• The poultry sector is continuing a growth path with farmers expanding their production to meet local needs and beginning to focus on addressing regional demand, says the Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green. He noted that the sector has seen a 22.4% increase per annum over the last 10 years.
• Minister Green, who was addressing the recent opening of Caribbean Broilers (CB) Group’s multimillion-dollar Air Chill Poultry Processing Plant in Hill Run, St. Catherine, noted that despite losing more than 300,000 birds in Hurricane Beryl, the poultry/broiler sector showed a 3.3% growth at the end of 2024.
• “We have also seen that growth in egg production, which again, we probably do not speak about enough, was one of the major successes of the agricultural sector. In 2019, our egg production was 166Mn eggs. In 2023, we produced 255Mn eggs, representing a 54% increase,” the Minister reported.
• Large firms are also providing leadership and guidance to the smaller operators, training them in good agricultural practices and animal husbandry, offering high-quality inputs to improve productivity, reduce mortality and get greater returns on their investment.
• For example, the Minister noted that the work being done by the CB Group through NutriMix and its genetic station in Old Harbour, St. Catherine, is improving the breeds to farmers and ensuring that they get chicks at an affordable cost while also providing them with veterinary services. This integrated approach, he said, has not just benefited the company but agriculture in general.

(Source: JIS)

• Prime Minister, Dr. the Most Hon. Andrew Holness, has reiterated the Government’s commitment to ensuring that all Jamaicans have access to affordable housing solutions. He noted that there is an imbalance between housing supply and affordability, with many qualified individuals struggling to find solutions within their income bracket.
• The market is producing homes primarily for those with higher incomes, leaving a gap for low and middle-income families. In addition, houses priced at $12Mn are often sold for $18Mn due to market demand dynamics. “What we want to do is to get the market to produce houses in all categories,” he said, stressing the need for affordable options alongside high-end developments.
• “We need developers who can build houses at scale to bring down costs and make housing more affordable,” he stressed. The Prime Minister noted the role of the National Housing Trust (NHT) in financing low-income and achievable housing projects.
• “We’re doing everything to create what is called effective demand,” he said, noting that the Guaranteed Purchase Programme was introduced as a strategic measure to mitigate market risks for developers. “We say to developers; you build the houses, we buy them at a specific price and then we sell them at an affordable price,” he detailed. This approach aims to encourage developers to construct homes without fearing financial losses.
• The Prime Minister cited other initiatives aimed at making housing more affordable, including reducing the interest rates on mortgages, with some low-income borrowers benefiting from a zero percent interest rate. Efforts are underway to deliver 43,000 houses over the next few years as part of a broader strategy to meet housing demands.

(Source: JIS)

• Peru's gross domestic product expanded 3.93% in November compared with the same month of 2023, marking the eighth-consecutive month of economic expansion, the South American government's INEI statistics agency said on Wednesday.
• November's economic expansion in the world's second-largest copper-exporting nation landed comfortably above the 3.1% forecast of analysts polled by Reuters, and topped October's growth rate of 3.38%.
• Peru also saw double-digit growth in its farming and fishing sectors, growing 12.4% and 17.6%, respectively. Peru is a top producer of fishmeal, a fertilizer made using anchovies. The manufacturing sector also grew by 6.7%. Its key mining and hydrocarbon sector; however, dipped 2.2% while its construction sector shrunk 2.4%.
• INEI attributed the lower mining output to less production of metals such as copper, zinc, gold, lead and molybdenum, even as Peru increased its hydrocarbon output.

 (Source: Reuters)

