WILLEMSTAD – The Central Bureau of Statistics (CBS) has unveiled the findings of its annual Business Confidence Survey, conducted in November 2023 in Curaçao. This comprehensive study collects updated data on business performance and economic developments across all industries. It also evaluates the sentiment of entrepreneurs regarding economic growth and the overall investment climate on the island.
The survey revealed notable improvements in economic confidence among businesses in 2023 compared to prior years. The percentage of entrepreneurs reporting a decline in confidence fell sharply, dropping from 18% in 2022 to a historic low of 10% in 2023. Conversely, economic optimism saw a rise, with the proportion of optimistic entrepreneurs growing from 25% in 2022 to 32% in 2023.
Future outlooks also showed significant positivity, with 73% of businesses expressing confidence about the coming years, a jump from 62% in 2022. Meanwhile, the percentage of companies voicing a lack of confidence fell from 12% to just 8%.
However, the survey highlighted mixed results in revenue trends. The proportion of businesses experiencing revenue declines increased from 23% in 2022 to 33% in 2023. At the same time, the share of companies reporting revenue growth dropped from 59% to 48%.
The Business Confidence Index, a measure based on confidence in the future, perceptions of the investment climate, and sales performance, reached 114 points in 2023. This marks a notable improvement of 13 points compared to the previous year, underscoring a more positive business sentiment.
Furthermore, the survey showed a rise in positive business outcomes. In 2023, 69% of businesses reported achieving favorable results, an increase of 5% compared to 2022 and 12% compared to 2021. Meanwhile, the proportion of businesses anticipating negative outcomes declined to 31%, down from 34% in 2022.
The results of the 2023 Business Confidence Survey reflect growing optimism among entrepreneurs in Curaçao, despite challenges in revenue performance. The CBS findings provide valuable insights into the evolving economic landscape and underscore the resilience of the local business community.