Ministry of Business 2015-2020 Strategic Action Plan
October 2015
Ministry of Business 229 South Road Lacytown, Georgetown +592 226 2502
Table of Contents Executive Summary .............................................................................................................. 2 Introduction .......................................................................................................................... 3 The Importance of Businesses to the Guyanese Economy ................................................... 3 Mandate of the Ministry of Business .................................................................................... 4 Situational Analysis............................................................................................................... 4 Ministry of Business Thematic Goals ................................................................................... 6 Structure of the Ministry....................................................................................................... 6 Organizational Structure of the Ministry of Business ...................................................... 7 Contribution of Departments and Agencies to Ministry’s 5 Strategic Goals ....................... 8 Ministry of Business 2015-2016 Action Plan ........................................................................ 9 GOAL 1: Improve the ease of doing business in Guyana GOAL 2: Attract increased foreign investments in the economy GOAL 3: Support the development and exports of value-added industries GOAL 4: Increase the economic opportunities and capabilities of vulnerable groups GOAL 5: Expand our capacity to develop and promote sustainable business-friendly policies Timeline for the Completion of Our 2016-2020 Strategic Plan ..........................................15 Monitoring and Evaluation Framework ............................................................................. 16 Types of indicators included in the Ministry M&E system ............................................ 16 Selected indicators for each of the Ministry of Business goals .......................................17 Annex A – Data and References from Situational Analysis ............................................... 18 Annex B – Sources of Data and References from Situational Analysis ............................. 20
1
Executive Summary Businesses are the major sources of GDP, income, investments and jobs in Guyana, and will therefore be central to securing the economic growth we need to drive Guyana’s future. In recognition of this fact, the mandate of the Minister of Business addresses the matters of investment promotion, work force enhancement, sustainable development and export promotion. To effectively address these matters the Ministry has opted to develop a comprehensive strategic plan. In order to ensure timely release of information to the public, and to guide our activities until our full strategic plan is launched, we have prepared this “Strategic Action Plan� which you are now reading. Our Strategic Action plan details our 2015 and planned 2016 activities as well as our vision to implement our mandate by 2020. The five strategic goals of the Ministry of Business are: 1. 2. 3. 4. 5.
Improve the ease of doing business in Guyana Attract increased foreign investments in our economy Support the development and exports of value-added industries Increase the economic opportunities and capabilities of vulnerable groups Expand our capacity to develop and promote sustainable business-friendly policies
The following pages explain how we intend to implement our vision, and the time-frame for completion of the final plan with support of the UNDP. We are dedicated to providing the support needed for businesses in Guyana to thrive, in order to achieve inclusive and sustainable growth. We do hope you will enjoy reading.
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Ministry of Business 2016-2020 Strategic Action Plan
Introduction This strategic action plan is released at an exciting time for the Guyanese business sector. A new Ministry has been created, dedicated to providing the support and representation needed for businesses to thrive in Guyana. The business agenda is central to achieving inclusive growth and national unity and successfully promoting a strong Guyana as a good place to invest. On 25 September 2015, the UN General Assembly adopted the Sustainable Development Goals (SDGs). The Ministry of Business will make an important contribution to achieving many of the specific targets, especially under goal 8, which is to: “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”. Our strategic action plan explains how we intend to fulfil our mandate over the next five years and ensure that the SDGs relevant to us are on track by 2030. The plan includes two parts: 1) Action plan with the concrete steps the Ministry will take to promote business development during 2015-2016 2) Time-line for the finalization of the Ministry of Business costed 2016-2020 strategic plan, which will be completed with the assistance of the UNDP. We recognize government’s important role in providing the foundations for private sector growth and sustainable long-term economic development.
The Importance of Businesses to the Guyanese Economy Businesses are the major sources of GDP, income and investments in Guyana. The private sector accounts for over 80% of total expenditure and contributes over twice the public sector’s level of investment in new capital1. Therefore, businesses will be central to securing the economic growth we need to drive Guyana’s future. Businesses are also Guyana’s major employer. Most of the new and high-skilled jobs we need will come from the private sector. We estimate that around 2/3 of workers are employed in either the formal or the informal business sector2. In recognition of this fact, the Ministry of Business was assigned responsibility for work force enhancement: to help increase the size and quality of our work force through better jobs.