• With one million international passengers transiting in and out of its ports, Guyana achieved a significant milestone in 2024, surpassing President, Dr. Mohamed Irfaan Ali’s initial prediction for 2025.
• The number of travellers reflects the country’s economic development and the opportunities that come with it. Guyana is also gaining attention as a unique destination for its culture and wide variety of tourism products. The Chief Executive Officer of the Cheddi Jagan International Airport (CJIA), Ramesh Ghir, disclosed on Saturday during a year-end press briefing.
• At the end of 2024, Guyana recorded 1,072,785 passengers that were processed across four key ports of entry: the Cheddi Jagan International Airport (CJIA), Eugene Correia International Airport (Ogle), Lethem Border Crossing and Moleson Creek Crossing. According to Ghir, this is 142,785 more passengers than the 930,000 processed in 2023, amounting to an increase of 15%.
• Given the increase in travellers, seating increased from 1,244,178 in 2023 to 1,491,909 in 2024. This represents a 20% increase, improving affordability and choice for passengers. “Additional aircraft seating means there is more choice as a passenger and it brings down the cost of the ticket. That’s why it’s important that we have additional seats,” Ghir said.
• The international airport continues to be a key driver of national economic growth, with efforts underway to modernise operations and enhance passenger experience.

(Source: Guyana Chronicle)

• The Dominican Republic continues to shatter tourism records, with a staggering 9,082,298 visitors arriving in the country during the first ten months of 2024. October alone saw an influx of 719,849 tourists, further solidifying the nation’s position as a top-tier tourist destination.
• “These results are a testament to the Dominican Republic’s unwavering appeal as a premier tourist destination,” said Minister Collado. “Our diverse offerings, coupled with world-class hospitality, continue to attract visitors from around the globe.”
• The Dominican Republic’s success can be attributed to both air and sea arrivals. Between January and October, the country welcomed 6,984,569 tourists by air, representing a 30% increase compared to 2019, a 20% jump from 2022, and a 7% growth over the previous year. Additionally, cruise ship arrivals reached 2,097,729 during the same period.
• “October was another outstanding month for Dominican tourism,” said Minister Collado. Air arrivals alone reached 554,169, marking a 49% increase compared to 2019, 13% more than 2022, and a 4% growth over the previous year. Cruise ship arrivals also surged to 165,680, representing a 155% increase compared to 2019, 88% over 2022, and 88% compared to last year.
• With these exceptional results, the Dominican Republic is well on its way to surpassing its goal of attracting 11.5Mn visitors by the end of the year. The nation’s thriving tourism industry is not only boosting the economy but also creating numerous job opportunities for locals.

(Source: Dominican Today)

• Earlier this week, the association that represents the interests of some of the most important oil service providers in Mexico asked state company Pemex to pay overdue debts totalling 103.6Bn pesos ($5.1Bn).
• Mexican President Claudia Sheinbaum said on Thursday that the debt burden accumulated by state energy company Pemex with suppliers would be reviewed and various payment mechanisms are being studied and refined.
• Pemex has a financial debt of $97.3Bn and owes service providers another $20.5 billion. Despite efforts to reduce debt under Sheinbaum's predecessor Andres Manuel Lopez Obrador, the company remains one of the world's most indebted energy companies.
• "A review is being carried out, which is normal," President Sheinbaum said during her regular news conference, without giving details.
• Under the six-year administration of Sheinbaum, who took office on Oct. 1, Pemex will seek to maintain average crude oil production of 1.8Mn barrels per day, but its debt burden is making that challenging.

(Source: Reuters)

• Brazil's labour market is posting blockbuster numbers ahead of a central bank rate decision next week, amid bets that the country's rate-setting committee will need to speed up monetary tightening due to inflationary risks.
• Brazil's jobless rate fell to 6.4% in the three months through September, statistics agency IBGE said on Thursday, October 31, below market expectations and marking the second-lowest unemployment level on record.
• The jobless rate was down from 6.9% in the April through June period and from 7.7% a year earlier, according to IBGE (the Brazilian Institute of Geography and Statistics). Economists polled by Reuters had projected an unemployment rate of 6.5%. That comes after data released on Wednesday showed that Latin America's largest economy created a net 247,818 formal jobs in September, the most since February and above analysts' estimates of a net 227,600.
• However, the fact that Brazil's jobless rate has been hovering around historically low levels, and that job creation keeps surprising to the upside, is fueling market fears that the tight labour market could trigger inflationary pressures.
• "This improvement takes place in a delicate macroeconomic environment, where inflation and the cost of credit may require a more intense response from the central bank in adjustments to the interest rate," Jefferson Laatus, chief strategist at Laatus Group, said. "Especially if the increase in the number of workers puts pressure on consumption and makes controlling inflation difficult."
• Last month, the central bank hiked its interest rate for the first time in more than two years, delivering a 25 basis-point increase of 10.75%.
• Market participants have fully priced in an acceleration in monetary tightening, with a 96% chance of a 50 basis-point increase at the central bank's rate-setting committee's meeting on November 6. The remaining 4% probability is of an even larger increase of 75 basis points.

