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The 2023 Consumer Confidence Index (CCI) for Guyana indicates a slight decline of -1.3% compared to the previous year. Despite the positive trends in the previous year (2022), the latest data shows mixed sentiments for 2023.

In 2023, confidence in the current work situation decreased by -4.0% from the previous year, although the outlook for the next 12 months shows a more optimistic improvement of +7.0%. Regarding the country’s situation, the current confidence has significantly dropped by -27.5% compared to 2022, but the future outlook for the next 12 months is more positive, showing an increase of +47.0%. The data from 2022 reflected a highly optimistic outlook for the future. However, the 2023 figures suggest a downturn in consumer sentiment regarding the country’s current situation, indicating a shift to a less favorable perception within a year.

Consumers’ willingness to make major purchases or investments has continued to grow, albeit at a slower rate, with an increase of +6.5% in 2023.

Overall, the CCI’s slight decrease suggests that while there is optimism about the future, there is also caution in the present year, reflecting a complex economic sentiment among consumers in Guyana.

The CCI is a measure of consumer perceptions of local market conditions as well as their work situation in the short and long term. The score is calculated based on the number of positive answers in relation to the total number of respondents, after which an average score is derived.

The data for the 2023 Consumer Confidence Index in Guyana was collected from 1,097 respondents, all residents aged 18 and over. Local surveyors conducted personal interviews during the third quarter of 2023. The sample population was representative of all regions in Guyana, with the exception of regions 1, 8, and 9. The distribution of the sample was based on the most recent census data available from the Bureau of Statistics Guyana, taken in 2012.

The CCI is part of the annual consumers poll conducted by CoreStats in Suriname (since 2019), Guyana (since 2021), and Trinidad & Tobago (since 2022). The polls map consumer preferences across various dimensions, and the basic results are made available to the public. Additional analysis can be provided on demand.

The results of the consumers poll of Guyana can be found at www.corestats.com/consumerspoll-gy

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