WILLEMSTAD - Economic confidence among businesses in Curaçao saw a significant rise in 2023 compared to the previous year. This is according to the annual Business Cycle Survey conducted by the Central Bureau of Statistics (CBS), which provides an in-depth analysis of the island’s business environment.
The survey reveals that the proportion of businesses reporting growing economic confidence increased from 25% in 2022 to 32% in 2023. Meanwhile, the percentage of businesses experiencing declining confidence dropped to a historic low of 10%.
Optimism About the Future
Confidence in the future also rose notably. Over 73% of businesses expressed optimism about the future, marking an increase of more than 11 percentage points compared to 2022. Large companies with over 50 employees were the most confident (79%), while smaller businesses reported a decrease in their future outlook.
Improved Investment Climate
The investment climate in Curaçao has also received better ratings. The share of businesses rating the climate as favorable rose to 27%, the highest figure since 2016. At the same time, the proportion of businesses perceiving the climate as unfavorable dropped from 21% to 11%.
Mixed Revenue Trends
Despite growing confidence, revenue figures present a mixed picture. The percentage of businesses reporting revenue growth declined from 59% to 48%, while those experiencing declining revenues increased from 23% to 33%. This contrast is notable given the improved economic indicators.
The survey underscores the increasing optimism among businesses in Curaçao, even as some sectors face challenges in translating this confidence into financial gains.