 = 100) BUILDING MATERIAL ‘000 EC$
BUILDING MATERIAL AS A % OF TOTAL RETAIL SALE (%)
RETAIL SALES
RETAIL SALES EXCLUDING BUILDING MATERIALS BUILDING MATERIAL
EC$’000
200000 180000 160000
IN EC$’000
140000 120000 100000 80000 60000 40000 20000
2000
2001
2002
2003
2004
2005
2006 YEARS
2007
2008
2009
2010
2011
2012
60
Annual Report 2012
SELECTED TOURISM INDICATORS SERIES TOTAL ARRIVALS STAY-OVER VISITORS
2009
2010
2012
459,595
446,210
425,082
356,908
113,914
110,471
113,947
112,307
13,469
14,862
14,743
7,072
6,944
7,104
84,930
92,141
90,460
Grenadians Residing Abroad Students Other Yacht Passengers
2011
4,486
5,000
2,829
2,448
1,571
2,147
342,852
333,291
309,564
242,454
242,151.2
301,922.7
315,379.0
204,896.9
263,888.5
280,648.4
373.3
728.8
260.7
36,881.0
37,305.5
34,470.0
24,734
24,590
27,356
30,196
6,921
6,992
7,237
7,822
27,090
25,927
27,236
24,486
2,311
2,146
2,022
1,312
GRENADIANS RESIDING ABROAD
13,885
13,469
14,862
14,743
WEST INDIES
25,739
23,368
26,476
24,838
OTHER
13,234
13,979
8,758
8,910
TOTAL
113,914
110,471
113,947
112,307
246
206
198
185
8.52
8.27
8.16
9.08
113,371
110,419
113,947
112,307
Hotels/Resorts
40,495
38,507
41,037
40,615
Guest Houses
2,165
1,631
1,398
1,304
Apartments
7,024
8,326
13,828
16,303
272
262
241
214
Cottages
1,026
804
790
603
Other
9,700
10,097
9,140
8,359
52,689
50,792
47,513
44,909
EXCURSIONISTS BY AIR CRUISE SHIP PASSENGERS ESTIMATED EXPENDITURE ‘000EC$ STAY-OVER VISITORS EXCURSIONISTS BY AIR CRUISE SHIP PASSENGERS STAY-OVER VISITORS BY COUNTRY OF NATIONALITY * USA CANADA UK GERMANY
NO. OF CRUISE SHIPS NO. OF YACHTS HOTEL OCCUPANCY RATE NO. OF ROOMS AVAILABLE NO. OF BEDS AVAILABLE NO. OF HOTELS NO. OF GUEST HOUSES NO. OF COTTAGES / APARTMENTS AVERAGE LENGTH OF STAY Total Stay-over Visitors in Paid Accom. (Stayover + Yacht)
Villas
Private homes
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Annual Report 2012
MAJOR AGRICULTURAL CROPS (EXPORTS) % CHANGE
CROPS
2009
2010
2011
2012
2010 / 2009
2011 / 2010
2012 / 2011
QUANTITY IN 000’LBS BANANA 110.3 0.0 0.0 0.0 #### COCOA 1,045.2 1,155.1 1,454.7 1,996.9 10.5 25.9 37.3 NUTMEG 783.9 748.0 939.8 710.2 -4.6 25.6 -24.4 MACE
68.4
45.3
71.6
38.0
-33.8
58.0
-46.9
TOTAL
2,007.8
1,948.4
2,466.0
2,745.1
-3.0
26.6
11.3
0.0
0.0
4,964.5
6,386.5
8,910.4
3.2
2 8.6
39.5
7,741.1
16,121.5
18,612.8
10.7
108.3
15.5
614.4
1,954.6
1,188.2
-12.6
218.1
-39.2
24,462.5
28,711.4
6.0
83.7
VALUE IN EC$’000 BANANA
63.7
COCOA 4,809.6 NUTMEG 6,995.4 MACE 703.0 TOTAL 12,571.7
0.0
13,320.0
####
17.4
MACE 4.1% NUTMEG value 2012 64.8%
BANANA BANANA 0.0 0.0%
COCOA 8,910.4 COCOA NUTMEG 18,612.8 31.0% MACE 1,188.2 SOURCE: CENTRAL STATISTICS VALUE BASED ON ADVANCE PRICES PAID TO FARMERS
62
Annual Report 2012
DISTRIBUTION OF COMMERCIAL BANK LOANS BY SECTORS SECTORS
DEC 2010
% Dist