1 2
Bank of Guyana 2014 Annual Report 2002 Census and 2012 Census Preliminary Report
3
Businesses are the greatest source of Government revenue. In 2014 over 80% or $163bn of our revenue was generated by taxes3, and most of this was paid to the Government directly by businesses. In order to continually expand our social programmes we need more tax revenue; this will come by supporting private sector growth.
Mandate of the Ministry of Business The mandate of the Ministry of Business was outlined in the extraordinary Official Gazette of June 6th 2015, which listed the Minister’s areas of responsibility as follows:
Investment promotion Sustainable development Work force enhancement Export promotion
Our strategic action plan is designed to deliver on this mandate as effectively as possible through the Ministry’s existing departments and semi-autonomous agencies as well as through new departments. This will require us to address areas including industrial development, manufacturing and services, small businesses, commerce, standardization and regional competitiveness.
Situational Analysis The Ministry has conducted an in-house analysis of the situation facing businesses in Guyana, drawing on information from the Bureau of Statistics, policy documents including the National Competitiveness Strategy, and publications from international organizations and Guyanese researchers4. This analysis informed the basis for our thematic goals and will be reviewed, updated and published as part of our 2016-2020 strategic plan. The main conclusions of our analysis are as follows: Global and national outlook:
3 4
The main external factors affecting the Guyanese economy are GDP growth in trading partners, global prices for Guyanese exports, and international investment flows Global growth prospects are mixed. Many developing countries are facing challenges due to declining commodity prices which have dampened investment flows. However, growth is increasing slightly in Guyana’s largest export markets the USA and the EU
2015 Budget Estimates volume I, revenue tables Please refer to appendix for full list of sources
4
Guyana’s macroeconomy is performing well with low inflation, growing investments, sustainable debt and stable financial markets. Our National Budget predicts 3.4% growth in 2015, which is one of the highest in the region
Investment Promotion:
Investment promotion will require a ministry-wide approach including a transformation of GO-Invest as an Investment Promotion Agency The most effective way to increase investment is to enhance the ease of doing business in Guyana, especially in areas relating to credit, corruption, investor protection, registering property, accessing electricity and trading across borders Investments have the greatest economic impact when they enhance factors of production, including infrastructure, telecommunications, energy and education. Guidelines to facilitate investments in these areas are to be established between the ministries involved
Sustainable Development:
Business confidence is sustained through the application of transparent, predictable and evidence-based economic and regulatory policies Sustaining development requires strong governance structures, macroeconomic stability, a diversified economic base, increased human capital investments, upgrading of firm capabilities, environmental protection, and national unity Sustainable development requires valuing the environment at its true value rather than the market price, and providing mechanisms to enforce environmental protection Guyana is determined to achieve all the Sustainable Development Goals (SDGs) and their targets. The Ministry of Business will make a significant contribution to achieving all these objectives, particularly those under Goal 8, which is to: “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”.
Work Force Enhancement:
Policies to create high-quality jobs relate positively to economic growth; sectoral analysis is needed for a more informed approach Better quality primary, secondary and tertiary education would make us more competitive. Businesses identify retaining skilled workers as a key challenge Businesses are Guyana’s largest employer and should be involved in the design of labour market policies to make them more effective Small businesses make a critical contribution to employment and poverty reduction, especially for vulnerable groups. Access to credit is one of the main factors constraining their growth
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Export Promotion:
An increase in exports will make an important contribution to reducing Guyana’s current account deficit, which was US$371m in 2014 An effective export promotion strategy will set targets by type of commodities and markets We are still heavily dependent on exports of gold, bauxite, sugar, rice and timber. Export promotion has most long-term potential in value-added industries The harmonization of domestic and international standards is positively related to export growth, as is the attainment of international certification by Guyanese firms
Ministry of Business Thematic Goals Based on our situational analysis, we have identified the following five goals to fulfil our mandate: 1. 2. 3. 4. 5.
