Statistics Jersey have today published the results of the June 2022 Business Tendency Survey.
This quarterly survey provides timely, qualitative information about the Island’s economy. Chief executives and managing directors are asked for their opinions on the current situation of their business compared to three months earlier and their expectations for the next three months.
Business activity indicator
- the headline all-sector business activity indicator was moderately positive, at +20 percentage points (pp); this means the proportion of businesses that reported an increase was 20 pp higher than those that reported a decrease
- the business activity indicator was strongly positive for the finance sector (+25 pp) and was moderately positive for the non-finance sector (+17 pp)
- the business activity indicator was moderately more positive compared to the previous quarter for all sectors and non-finance, and essentially unchanged for finance
Current indicators
- one of the eight current indicators was extremely positive (product prices) and three were moderately positive, while one indicator was moderately negative (profitability) and one was extremely negative (input costs)
- the overall picture was more positive than last quarter; two current indicators increased, and there was one quarterly decrease
Current situation: COVID-19
- the turnover indicator was moderately positive at +15 pp, which is essentially unchanged from the previous quarter
- the actively working indicator was neutral at -6 pp which was essentially unchanged from the previous quarter
- in the last three months, 39% of businesses had taken some additional workforce measures in response to COVID-19, with the most cited measures in this quarter being increased working hours and recruited staff
Outlook for next quarter – the three months to June 2022
- the outlook for future business activity was moderately positive (+18 pp) overall
- the indicator balance was strongly positive for finance (+30 pp) and moderately positive for non finance (+12 pp)
- the overall future employment outlook was strongly positive (+27 pp)
- the indicator was strongly positive for finance (+43 pp) and moderately positive for non finance (+20 pp)
2022 – Finance sector expectations
- the employment expectations indicator for 2022 was extremely positive (+51 pp)
- the balance for this indicator was essentially unchanged from December 2021 (down 6 pp)
- the profit expectations indicator for 2022 was extremely positive (+50 pp); 70% of finance companies anticipated an increase in profits in 2022, compared to 20% that anticipated a decrease
- the balance for this indicator had moderately decreased from December 2021 (down 13 pp)