2 August 2023
The Statistics Office has released a detailed report on the most recent Business Survey, conducted in 2022. The purpose of this survey was to collect information about the business environment, the labour market, and the economy on St Helena, to help guide policy-making and development.
The timing of the survey was planned to coincide with the ending of COVID-19 related travel restrictions and mandatory quarantine requirements, but this also meant that the survey period coincided with the spread of COVID-19 in the community. Unfortunately, this had an adverse effect on the number of responses. Nonetheless, useful data were collected, including information about the composition of the private sector workforce, and about occupations that are both hard to recruit for and which also have a significant impact on the operation of businesses.
Some highlights from the report include:
- Around one in six of all businesses which responded to the survey reported an increase in demand for their products or services, with just under one on four reporting a fall. In the combined sector of Finance, Insurance, Information, Communication, and Real Estate; three out of every four responding businesses reported a fall in demand, and in the Hospitality Sector (Accommodation and Food Services) one out of every two responding businesses reported a fall.
- Almost all responding businesses reported increases in costs, with almost 40% reporting that costs were increasing dramatically.
- However, 57% of responding businesses also reported increased opportunities for growth, with 24% reporting that their business is expanding.
- Around a half of responding businesses reported that they had been affected by the COVID-19 pandemic; unsurprisingly, the most affected industry was Hospitality (i.e. Accommodation and Food Services), with 88% of responding businesses in that sector reporting that they were affected.
- 56% of respondents reported that they expect the new fibre-optic cable to benefit their business.
- High costs, low demand, and staffing difficulties were the most prominent constraints or barriers to running a business reported by respondents, with the cost of fuel being mentioned specifically by several businesses. Other common issues mentioned were difficulties in procuring imported goods, due to disruptions in supply chains and high freight costs.
The Statistics Office thank all those businesses that responded to the survey. For more detailed results, you can access the full report at www.sainthelena.gov.sh/wp-content/uploads/2023/07/2022-Business-Survey-Report.pdf.
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SHG
2 August 2023