Improve the ease of doing business in Guyana Attract increased foreign investments in our economy Support the development and exports of value-added industries Increase the economic opportunities and capabilities of vulnerable groups Expand our capacity to develop and promote sustainable business-friendly policies
These goals will be addressed by the Ministry of Business departments and the semiautonomous agencies falling within our purview. The monitoring and evaluation framework for these goals is included on page 16.
Structure of the Ministry The Ministry of Business includes the following departments and semi-autonomous agencies:
Department of Industry Department of Commerce Business Strategy and Policy Unit National Exhibition Centre (NEC) Guyana Office for Investment (GO-Invest) Guyana National Bureau of Standards (GNBS) Small Business Bureau (SBB)
The Minister of Business is part of the executive Government of Guyana and is accountable to Parliament for the leadership of the Ministry of Business. The Minister gives general policy direction to the three semi-autonomous agencies and appoints the GO-Invest Board, the Small Business Council, and the National Standards Council. The Minister gives more detailed policy direction to the Ministry departments, through the Permanent Secretary. 6
The Permanent Secretary (PS) is the non-political head of the Ministry of Business and is responsible for the Ministry’s actions and performance. This includes serving as accounting officer for all departments and agencies of the Ministry, and as chair of the Ministry management committee. The following pages outline how we intend to achieve our goals during 2015, 2016 and beyond. The below organizational chart shows how the Ministry is structured: Organizational Structure of the Ministry of Business
Minister Of Business
Minister's Secretariat Permanent Secretary
Deputy Permanent Secretary
Business Strategy and Policy [chief policy officer]
Public Relations
ICT
Commerce (Licensing)
Accounts
Industry
Admin
National Exhibition Centre
Personnel
GNBS (Through the National Standards Council)
SBB (Through the Small Business Council)
GO-Invest (Through the Board of Directors)
Registry
7
Contribution of Departments and Agencies to Ministry’s 5 Strategic Goals The below diagram shows the Ministry’s five strategic goals for the period 2016-2020 and the contribution each department or agency will make to achieving these goals.
GOAL 4: Increased economic opportunities of vulnerable groups
Ministry, Industry, SBB
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Ministry of Business 2015-2016 Action Plan GOAL 1: Improve the ease of doing business in Guyana 2015 Activities
Ambitions
documents and
c0-operation between
procedures to the
Ministries to enhance
Single Window System
website for greater
ease of doing business
for Trade Transactions is
transparency. This
(Ministry)
implemented, with
Ministry of Business
licensing becoming a
business road map
publishes its statistical
paperless transaction
(Communications)
agendas as part of 2016-
Lead task force for the
2020 strategic plan
credit access, property
establishment of Single
(Ministry)
access are strengthened
Window in Guyana
Noticeable technical
Investor framework,
Accreditation of GNBS
improvements and speed
to ISO 17020 Standard
Collaborate with Legal
of Ministry import-
of Metrology facilities
Affairs to determine
export licensing process
(GNBS)
framework for Ministry
(Commerce)
Fully functional web
GNBS is ISO 9001:2015
based platform for small
legislative review
compliant for its core
business registration and
Support for
services (GNBS)
procurement (SBB)
Competitiveness
At least the first phase of
(Commerce)
of Business input to
2020 Vision
Publish guidelines on
Upload key ministry
would include a small
2016 Plans
Strengthen institutional
Program final evaluation
support to small
Desired Impact
consultation is held in
businesses through
November
SBB’s MoUs with deeds
in Guyana’s performance
GNBS review of
registry, NIS and GRA
in the World Bank Doing
technical assistance and
and seek to integrate
Business Index
training programmes to
SBB and GO-Invest with
(Distance to Frontier)
address needs of small
e-governance database
businesses (GNBS)
(SBB, GO-Invest)
Significant improvement
Increased market liberalization in key areas
9
GOAL 2: Attract increased foreign investments in the economy 2015 Activities
New CEO appointed for
Ambitions
Institutionalized GO-
Implement new
(GO-Invest)
Invest presence in
Secure funding to
diaspora centres (GO-
operation between GRA
enhance GO-Invest to
Invest)
and GO-Invest on
improve performance
processing of Investment
(Ministry)
concessions/ incentives
Enhanced website and
is more transparent,
Request technical
brand for Ministry and
automatic and evidence-
assistance to review our
GO-Invest
based (GO-Invest,
investment framework in
(Communications, GO-
Ministry)
accordance with
Invest)
international best
Procedure for accessing
Promote businesses that
Increased focus on
