Study: Aviation sector contributes $20.7B to economy annually

Jul 06, 2017 News

The aviation sector provides $20B boost to the economy

Guyana’s aviation sector contributes around $20.7B annually to the economy.

Director General, Guyana Civil Aviation Authority (GCAA), Retired Colonel Egbert Field, disclosed that the findings came out of a recently completed international study on the impact of Guyana’s aviation sector.

Field explained that the authority contracted Oxford Economics in London to execute the study.

Oxford Economics was founded in 1981 as a commercial venture with Oxford University’s Business College to provide economic forecasting and modeling to United Kingdom companies and financial institutions expanding abroad.

“I’m very happy to say that the first sentence in the report that was sent to us states that the economic impact of the aviation sector in Guyana is substantial. So we play a big part in the development of Guyana. The sum of $20.7B in annual economic activity is a sizable amount which the aviation industry contributes to the economy,” Field highlighted.

Most visitors come to Guyana by air. Last August, Minister in the Ministry of Public Infrastructure, Annette Ferguson, announced that the study commenced in June 2016 and is expected to be completed by year end.

The GCAA Director posited that even with this completed study, it is still the responsibility of GCAA, to not only regulate the aviation industry but strengthen and develop it, to meet the foreseen challenges ahead.

GCAA, formerly the Civil Aviation Department, is under the purview of the Ministry of Public Works and Communications. It was established in March 2002 through the Civil Aviation Act 2000 approved by Parliament. The main law governing the air transport sector is the Civil Aviation Act (2000).

Guyana has two main airports that cater for international and regional flights- the Cheddi Jagan International Airport and the Eugene F. Correira International Airport.

Flights are coming from all over, including Brazil, Barbados, Trinidad, Aruba and North America.

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