DEC 2011
% Dist
DEC 2012
% Dist
AGRICULTURE
23,041
1.2
21,292
1.1
23,723
1.2
FISHERIES
2,353
0.1
2,456
0.1
2,516
0.1
DISTRIBUTIVE TRADE
145,672
7.3
137,954
6.8
140,439
7.1
MINING AND QUARRYING
2,865
0.1
2,096
0.1
915
0.0
TOURISM
176,047
8.8
160,777
8.0
130,381
6.6
MANUFACTURING
32,583
1.6
30,881
1.5
36,854
1.9
ENTERTAINMENT
25,610
1.3
66,010
3.3
62,621
3.2
TRANSPORTATION
77,932
3.9
38,595
1.9
35,679
1.8
UTILITIES
18,688
0.9
18,329
0.9
17,780
0.9
100,451
5.0
76,667
3.8
70,125
3.5
STATUTORY BODIES
93,122
4.6
87,481
4.3
53,875
2.7
FINANCIAL INSTITUTIONS
15,404
0.8
17,319
0.9
13,034
0.7
100,127
5.0
139,955
6.9
189,651
9.6
(a) HOUSE & LAND
648,830
32.4
672,170
33.4
651,577
32.9
(b) DURABLE CONSUMER GOODS
52,503
2.6
47,209
2.3
43,813
2.2
(c) OTHER
487,901
24.4
495,126
24.6
506,100
25.6
TOTAL
2,003,129
100.0
2,014,317
100.0
1,979,083
100.0
CONSTRUCTION AND LAND DEVELOPMENT GOVERNMENT EXCLUDING
PROFESSIONAL AND OTHER SERVICES PERSONAL:
SOURCE: CENTRAL STATISTICAL OFFICE
63
Annual Report 2012 Annual Report 2012
COMMERCIAL BANKS SELECTED INTEREST RATES DEPOSITS TIME THREE MONTHS SIX MONTHS
PERIOD ENDING DEC.
SAVINGS
2010
3.0 - 4.0
2.8 - 3.8
2011
3.0 - 4.0
2012
3.0 - 4.0
LENDING RATES TWELVE MONTHS
PRIME LENDING
OTHER LENDING RATES
3.0 - 4.5
3.0 - 5.0
8.5 - 9.5
7.5 - 17.0
2.8- 3.8
3.0 - 4.5
3.0 - 5.0
8.5 - 9.5
7.5 - 17.0
1.0 - 2.2
1.0 -2.5
1.0 - 2.7
8.5 - 9.5
5.9 - 17.0
64
Annual Report 2012
CONSUMER PRICE INDEX 2010 = 100 2009 - 2012 Average (Jan - Dec) Code 0
Description All Products
11.01
FOOD AND NON-ALCOHOLIC BEVERAGES ALCOHOL BEVERAGES, TOBACCO AND NARCOTICS CLOTHING AND FOOTWEAR HOUSING, WATER, ELECTRICITY, GAS, AND OTHER FUELS FURNISHING, HOUSEHOLD EQUIPMENT & ROUTINE HOUSEHOLD MAINTENANCE HEALTH TRANSPORT COMMUNICATION RECREATION AND CULTURE EDUCATION RESTAURANTS AND HOTELS MISCELLANEOUS GOODS AND SERVICES
11.02 11.03 11.04 11.05 11.06 11.07 11.08 11.09 11.10 11.11 11.12
% Change 2011/ 2012/ 2010 2011 3.03 2.41
Weights 100.00
2010 103.57
2011 106.71
2012 109.28
20.35
105.73
110.40
113.71
4.42
3.00
1
1.83 3.66
111.28 103.08
114.71 103.55
115.28 104.77
3.09 0.46
0.50 1.19
1 1
29.05
103.23
105.27
105.78
1.98
0.48
1
4.50 1.94 18.72 10.03 2.71 0.83 1.81 4.59
103.98 103.40 103.74 100.84 103.98 100.90 105.45 100.04
104.32 115.90 105.34 110.98 101.76 103.80 106.63 98.82
111.52 125.08 108.97 115.27 102.40 110.18 106.17 99.94
0.33 12.09 1.54 10.06 -2.13 2.87 1.12 -1.23
6.90 7.91 3.45 3.86 0.63 6.14 -0.43 1.14
1 1 1 1 1 1 1
1
INDEX POINTS POINTS INDEX
CONSUMERPRICE PRICEINDEX INDEX(2010=100) (2010=100) CONSUMER AVERAGE (JAN- DEC - DEC 2009 - 2012) AVERAGE (JAN 2009 - 2012 ) 129 126 123 120 117 117 114 114 111 111 108 105 102 99 96 93 90
... R... S s RE BY OTIC OTHE duct U C o T D R r I A N P D A N N All GAS, AND EXPE CCO CITY, TION I A P R B T M O C ,T SU LE CON AGES ER, E UAL WAT EVER , D B I G V L I N SI HO IND HOU ALCO