have attained
practice (Ministry)
attracting Foreign Direct
international
Create new investment
Investments, including
certification of their
brochures for free
diaspora (GO-Invest)
products and services on
Introduce inter-
the GNBS website
business expo and other
ministerial guidelines to
(GNBS)
events (GO-Invest,
attract investments that
Communications)
enhance factors of
Go-Invest to facilitate 37
production
investment projects
(infrastructure,
worth over $2bn (GO-
telecommunications,
Invest)
energy, education)
investments,
Facilitate over 160
contributing to faster
investments worth over
economic growth
distribution at Ministry,
GO-Invest 2016-2020 strategic plan is released
Agreements (GO-Invest)
2020 Vision
GO-Invest (GO-Invest) guidelines for co-
2016 Plans
Desired Impact
Increased investor confidence in Guyana
Considerable increase in
$11bn (GO-Invest)
Facilitate development of trade agreements or partnerships with sister IPAs worldwide (GOInvest)
10
GOAL 3: Support the development and exports of value-added industries 2015 Activities
Complete situational
Development of
Ambitions
industrial estates at
assessment of Industrial
Belvedere and Lethem
between Guyanese and
Estates at Coldingen and
(Industry)
International standards
Review of Industrial
(GNBS)
Business Exposition held 27-29th November at the
estates policy (Industry)
Increased harmonization
New model of industrial
Draft industrial
estates is launched
National Exhibition
development policy to
(Industry)
Centre under the theme:
leverage our strengths
“Guyanese Products and
(Industry, Ministry)
15% of certified goods
Support to Ministry of
produced by SMEs
the Good Life”. Over 300
Foreign Affairs in trade
(GNBS)
local exhibitors will be on
negotiations for benefit of
show (NEC)
private sector
from laboratory
Develop second phase of
(Commerce)
accredited to ISO 17025
Development of national
and develop the relevant
Carbon Micro and Small
export strategy (Ministry,
standards to help
Enterprise Development
GO-Invest)
exporters satisfy
Participate in
international
international trade
requirements (GNBS)
Services - Our Gateway to
2020 Vision
analysis/needs
Eccles (Industry)
2016 Plans
intervention for the Low
Project (SBB)
expositions including the
Increase the export by
Provide testing services
National Exhibition
Caribbean (GO-Invest)
Complex is transformed
Increase the number of
to provide state of the art
partner financial
facilities for business
institutions with SBB by
related events (NEC)
at least 1 (SBB)
Provide access to finance
Desired impact
for small businesses
dollar value of exports
through 25 loans, 200 grants and 830
Significantly increased
Significantly increased
businesses trained (SBB)
outputs and exports from
GNBS aiming to work
secondary and tertiary
with SMEs to ensure at
industries
least 2 are certified to
11
ISO 9001 Standard (GNBS) 
GNBS to work with Industrial laboratories to have at least one certified to ISO 17025 standard (GNBS)

2016 GuyExpo held in May provides opportunities for businesses to showcase their products and create value-chain links to international suppliers (NEC)
12
GOAL 4: Increase the economic opportunities and capabilities of vulnerable groups 2015 Activities
2016 Plans
2020 Vision
Ministry initiates
Phase 2 of Micro and
Ambitions
discussions with Ministry
Small Enterprise (MSED)
of Education (Youth) and
Project is launched (SBB)
Ministry of Social
2017 Budget request
Fully operationalised small business development/resource
Protection (Labour),
addresses enhanced access
Ministry of Communities
to business development
Small business support
and Ministry of
services in the regions in
services are provided in
Agriculture to explore
collaboration with
every region of Guyana
options for collaboration
Ministry of Communities
(SBB, Ministry)
(Ministry)
(SBB)
Review current small
White paper on work force
business financial and
enhancement is released
training instruments to
(Ministry)
increase uptake in rural areas (SBB) Draft strategy on SBB 20% public procurement program (SBB) Develop guidelines to
Industry department
Desired impact Increased job creation and employment in rural areas Increased capabilities of
representation on Board of
rural workers and
Industrial Training
vulnerable groups
(Industry) Commence first phase of
Enhanced opportunities and poverty reduction
small business resource
ensure that Ministry
centre offering research
services are provided on a
and administrative
non-discriminatory basis
assistance (SBB)
to vulnerable groups
centre is realised (SBB)
2016 GuyExpo (held in
including individuals
May) provides a platform
considering themselves to
and catalyst for the
have a physical disability
development of small and
(Ministry)
medium enterprises (NEC)
13
GOAL 5: Expand our capacity to develop and promote sustainable business-friendly policies 2015 Activities
Interactive Ministry
National consultations
Annual reviews of
are held on draft strategic
strategic plan
leading to increased
plan (Ministry)
implementation are held.
