A. Assessment of Data Adequacy for Surveillance

General: Data provided to the Fund is broadly adequate for surveillance purposes, although timeliness, reliability, and coverage can be improved. Selected data are only available during missions and upon request. Monetary and external statistics, exchange rates and interest rates are reported to the Fund and available also from the website of the Bank of Guyana (BoG) but with certain lags. The Ministry of Finance (MOF) provides macroeconomic and fiscal statistics in annual and semiannual publications on its website in a PDF format. While specific statistics areas have received technical assistance (TA), some limitations remain in the compilation and dissemination of data for certain sectors. Oil exploration and drilling is partially included in the balance of payments statistics and requires further refinement in the national accounts.

National Accounts: The 2018 TA mission from CARTAC provided advice to the Bureau of Statistics (BoS) to improve the GDP-P and GDP-E methodology and related source data, as well as implement the relevant System of National Accounts 2008 (2008 SNA) changes. The compilation files were redeveloped for manufacturing, construction, accommodation, food services, real estate, business, and other services industries, with 2012 as the new base year. The TA also helped improve coverage and the source data quality issues and trained the BoS national accounts staff on the recommended SNA changes. The 2019 technical assistance helped the BoS incorporate oil production into the national accounts statistics. In 2021, technical assistance reviewed the compilation methodology for several activities and established the basis for producing chained volume measures for both the annual and quarterly estimates of GDP from 2012–2021. The mission also provided advice on the completion of work to develop Supply and Use Tables (SUT) for 2019, which can be used to improve the input/output ratios and estimates of informal activity used in GDP compilation. A further national accounts mission is planned in November 2022 to support finalization of the rebased estimates of GDP and oil sector refinements. Future work will focus on compiling an Industrial Production Index and a Producer Price Index.

A mission on the CPI supported the preparation of an update of the expenditure weights based on the results of the 2018/19 household budget survey. Dissemination of the updated CPI was expected in the course of 2022.

Government finance statistics (GFS): Fiscal statistics are disseminated through several MOF publications, including the Mid-Year Report on the annual budget, the Budget Speech and other budget-related documents. Authorities plan to upgrade their fiscal statistics to reflect the impact of future petroleum revenue and to incorporate it in their future budget projections. While fiscal data are published by the MoF, GFS data are not reported to the IMF Statistics Department for publication in the GFS database.

Monetary and financial sector statistics: The BoG has made significant progress in improving the quality of monetary statistics, especially the institutional coverage. The monetary statistics currently include the BoG, other depositary corporations (commercial banks, the New Building Society, and trust companies), and other financial corporations (finance companies, life insurance companies, non-life insurance companies, pension funds, and asset management companies). The BoG’s monetary statistics provide data for publication in the IFS Supplement, based on standardized report forms. The BoG publishes, on a regular basis, prudential indicators for commercial banks, depository and non-depository nonbanks in its quarterly report and on its website. CARTAC has helped make progress with developing macro-prudential/systemic risk indicators and financial stability indicators for the insurance sector. The BoG also reports data on several indicators of the Financial Access Survey (FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs).

External sector statistics (ESS): In 2022, a follow-up mission from CARTAC assisted the BoG in strengthening the compilation and dissemination of external sector statistics. The BoG disseminates quarterly balance of payments data following the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) format; however, it maintains its Balance of Payments Manual, fourth edition (BPM4)-based balance of payments for national publications. The mission strongly recommended that the BoG compiles one set of balance of payments data, based on BPM6. Since 2021, the BoG is preparing an analytical table of selected balance of payments data for the oil and gas sector, nevertheless there are still some gaps on source data. Several other recommendations have been made, related to the classification of transfers of funds to/from bank accounts abroad.

B. Data Standards and Quality

Guyana is a participant in the IMF Enhanced General Data Dissemination System (e-GDDS) and disseminates key economic data through the National Summary Data Page launched in December 2019.

Guyana: Table of Common Indicators Required for Surveillance

(As of July 7, 2022)

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Balance sheet information of the Bank of Guyana and the consolidated balance sheet of the other depository corporations on standardized report forms are submitted to the Statistics Department of the IMF.

³Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

⁴Foreign, domestic bank, and domestic nonbank financing (partial information).

⁵The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁶Only domestic debt, including currency and maturity composition (partial information).

⁷Daily (D), Weekly (W), Monthly (M).

Guyana: Table of Common Indicators Required for Surveillance

(As of July 7, 2022)

	Date of Latest Observation (dd/mm/yy)	Date Received (dd/mm/yy)	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7
Exchange Rates	06/22	06/22	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	04/22	05/22	M	M	M
Reserve/Base Money	04/22	05/22	M	M	M
Broad Money	04/22	05/22	M	M	M
Central Bank Balance Sheet2	04/22	05/22	M	M	M
Consolidated Balance Sheet of the Banking System2	04/22	05/22	M	M	M
Interest Rates3	04/22	05/22	M	M	M
Consumer Price Index	04/22	04/22	M	M	M
Revenue, Expenditure, Balance and Composition of Financing4 – General Government5	2021	05/22	A	A	A
Revenue, Expenditure, Balance and Composition of Financing4 – Central Government	2021	05/22	A	A	A
Stocks of Central Government and Central Government-Guaranteed Debt6	2021	05/22	A	A	A
External Current Account Balance	2021	05/22	A	A	A
Exports and Imports of Goods	2021	05/22	A	A	A
GDP Services	2021	11/21	A	A	A
Gross External Debt	2021	02/22	A	A	A
International Investment Position	Q22021	11/21	Q	Q	Q

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Balance sheet information of the Bank of Guyana and the consolidated balance sheet of the other depository corporations on standardized report forms are submitted to the Statistics Department of the IMF.

³Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

⁴Foreign, domestic bank, and domestic nonbank financing (partial information).

⁵The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁶Only domestic debt, including currency and maturity composition (partial information).

⁷Daily (D), Weekly (W), Monthly (M).

View Table

Guyana: Table of Common Indicators Required for Surveillance

(As of July 7, 2022)

	Date of Latest Observation (dd/mm/yy)	Date Received (dd/mm/yy)	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7
Exchange Rates	06/22	06/22	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	04/22	05/22	M	M	M
Reserve/Base Money	04/22	05/22	M	M	M
Broad Money	04/22	05/22	M	M	M
Central Bank Balance Sheet2	04/22	05/22	M	M	M
Consolidated Balance Sheet of the Banking System2	04/22	05/22	M	M	M
Interest Rates3	04/22	05/22	M	M	M
Consumer Price Index	04/22	04/22	M	M	M
Revenue, Expenditure, Balance and Composition of Financing4 – General Government5	2021	05/22	A	A	A
Revenue, Expenditure, Balance and Composition of Financing4 – Central Government	2021	05/22	A	A	A
Stocks of Central Government and Central Government-Guaranteed Debt6	2021	05/22	A	A	A
External Current Account Balance	2021	05/22	A	A	A
Exports and Imports of Goods	2021	05/22	A	A	A
GDP Services	2021	11/21	A	A	A
Gross External Debt	2021	02/22	A	A	A
International Investment Position	Q22021	11/21	Q	Q	Q

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Balance sheet information of the Bank of Guyana and the consolidated balance sheet of the other depository corporations on standardized report forms are submitted to the Statistics Department of the IMF.

³Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

⁴Foreign, domestic bank, and domestic nonbank financing (partial information).

⁵The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁶Only domestic debt, including currency and maturity composition (partial information).

⁷Daily (D), Weekly (W), Monthly (M).