National Economic Survey among businesses to begin on October 11
The Bureau of Statistics, in accordance with its legal mandate under Chapter 19:09 of the Statistics Act, will be conducting a National Economic Survey from Wednesday, October 11, 2023. The Survey is expected to last a period of approximately two (2) 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 businesses across every industry and region nationwide. 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, thereby allowing the Bureau to create more accurate and informed economic models. Vital data will be collected on business performance, outputs and intermediate costs, 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 that cater to the needs of the population, thereby 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 lead to enhanced consumer trust, promoting spending and economic activity as well as enable the average citizen to be more aware of the country’s economic performance.
It is the legal responsibility of all business owners to participate in this exercise and it should be noted that staff of the Bureau of Statistics 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 across Government Ministries and agencies, private entities and from the public through surveys, the largest being the ongoing National Population and Housing Census.
Persons are encouraged to contact the Bureau of Statistics if they have not yet been counted in the 2022 Census. They can also fill our feedback form found at www.statisticsguyana.gov.gy/census/feedback/