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Jersey Finance Industry Has Rebounded: Survey

by Jason Gorringe, Lowtax.net, London
21 July, 2014

The latest Business Tendency Survey, for the quarter ending June 2014, indicates that the Jersey's finance industry is the strongest and most optimistic it has been in five years in terms of business activity, future employment prospects, and profitability.

Most other indicators for the finance sector remained relatively unchanged from the previous quarter, including business optimism, which remained positive and at the same level throughout the last four quarters.

There were encouraging signs generally for the economy, with the all-sector business activity indicator showing improvement in the latest quarter.

Richard Corrigan, Deputy CEO of Jersey Finance, said, "These latest local figures from government are welcome confirmation of the recovery and growth that we have been seeing in the market place, reinforcing the positive picture painted in the recent Survey of Financial Institutions."

"Three months ago, finance firms indicated through this survey that they were anticipating increases in new and future business, so it is promising that firms are now reporting those business flows coming to fruition and proving profitable. According to this survey, more than two-thirds of finance companies are anticipating that profits will increase in 2014."

"In terms of employment, more than two-fifths of finance companies are reporting that employment numbers in June this year were greater than in June 2013, and the long-term outlook is also positive, with the same proportion of finance firms anticipating a future rise in employment."

"With the finance industry tied so intrinsically to other sectors of Jersey's economy, we are hopeful that these upward trends can help sustain an upward trajectory for other business areas too."

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