Strategic plan is
2016-2020 strategic plan
policy-related
completed and included
is completed putting
information
in 2017 budget
Guyana on track towards
(Communications)
submission (Ministry)
2030 achievement of
Ministry contributes to a
SDGs (Ministry)
Ministry communications
are released to public
white paper on
every week in accordance
sustainable development
presence and
with communications
(from business
communications are
strategy (Commerce)
perspective)
significantly enhanced
Ministry benefits from
(Communications)
Business strategy and
Ministry’s brand,
policy development
technical exchanges,
capacity is strengthened
volunteers and new
linked to attainment of
All vacancies in the
projects (Ministry)
international standards
Completed assessment of
(Ministry, GNBS)
Ministry are advertised
2020 Vision
website is launched sharing of programs and
2016 Plans
Industrial incentives are
on the website
government expenditure
(Personnel)
on procurement, baseline
beginning of the year, as
Technical assistance is
survey and needs
required by the SBA
requested from relevant
assessment of small
2004, government’s
experts (Ministry)
businesses (SBB)
procurement activities
Complete Management
for that year and % from
considers enhanced
Information System for
small businesses (SBB)
budget for staff training
small businesses (SBB)
2016 budget request
Publish annually at the
(Personnel)
14
Timeline for the Completion of Our 2016-2020 Strategic Plan This strategic action plan was influenced by the consultation on our draft strategic framework, which was held with public and private stakeholders in August 2015. Following this consultation, the Ministry decided to produce a more detailed 2016-2020 strategic plan to be ready by May 2016. The UNDP has agreed to assist in the development of this plan through the provision of suitable consultant(s). The planning process will include thorough consultations with relevant counterparts and stakeholders. The draft plan will be presented at an open consultation and uploaded to the website for comment. The final plan for the period 2016-2020 will include institutional arrangements and costings, which will form the basis for our 2017 budget formulation process. The semi-autonomous agencies will be preparing their own strategic plans. We are working to the below timetable:
January 2016 – Consultant(s) start work
March 2015 – Inception report received and uploaded to Ministry website for comment
March-April 2016 – Open consultations with government and nongovernment stakeholders
June 2016 – Final plan is received for incorporation into 2017 budget submission
15
Monitoring and Evaluation Framework This Ministry of Business Monitoring and Evaluation (M&E) framework articulates the systems and data which we use to measure our performance and to report on our progress to the public. The Ministry of Business believes that M&E is essential to enhancing performance and that all staff should be involved. Our M&E system is linked to the Ministry Programme Performance Statements5 published by Ministry of Finance, with additional indicators to track progress towards all five of our strategic goals. The Ministry’s M&E framework is based on an implicit “Theory of Change” which demonstrates how our activities are expected to lead to long-term impacts. A “Theory of Change” is a model mapping the inputs, activities, outputs, outcomes and goals for a project or organization. The M&E system should be designed to ensure we are monitoring the important aspects of each stage in our Theory of Change. Our full strategic plan will articulate several Theories of Change for core Ministry activities. For now, we have chosen selected indicators to demonstrate progress towards our 5 goals. Please note that in many cases, progress can and should be measured in more dimensions, however currently data availability constraints us from using respective indicators. The Ministry of Business is planning to develop and publish further relevant indicators as part of its M&E agenda. Types of indicators included in the Ministry M&E system Type of Indicator Impacts/Goals Outcomes Outputs
