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Country Report Guyana Product Image

Country Report Guyana

  • ID: 2138721
  • March 2015
  • Region: Guyana
  • 28 Pages
  • The Economist Intelligence Unit

Buoyed by increases in airlift, declining fuel costs and continued economic recovery in key source markets, the number of tourists visiting the Caribbean in 2014 hit record highs. Although the outlook for the sector is strong in the short term, challenges abound in the medium term, especially for the region's small islands.

According to statistics released by the Caribbean Tourism Organisation (CTO), visitors made 26.3m trips to the region in 2014, a 5% increase over the previous year, a period during which a 2-3% increase was forecast. The cruise-ship sector also saw strong growth, with 24m passengers-an 8% rise over 2013-visiting the region in 2014. Visitors are also staying longer and spending more: tourist expenditure topped US$29.5bn in 2014, a 5% increase on the previous year.

The continued demand for Caribbean holidays is propping up GDP growth at a time when the islands' secondary sectors-such as manufacturing, mining, financial services and oil refining-are either sluggish or in decline. However, although tourism growth is broad-based and poised to continue in 2015, the medium-term outlook for the smaller islands is less certain, given the likelihood that Cuba's anticipated opening to US tourists could siphon away visitors.

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Country Report Guyana

Record tourism in 2014 keeps Caribbean economies afloat
Tourism sector is an outlier
Rising investment, but uneven growth

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