The Consumer/Business Confidence and Expectation surveys are being conducted by the Central Bank so as to get a better understanding of the views, expectations and economic awareness of both consumers and businesses within the Seychelles’ economy. The survey acquires the public’s opinion on the performance of the economy over the past 6 months as well as their expectations over the next 6 months.
Information obtained from the survey will supplement price statistics and other economic indicators that the Bank currently analyses. It will be factored into policy decisions going forward as well as provide a measure of the effectiveness of past economic policies from the perspective of the participants within the economy. It will also provide an indicator on the level of economic awareness of the general public. The survey is conducted on a bi-annual basis, namely in January and July.
Consumer and business survey forms are distributed to the public as well as through emails to individuals, businesses and organisations in an effort to gauge maximum participation. The forms are also available on the Central Bank of Seychelles website.
How to interpret the Graphs
Presented on the graph are the outcomes of the survey transformed into a quantitative format where a number has been assigned to each of the possible answer to a question.
Question 1, for example, which asked for views on the economic situation in Seychelles over the past six months, had the following possible answers: Significantly deteriorated, slightly deteriorated, same, slightly better and significantly better. In the quantitative system, these answers were assigned a number from 1, 2, 3, 4 and 5 respectively. A simple average was subsequently calculated from each question, the result of which was graphically illustrated. For illustration purposes, as an example, an average of 2.7 from a question can be interpreted as respondents expect that on average, the situation has more or less remained the same. Hence, an average of 5 implies that respondents assessment of the situation is significantly better whereas as an average of 1 would refer to significantly deteriorated.
Note however that for questions 5 (Consumer Survey) and 6 (Business Survey), only three possible answers are given, namely 1, 2 and 3. Therefore, an answer of 1 implies that the respondent has a pessimistic view whereas an answer of 3 implies that the respondent’s view is more optimistic. An answer of 2 implies that the respondent is uncertain.
Note that the results of the survey represent expectations held by respondents and in no way represent the views of the Central Bank of Seychelles.