N ATIO ND EDUC DS A GOO S U EO LLAN
TH TION HEAL NICA U M COM E
MISC
65
Annual Report 2012
At Dec
% Change 2011/ 2010/ 2010 2009 3.52 4.22
2012/ 2011 1.81
2010 104.10
2011 107.76
2012 109.71
106.80
112.70
114.15
6.91
5.53
1.29
113.57 103.90
114.99 104.17
115.20 105.13
13.80 3.90
1.25 0.26
0.19 0.92
104.13
105.18
106.09
4.52
1.01
0.86
104.73 103.42 103.08 101.39 103.87 103.37 106.54 98.73
104.44 124.55 105.02 115.41 102.20 104.74 106.65 99.75
112.62 125.50 110.20 113.75 102.11 113.99 105.57 101.70
4.59 3.44 3.09 1.39 3.87 3.37 6.54 -1.27
-0.28 20.43 1.88 13.83 -1.61 1.33 0.10 1.03v
7.84 0.76 4.94 -1.44 -0.09 8.82 -1.01 1.95
20
2009 09 2010 20 10 2011 20 2012 11 20 12
S
VICE
D SER
66
Annual Report 2012
NEW REGISTERED EMPLOYEES BY AGE-GROUPS % Change
AGE-GROUPS
2010/ 2011/ 2012/ 2009 2010 2011
2010
2011
2012
14-15
0
6
2
16-19
676
780
710
-7.4
15.4
20-24
795
1035
910
2.4
30.2
25-29
150
224
164
-19.4
49.3
30-34
88
81
81
-16.2
-8.0
35-39
53
56
62
-19.7
5.7
40-44
58
60
40
38.1
3.4
45-49
44
48
42
-34.3
9.1
-12.5
50-54
48
49
30
2.1
2.1
-38.8
55-59
40
26
37
37.9
-35.0
42.3
60+
25
21
30
31.6
-16.0
42.9
TOTAL
1,977
2,386
2,108 -4.5
20.7
-11.7
-66.7 -9.0 -12.1 -26.8 0.0 10.7 -33.3
WATER PRODUCTION
WATER (M. GAL)
2010
2011
2012
2161.1
2380.9
2337.6
2010/ 2009 -12.1
2011/ 2010 10.2
2012/ 2011 -1.8
WATER PRODUCTION (M. GAL)
QUANTITY IN IN M/GALS M/GALS QUANTITY
WATER PRODUCTION (M. GAL)
2500 2200 1900
1600 1300 1000
2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2000 YEARS
67
Annual Report 2012
ELECTRICITY PRODUCTION & CONSUMPTION 2010
2011
2010/ 2009
2012
2012/ 2011
2011/ 2010
ELECTRICITY PRODUCTION 208,728.4
203,973.9
199,703.9
2.8
-2.3
-2.1
72,091.7
70,463.4
69,123.0
5.6
-2.3
-1.9
101,966.3
99,808.2
98,783.0
2.9
-2.1
-1.0
INDUSTRIAL
6,265.8
6,074.5
5,845.2
10.6
-3.1
-3.8
ST. LIGHTS
4,459.9
4,567.5
4,680.5
3.3
2.4
2.5
TOTAL
184,783.7
180,913.7
178,431.7
4.2
-2.1
-1.4
DOMESTIC
62,265.0
72,357.0
74,314.6
32.0
16.2
2.7
COMMERCIAL
91,544.0
105,772.7
109,500.8
16.3
15.5
3.5
INDUSTRIAL
4,704.9
5,714.8
5,769.2
22.4
21.5
1.0
ST. LIGHTS
3,771.1
4,590.7
4,926.6
18.1
21.7
7.3
162,285.0
188,435.1
194,511.2
22.1
16.1
3.2
Volume (‘000 KWH) ELECTRICITY CONSUMPTION DOMESTIC COMMERCIAL
TOTAL
ELECTRICITYELECTRICITY PRODUCTION & CONSUMPTION PRODUCTION & CONSUMPTION IN ('000KWH) IN (‘000KWH) 230000 230000 ELECTRICITY ELECTRICITY PRODUCTION PRODUCTION
210000 210000
IN '000KWH
IN ‘000KWH
190000 190000
170000 170000
150000 150000
130000 130000
110000 110000
2000 2000
2001 2001
2002 2002
2003 2003
2004 2004
2005 2005
2006 2006 2007 2007 YEARS YEARS
2008 2008
2009 2009
2010 2010
2011 2011
2012 2012
Annual Report 2012
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