BUSINESS activity in the Island remained ‘neutral’ for the last quarter of 2022 – although results for the finance sector were ‘strongly positive’ – according to a recent survey.
Statistics Jersey has published the results of its December Business Tendency Survey, which asked chief executives and managing directors about their current operations compared to three months earlier and their expectations for the next three months.
The all-sector business activity indicator – which is a measure of the total amount of work undertaken by businesses operating in Jersey – was ‘neutral’, with the proportion of firms reporting an increase in activity 4% higher than those reporting a decrease.
Business activity indications were ‘strongly positive’ for the finance sector at 29%, while they were neutral for the non-finance sector at -7%.
Some of the take-aways from the eight current indicators listed in the survey were:
Input costs were ‘extremely negative’.
Profitability was ‘strongly negative’.
Business optimism was ‘moderately negative’.
Product prices were, however, ‘extremely positive’.
The overall picture was more negative than the previous quarter, according to the survey, with one indicator decreasing – employment.
In the past three months, 28% of businesses had taken on some additional workforce measures, including recruiting staff and increasing working hours.
The outlook for business activity for the next quarter – the three months to March – was neutral, and overall future employment outlook ‘moderately positive’.