Explanation The long-term results of what we deliver, such as increased investment and jobs The behavioural change or economic improvement resulting from our outputs The final products, goods and services provided by the Ministry: “what we deliver”
Activities
The processes and actions conducted by the Ministry: “what we do”
Inputs
Resources contributing to service delivery such as finances and staff time
5
These are published in volume II of the national budget estimates (p106-107). The full document for 2015 is available here: http://www.finance.gov.gy/images/Docs/Budget%20Docs/Volume%202%202015.pdf
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Selected indicators for each of the Ministry of Business goals Goal 1: Improve the Ease of Business
Goal 2: Increase foreign investments
Impacts
Private sector investment expenditure
Foreign Direct Investment as measured by the Bank of Guyana
Outcomes
Guyana’s rank in the World Bank Doing Business Index
Estimated total investment facilitated by GO-Invest
Outputs
Policy reforms targeting improvements to business environment
Number of companies provided support by GOInvest
Speed of processing import/export licenses
Activities
Inputs
GO-Invest 2016-2020 strategic plan is published
Number of firms receiving technical assistance by GNBS Number of Development of training sessions 2016-2020 offered to SMEs strategic plan for GO-Invest Establish task force for Single Number of Window trainings participated in Key documents by staff uploaded to website Number of Technical Ministry staff assistance to with expertise in review business investment environment framework issues and IT $ value of $ value of funding for investment to enhancements strengthen to GO-Invest institutional framework
Goal 3: Develop Value-added industries & exports $ value of exports and of secondary and tertiary industries
Goal 4: Opportunities for vulnerable groups Share of population living in absolute and relative poverty
Goal 5: Expand Ministry capacity
Number of operational value-added businesses utilizing industrial estates Number of industrial estates plots developed
Number of registered small businesses
Number of successful reforms to Ministry and national business policy
$ value of loans facilitated by SBB through partner financial institutions
Number of white papers on business issues
Number of NIS and GRAregistered businesses operating on industrial estates
Fully functioning web based Fully functioning platform for small business small business development registration and centre by 2020 procurement Number of white papers on workforce enhancement
Needs assessment of industrial estates
Number of meetings with regional government
Review of industrial policy
Review SME financial and training instruments
Development of national export strategy Number of staff with capabilities in ISO standards Availability of disaggregated data on export markets
Annual growth in GDP
Number of Ministry staff with expertise working with small businesses or vulnerable groups Dollars invested in work force enhancement
All vacancies advertised on website Weekly communications to the public Ministry strategic plan is published Motivation of Ministry and agency staff Number of projects that receive technical assistance from international donors
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Annex A – Data and References from Situational Analysis The sources of all data are detailed on p20-p21. Importance of Business to the Guyanese Economy Variable
2008
2009
2010
2011
2012
2013
2014
2015
Public Sector Share of Work Force in %
10.1
10.3
10.5
10.4
10.8
10.9
-
-
Government Revenue from Taxation in G$ Million Share of Tax Revenue in Total Government Revenue in % Share of Private Sector in Total Expenditure in % Share of Private Sector Investment in Total Investment in %
79,598
89,085
100,959
111,409
118,334
127,440
136,508
143,772
96.0
93.9
93.6
92.1
90.9
93.4
93.7
87.9
80.3
76.8
77.9
79.2
80.7
80.1
79.8
81.2
