The Ministry of Finance is encouraging all relevant businesses and individuals to participate in the 2024 Business Conditions Survey. Photo: GIS

According to Financial Secretary, Mr Jeremiah G.A. Frett, “A Business Conditions Survey provides the Government with information that can be used to predict changes in business conditions and assess the current state of the economy. While there are informal methods for conducting this type of assessment, a formal observational instrument like a survey provides the Government with clarity on the health of the economy.”

He also added that, “A questionnaire combined with an analytical framework allows this survey to be administered frequently and information to be disseminated quickly to provide both the Government and businesses with timely information on the state of the economy and future trends.”

Evidence-based economic assessments are especially critical to Small Island Developing States (SIDS) like the Virgin Islands, due to their susceptibility to external shocks.

Benefits of survey

In addition to the overall utility of this data collection process, individual businesses will also benefit from the survey, since it is designed to capture the perceived changes in the economy over the past six months, and the expected path of the economy in the next six months. This means that businesses can be guided in implementing strategies for better performance, as well as administer mitigation plans as necessary.

Business persons can access the survey by clicking the link https://www.surveymonkey.com/r/Business_24. The approximate time to complete the survey is fifteen (15) minutes and is intended to capture the following information on businesses:

• the sector in which they operate
• the breakdown of their employees by gender
• their perception of the economy
• their outlook for their business
• the changing dynamics of operating

The Business Conditions Index (BCI) is an indicator derived from the survey, which reports holistically how business conditions and expectations have changed.

Comparisons to previous BCIs allows for the tracking of development and documenting notable trends. The BCI is also used by the Government to inform the GDP annual forecasting exercise for the Territory.