The results of the December 2018 Business Tendency Survey, released yesterday by Statistics Jersey, show that finance leaders in Jersey are seeing strong business flows, are positive about future business levels and anticipate strong employment growth over the coming months.
The quarterly survey provides a snapshot of the health of the Island's economy, based on the opinions of chief executives and managing directors. Key findings for the finance industry included:
- seven of the eight indicators were positive for the finance sector
- the business activity indicator was strongly positive for the finance sector (+28 pp) while the outlook for future business activity was also strongly positive (+34 pp)
- the profitability indicator was positive for the finance sector (+7 pp)
- longer term expectations are good, with 55% of finance companies predicting job increases this year and 71% predicting a rise in profits
Commenting on the findings Amy Bryant, Deputy CEO, Jersey Finance, said:
"While only a three-month snapshot, these are clearly a good set of results for the finance industry and our future direction. Not only are business prospects good, profit expectations high and job creation strong, but the indicators are also relatively consistent with previous quarters, reflecting some welcome stability in the sector.
"The fact that finance firms are so optimistic about the landscape this year should also be welcome news for the rest of the economy, particularly given uncertainty around Brexit. We know, for instance, that for every ten jobs created in our industry another nine are created elsewhere. It's vital we continue to focus on working with other areas of our community so they realise the benefits of the growth we are seeing too."