GUYANA-National Economic Survey among businesses to begin on October 11

GEORGETOWN Guyana, CMC – The Bureau of Statistics, by its legal mandate under Chapter 19:09 of the Statistics Act, will conduct a National Economic Survey starting next Wednesday.

The Survey is expected to last approximately two months and aims to gather comprehensive data from businesses across all industries and regions within Guyana.

During the first phase of the Survey, Enumerators from the Bureau will visit every business across the country to collect basic information such as their names, ownership, and a measure of their size.

The list of all businesses will then be used to draw a sample of companies nationwide across every industry and region.

Enumerators will return to the fields to administer the Economic questionnaire to the selected sample during the second phase.

Data collected from this Survey will enable a holistic understanding of the country’s economic landscape, allowing the Bureau to create more accurate and informed economic models.

Vital data on business performance, outputs, and intermediate costs will be collected, which will be instrumental in enhancing the computation of Guyana’s Gross Domestic Product (GDP).

The data and statistics derived from the execution of the National Economic Survey will also hold substantial benefits for the business community and the public.

These will facilitate better-informed Government policies catering to the population’s needs, enhancing overall quality of life.

Businesses will be better positioned to operate in a more transparent and data-driven landscape, fostering growth, investment, and market expansion. Accurate economic data will empower these businesses to make strategic hiring decisions, contributing to increased employment opportunities.

Further, reliable economic indicators enhance consumer trust, promoting spending and economic activity and enabling the average citizen to be more aware of the country’s financial performance.

According to the Bureau, it is the legal responsibility of all business owners to participate in this exercise, and it should be noted that the Bureau of Statistics staff are bound by the Statistics Act to ensure the confidentiality of all information collected.

Severe penalties are in place for breaches of confidentiality, and no information about the finances of businesses will be made public or provided to any other agency. All data collected and analyzed will be provided to the public in aggregated format at the regional and industry levels.

The Bureau of Statistics is responsible for Collecting, compiling, analyzing, and publishing socio-economic and other statistical data.

This data is collected from Government Ministries and agencies, private entities, and the public through surveys, the largest being the ongoing National Population and Housing Census.