Business still in slump despite Christmas season
December 6, 2015 By GuyanaTimes
Tension is high among business people as the economic activity of the country is still at a standstill despite the Christmas season, which usually signals the start of increased business activity into the New Year.
A number of investors were left in a state of uncertainty after the May 11 General and Regional Elections, as the economy experienced a stump.
The usually bustling Stabroek Market has a low turn-out of shoppers
The usually bustling Stabroek Market has a low turn-out of shoppers
A Mid-Year Report which was released by the Finance Ministry revealed that the country’s economy declined some 2.5 per cent in the first half of this year, when compared to the same period in 2014. The report outlined that initially, Guyana’s half-year growth was estimated to be at 0.9 per cent. However, with the passage of time and the benefit of actual first half performance in a number of sectors, the country’s real Gross Domestic Product (GDP) recorded a growth of 0.7 per cent in the first half of 2015, with non-sugar GDP recording a growth rate of 0.8 per cent.
Despite the circumstances, many were optimistic that business would improve and economic activity would increase with the Christmas season, which is usually characterised with hectic shopping and spending. The spike in commercial activity usually commences mid-November, however, when Guyana Times spoke to a number of business owners and vendors, they were in a state of despair, as they related that unlike previous years, business remained at a standstill.
Supervisor of a fashion enterprise stated that there has been a minor increase in sales as the Christmas season approaches; however, she expressed disappointment as she related that unlike last year, there has not been a boom in sales. She is optimistic that as the holiday draws closer, customers will begin to flock the stores.
Along Regent Street, which is usually bustling with business toward the end of the year, a number of stores were seen closing shop early in the afternoon due to a lack of patron visits.
The owner of another variety store who spoke under anonymity stated, “Compared to last year, business is totally down. We’re hoping that coming into the Christmas holiday, things will get better”. He divulged that around this period in the previous years, they would usually open the store on Sundays for “late shopping”; however, he related that this would not be the case this year as they have experienced a steep decline in sale.
Another boutique and toy store owner related that she is unsure of her next move as the future of her business seems bleak. She related that, like many others, she is hoping that the business activity will increase and that her income will once again be stable.