55.4
51.8
48.2
51.1
53.5
49.5
60.0
76.3
Investment Promotion Variable
2008
2009
2010
2011
2012
2013
2014
2015
164.0
198.0
246.8
293.7
214.0
255.2
-
-
-
15,399
22,338
22,913
23,149
88,486
-
in the Primary Sector
-
-
661
5,760
2,777
1,657
5,700
-
in the Secondary Sector
-
-
11,360
10,834
12,176
5,234
24,451
-
in the Tertiary Sector
-
-
3,378
5,744
7,961
16,258
58,336
-
105
101
100
114
114
115
132
137
-
58.37
58.6
58.44
58.63
58.97
53.04
51.83
115
104
110
109
109
102
117
121
Foreign Direct Investment Inflows in US$ Mn. 178.0 FDI Facilitated by GO-Invest in G$ Million
Doing Business Ranking6 Doing Business Distance to Frontier Global Competitiveness Ranking
Competitiveness Distance to Frontier (100 is best)
Pillars of the Doing Business Index where Guyana is ranking within the range (2015)
80-100
Starting a Business
60-80
Dealing with Construction Permits, Paying Taxes
40-60 20-40
Getting Electricity, Protecting Minority Investors, Registering Property, Trading Across Borders, Enforcing Contracts Resolving Insolvency
0-20
Getting Credit
Relative Rank (1 is best)
Pillars of the Doing Business Index where Guyana is ranking within the range (2015)
50-99
Enforcing Contracts, Starting a Business, Protecting Minority Investors
100-149
Paying Taxes, Registering Property, Dealing with Construction Permits, Trading Across Borders Resolving Insolvency, Getting Electricity, Getting Credit
150-189
6
Note a lower number for the international competitiveness rankings indicates a better performance
18
Sustainable Development Variable
2008
2009
2010
2011
2012
2013
2014
2015
Real GDP in G$ Million
286,896
296,417
309,373
326,194
341,905
359,758
373,576
385,218
GDP Growth Rate in %
2.0
3.3
4.4
5.4
4.8
5.2
3.8
3.4
Contribution of Primary Sector to GDP in % Contribution of Secondary Sector to GDP in % Contribution of Tertiary Sector to GDP in % Number of newly registered small businesses Net Domestic Credit in G$ Million
36.6
34.8
34.3
37.8
40.0
36.9
33.9
32.3
8.3
7.7
6.8
6.5
6.3
6.7
6.3
6.2
55.1
57.5
58.9
55.8
53.6
56.3
59.9
61.5
-
-
556
504
561
380
1950
-
59,776
47,569
55,447
93,478
99,004
123,780
154,847
-
Work Force Enhancement Variable
2008
2009
2010
2011
2012
2013
2014
2015
Employment in the Public Sector
26,929
27,504
27,982
27,727
28,691
28,997
-
-
Unemployment rate in %
11.8
11.6
11.4
11.2
11.3
11.1
-
-
Tertiary Education Enrolment in gross %
11.5
12.3
11.5
11.2
11.9
12.0
12.9
12.9
Tertiary Education Enrolment, rank out of 140 countries measured
100
99
105
104
105
111
105
106
Export Promotion Variable
2007
2008
2009
2010
2011
2012
2013
2014
Exports in US$ Million
698.0
801.5
768.2
885.0
1129.1
1415.5
1375.2
1167.2
Of which “Other Exports� in US$ Million
157.5
161.5
131.7
123.0
143.1
180.3
199.4
181.7
Share of Other Exports in Total in %
22.6
20.1
17.1
13.9
12.7
12.7
14.5
15.6
-189.1
-321.4
-230.6
-247.4
-372.3
-366.7
-456.0
-371.2
Current Account Balance in US$ Million
Exports by destination
Exports by item (including re-exports)
January to July 2015 Source: Bureau of Statistics
19
Annex B – Sources of Data and References from Situational Analysis Variables used in data tables
Source of data
Comments
Public Sector Share of Work Force
Bureau of Statistics Statistical Bulletin
The total labour force is last available from the 2002 Population & Housing Census. Please refer to comment to "Total Employment in the Public Sector" for further information.
Government Revenue
MoF Budget Estimates Vol I Current Revenues
Figures up until 2013 are actuals from the annual Budget estimates. For 2014 and 2015 the data is taken as the revised and projected figures respectively from the 2015 Budget Estimates.
Share of Private Sector in Total Expenditure
Bureau of Statistics National Aggregates
Total Domestic Net Final Expenditure is calculated as the sum of GDP at Purchaser Prices and net imports of goods and non-factor services. The private sector share of total expenditure is therefore a strong approximate indicator of the private sector contribution to Total National Income. 2015 values are based on revised estimates.
