The Ministry of Finance is encouraging businesses across the Virgin Islands to participate in a new survey that will help measure economic conditions and shape future government planning.
The survey will be used to calculate the Territory's Business Conditions Index (BCI), which tracks changes in business activity and market expectations. The information collected also plays a key role in forecasting the Virgin Islands' Gross Domestic Product (GDP), the primary measure of the Territory's economic performance.
Financial Secretary Jeremiah Frett said the survey will provide government and the private sector with reliable data to better understand the health of the economy.
“While there are informal methods for assessing the market, a formal observational instrument like this survey provides the Government with genuine clarity on the health of the economy,” Frett said.
He added that the survey's analytical framework will allow the Government to gather information regularly and quickly share findings, giving businesses and policymakers timely insights into current economic conditions and emerging trends.
Businesses are asked to complete the survey, which takes approximately 15 minutes and covers topics including economic conditions over the past six months, expectations for the months ahead, business operations and workforce demographics.
The survey can be accessed at: https://www.surveymonkey.com/r/3DM8ZK7.
According to the ministry, the information gathered will also help businesses identify developing trends, strengthen planning and make informed decisions in an evolving economic environment.
The survey will be used to calculate the Territory's Business Conditions Index (BCI), which tracks changes in business activity and market expectations. The information collected also plays a key role in forecasting the Virgin Islands' Gross Domestic Product (GDP), the primary measure of the Territory's economic performance.
Financial Secretary Jeremiah Frett said the survey will provide government and the private sector with reliable data to better understand the health of the economy.
“While there are informal methods for assessing the market, a formal observational instrument like this survey provides the Government with genuine clarity on the health of the economy,” Frett said.
He added that the survey's analytical framework will allow the Government to gather information regularly and quickly share findings, giving businesses and policymakers timely insights into current economic conditions and emerging trends.
Businesses are asked to complete the survey, which takes approximately 15 minutes and covers topics including economic conditions over the past six months, expectations for the months ahead, business operations and workforce demographics.
The survey can be accessed at: https://www.surveymonkey.com/r/3DM8ZK7.
According to the ministry, the information gathered will also help businesses identify developing trends, strengthen planning and make informed decisions in an evolving economic environment.
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