FIDC is pleased to release its latest edition of the Business Climate Survey, a biennial survey conducted with its business association partners, Falkland Islands Chamber of Commerce, Falkland Islands Tourism Association, and Rural Business Association.
The survey remains a vital way to assess the confidence of the business community in the economy, to identify the barriers to economic growth and to justify new projects and initiatives that will be of value to the private sector.
The 2023 Business Climate Survey saw a higher response rate from businesses than the previous 2021 edition.
There have been a number of different economic factors for businesses to contend with since 2021, including energy price volatility following the invasion of Ukraine, and the lingering impacts of the COVID-19 pandemic upon the tourism industry. As such, it was notable in this BCS to see respondents “more optimistic” about the future despite the current challenges businesses face.
In addition to impressions of both the local and international economies, a major takeaway from each Business Climate Survey is the barriers to growth for the private sector in the Falkland Islands. Ranked barriers to growth include ‘Shortage of Skilled Labour’, ‘Cost of Fuel’, ‘Telecommunications – Bandwidth (Speed & Quality)’, ‘Air Links to South America (LATAM)’, and ‘Cost of Electricity’.
Given the amount of feedback businesses continue to provide us with, the Business Climate Survey is an important tool for government directorates and associative bodies across the Falkland Islands to hone priorities and adjust strategic direction. We thank all those that participated in the responding to the survey, and for all the business association partners for working together to produce the latest edition of the Business Climate Survey
Louise Ellis – Deputy Managing Director, FIDC
You can view or download the 2023 Business Climate Surey Report here.
