THE PAROCHIAL STANCE some Barbados companies have adopted in relation to economic statistics could be hindering their operations.
That’s the assessment of local economic research firm Antilles Economics in the latest analysis of its 2014 Survey of Use Of Data In Barbadian Organisations.
Antilles head of model development Mahalia Jackman said the research found that “companies focus largely on internal sale and financial data to inform their corporate strategy, and there is significant room for improvement with respect to the use of economic and industry data as well as webpage/social media data”.
The study also found that “generally, respondents recognise the importance of domestic economic statistics – 81 per cent of the sample noted that they use national economic data in their company”.
However, there was concern that while most respondents appeared to be keeping a finger on the pulse of the national economy, companies seemed less interested in regional economic data – only 52.9 per cent of respondents used regional data to inform their operations.
“On the surface, many would find it plausible that only those companies with branches abroad or those interested in tapping into other regional markets would be interested in regional developments.
“However, there are several economic links between Barbados and the rest of the region. For example, tourism is arguably the mainstay of the Barbadian economy, and in 2013, 17.2 per cent of our tourist arrivals originated from CARICOM,” Jackman said.
“In addition, 48.3 per cent of our domestic exports were imported by CARICOM countries. In this way, developments in the region could potentially impact on the Barbadian economy and by extension impact even those businesses that have a domestic focus.
“Companies in the financial services, manufacturing and electricity, gas and water industries seem to be aware of this, as these tend to be the main users of regional data in the sample.” (SC)
