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Guyana has joined the Bahamas, Jamaica and Trinidad and Tobago in the United Nations World Tourism Organization (UNWTO)’s Satellite Accounting implementation initiative – a move that will see the countryMembers of the headtable at the workshop.benefiting tremendously from the Tourism sector.Developed by the United Nations (UN) to measure the direct contribution of the Tourism sector to the economy, the Tourism Satellite Account (TSA) provides a platform for obtaining more timely,Trey Burke Michigan Jersey, valuable and accurate date for strategic planning.The Ministry of Public Telecommunications and Tourism on Wednesday held a workshop in collaboration with the Guyana Tourism Authority (GTA) to sensitize operators in the industry on the Tourism Satellite Accounting initiative.The half-day workshop was facilitated by two Barbadian representatives of the Caribbean Tourism Organisation (CTO), Director of Research, Dr. Ryan Skeete and Statistical Specialist Sean Smith.TSA is a standard statistical framework and the main tool for economic measurement of Tourism. It harmonizes and reconciles tourism statistics into the national perspective which then allows for full comparison of the performance of this sector with any other in the economy.This initiative is another step that will enable Guyana to quantify in verifiable figures the true contribution of Tourism to the Gross Domestic Product (GDP).The system collects data from the demand side such as the purchase of goods and services by visitors on a tourist trip,Patrick Peterson LSU Jersey, and contrasts it with data from the supply side,De Aaron Fox Kentucky Jersey, that is the value of those same goods and services provided by stores, hospitality providers,Luke Hancock Louisville Jersey, retailers of arts and craft, etc.This and a lot of additional information such as value added production of visitor-related goods, employment, investments and non-monetary indicators, are assessed to determine the Tourism sector’s real contribution to GDP.At the workshop, Dr. Hector Butts,Michigan State Spartans Jerseys, Finance Secretary at the Ministry of Finance, said that Tourism is the fastest growing sector in the world, a growth that has helped in no small measure by the accounts of visitor experiences told mostly online. He spoke of the need for the Ministry and GTA to deliver timely data to the Finance Ministry which would help to spread the tax base, identify the locations of new job opportunities, and generally impact positively on both urban and rural development.President of the Tourism & Hospitality Association of Guyana (THAG), Shaun McGrath, recounted that in 1999 during his first term as President of the organization, the association had approached the then government with a request for inclusion of tourism into the national budget.  Unfortunately there was no supporting data on tax revenue, the number of jobs, levels of investment or the level of involvement of the public in tourism development.“That has now come to an end and THAG is grateful for the introduction of the Satellite Accounting System; grateful that we no longer have to depend on just indicators,” Butts said.Minister of Public Telecommunications and Tourism, Cathy Hughes,Charles Woodson Michigan Jersey, spoke about the TSA Committee which was formed last November to begin the process of implementation.  This committee includes the Deputy Chief Immigration Officer, the Head of Surveys and staff of the Bureau of Statistics,Leonard Fournette LSU Jersey, the Senior Economist of the Bank of Guyana,Desmond Howard Michigan Jersey, the Finance Ministry’s Director of Budgets and a representative of THAG.“We are all well aware of the real value of Tourism to the development of this nation.  We know that it is a fast-growing Global service industry that is raking in billions of dollars from the billions of tourists who travel the world with a willingness to spend,” she reiterated,Marquette Golden Eagles Jerseys, and added that good things come to those who wait.