Businesses are being urged to take part in a new survey aimed at providing insights into the current economic climate.

The Chamber of Commerce is collaborating with Narrative Research for its annual Business Barometer survey, which is being sponsored by HSBC.

Graham Redford, of Narrative Research, said: “Given the challenges that many businesses are encountering, it is important to gather as many insights as possible regarding operating conditions on the island.

“This study seeks to gather critical information on the current economic business climate and anticipated business conditions for the coming year.

“Additionally, we are seeking input on staffing challenges and concerns including recruitment, retention, and potential staffing levels for the near future.”

He added: “Where response levels permit, the results will be segmented by industry and shared with participants, providing business leaders with important economic indicators for their industry, the business community and the island’s economy.”

Danielle Riviere, the chamber’s chief executive, said the organisation was “committed to fostering a thriving business community in Bermuda”.

“We understand the significance of accurate and timely economic data for making informed decisions and the Business Barometer survey is part of our ongoing effort to support local businesses in navigating the complexities of today’s economic environment.

“We are eager to see the valuable insights this survey will unveil, aiding in the strategic planning and growth of businesses across the island.”

A spokeswoman added: “The Bermuda Chamber of Commerce, together with Narrative Research and HSBC, encourages all business owners and managers to participate in this vital survey.

“Your input is essential in painting a comprehensive picture of the business landscape in Bermuda, aiding in the identification of challenges and opportunities within the market.”

The last Business Barometer survey results, released in January 2023, showed that a third of businesses were confident in Bermuda’s economic future. It also showed that fewer than half (41 per cent) of businesses were aware of the Government’s economic recovery plan and only one in five of those who were aware believed it was supportive to their business.

Despite anticipated increases to inflation and other business challenges, survey respondents said they had confidence in their business’s economic future in Bermuda – with 64 per cent of respondents saying they were completely (19 per cent) or somewhat (45 per cent) confident in that regard.