(Source: Reuters)

• Barbados Prime Minister, Mia Mottley, has welcomed her country's inclusion in this year's Global Innovation Index (GII), eight years after it had been listed in the publication that ranks world economies according to their innovation capabilities.
• 'For the first time in eight years Barbados is included in this important index, which serves to identify the progress countries have made in creating a culture of innovation, highlights the levers that must be pulled to further transform, and allows us to measure what matters,' Mottley said in a video message to the unveiling of the 17th edition by the World Intellectual Property Organisation (WIPO), the Geneva-based international agency focused on global intellectual property issues.
• Mottley said: 'As a small island developing state on the frontlines of the climate crisis, and incredibly sensitive to the impact of geopolitical and economic shocks, we in Barbados and the wider global majority are by our very nature innovative.'
• Prime Minister Mottley said her government is committed to investing in its people, noting that 'we are committed to building the kind of education, business and investment ecosystem that will make the small size of our land space almost irrelevant. 'As we invest in our people, our potential for transformative growth becomes endless, [and] one of the most important areas of investment for Barbados has indeed, always been education,' she said.
• Barbados ranked 77th among the 133 economies featured in the Global Innovation Index (GII) 024, with Switzerland, Sweden, the United States, Singapore, and the United Kingdom, ranked as the world's most innovative economies.
• Barbados's ranking is considered impressive, given the gathering of the necessary statistical data, which began a few months ago. It was noted that Barbados performed above regional and Latin American countries (Jamaica – 79^th, Panama – 82^nd, the Dominican Republic – 97^th, and Trinidad and Tobago – 108^th) in the indicators of institutions, human capital and research, business sophistication, knowledge, and technology outputs.

(Sources: Trinidad Express Newspaper & NCBCM Research)

• China's central bank on Tuesday unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and back towards the government's growth target, but analysts warned more fiscal help was vital to hit these goals.
• The broader-than-expected package, offering more funding and interest rate cuts, marks the latest attempt by policymakers to restore confidence in the world's second-largest economy after a slew of disappointing data raised concerns of a prolonged structural slowdown.
• However, analysts questioned how productive the People's Bank of China's (PBOC) liquidity injections would be, given extremely weak credit demand from businesses and consumers, and noted the absence of any policies aimed at supporting real economic activity.
• Governor Pan Gongsheng told a news conference the central bank will soon cut the amount of cash that banks must hold as reserves - known as reserve requirement ratios (RRR) - by 50 basis points (bps), freeing up about 1 trillion yuan ($142 billion) for new lending.
• Depending on the market liquidity situation later this year, the RRR may be further lowered by 0.25-0.5 percentage points, Pan said in rare forward-looking remarks. The PBOC will also cut the seven-day reverse repo rate, its new benchmark, by 0.2 percentage points to 1.5%, as well as other interest rates.

(Source: Reuters)

• U.S. private employers hired the fewest number of workers in 3-1/2-years in August and data for the prior month was revised lower, potentially hinting at a sharp labor market slowdown.
• Private payrolls increased by 99,000 jobs last month, the smallest gain since January 2021, after rising by a downwardly revised 111,000 in July, the ADP National Employment Report showed on Thursday. Economists polled by Reuters had forecast private employment would increase by 145,000 positions after a previously reported gain of 122,000.
• The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of Friday's more comprehensive and closely watched employment report for August from the Labor Department's Bureau of Labor Statistics. Initial prints have mostly understated private payroll growth this year.
• Private payrolls likely increased by 139,000 jobs in August after rising by 97,000 in July, according to a Reuters survey of economists. With solid gains in government employment expected, nonfarm payrolls, which refer to the number of jobs in the private sector and government agencies, are forecast to have increased by 160,000 last month after advancing by 114,000 in July.

(Source: Reuters)