Share of Private Sector Investment in Total
Bureau of Statistics
2015 values are based on revised estimates.
FDI Inflows
Bank of Guyana Annual Report
The data is sourced from individual Bank of Guyana Annual Reports
FDI Facilitated by GO-Invest
GO-Invest
Doing Business Ranking
World Bank Group
The Doing Business Ranking is a composite relative measure of Guyana's performance for 10 aspects of ease of doing business. A lower number indicates a better performance. The 2016 report was published in 2015. Due to changes in methodology, data is only comparable for the last two years. The source does not provide a full back-calculated history therefore values from 2008 to 2013 are taken from the original reports.
Doing Business Distance to Frontier
World Bank Group
The Doing Business Distance to Frontier is a composite absolute measure of performance for 10 aspects of ease of doing business. A higher number indicates better performance. The latest issue, the 2016 report, was published in 2015.
Global Competitiveness Ranking
World Economic Forum
The Global Competitiveness Ranking is a composite relative measure of 12 aspects of competitiveness. A lower number indicates better performance. The ranking is between 140 countries measured.
Exports
Various issues Bank of Guyana Annual Report
The indicator "other exports" refers to all exports and reexports except for the five major commodities sugar, rice, bauxite, gold and timber. The current account balance shows the difference between a nation's savings and investment. A negative current account balance indicates that the nation is a net borrower from the rest of the world.
Current Account Balance
Bank of Guyana Annual Report '14
GDP
Bureau of Statistics/Ministry of Finance
Real GDP is calculated at 2006 prices. 2015 value is a projection.
Small Business Bureau
Small businesses are defined in the Small Business Act of 2004 to satisfy at least two of the following criteria: (i) employs not more than 25 persons, (ii) has gross annual revenues of not more than 60 million G$, (iii) has total business assets of not more than 20 million G$.
Number of newly registered small businesses
20
Variables used in data tables
Source of data
Comments
Employment in the Public Sector
Ministry of Finance/State Planning Secretariat
This figure does not include employment by Guysuco, Ministry of Public Health and Ministry of Education. These three entities are estimated to employ approximately 23,000 workers in 2015.
Net Domestic Credit
Various Issues Bank of Guyana Annual Report
Net domestic credit is the sum of net credit to the nonfinancial public sector, credit to the private sector, and other accounts.
Secondary and Tertiary Education Enrolment
World Economic Forum
Taken from the Global Competitiveness Index. A lower number indicates a better rank relative to other countries.
GDP by Sector
Bureau of Statistics
GDP at current prices is used due to incomplete data for real GDP. Values for 2015 are projections.
Unemployment Rate
International Labor Organization
The unemployment rate is calculated as the share of people who are without work and seeking work, out of the total number of people available for work. ILO estimates are based on household surveys.
Symbols used The symbol “-” indicates that no data was available for this period from the sources used.
Other references used In addition to the above data, the situational analysis is based on publications including the World Bank Enterprise Survey, the World Bank Doing Business Report, the Compete Caribbean 2014 Private Sector Assessment, the 2014 Private Sector Commission audit of the National Competitiveness Strategy, the International Labour Organization Report for Guyana, the Global Competitiveness Report, the ECLAC 2015 economic survey, the World Trade Organization 2015 review, and academic papers by World Bank staff. Acknowledgments This strategic action plan has benefited from input from stakeholders who attended the consultation on our draft strategic framework on August 20th 2015 or provided written comments. We thank our sister agencies the Guyana Revenue Authority, Ministry of Governance (Including the GL&SC), Ministry of Foreign Affairs (Dep’t of Trade), Ministry of Social Protection, Ministry of Education, Ministry of Public Infrastructure, Ministry of Communities (CH&PA), Ministry of Agriculture (GMC, GA-FDD, GLDA), Ministry of Tourism and the Public Utilities Commission. We thank our private sector partners the PSC, GMSA, GCCI, GBTI, IPED, SBDT, SBA, THAG and the UCCI. A special thanks is extended to the UNDP for agreeing to support the finalization of our strategic plan, and to the staff of departments and agencies of the Ministry of Business. 21