The latest results from the Jersey Business Tendency Survey, which aims to provide up-to-date detailed information about Jersey’s economy; show a positive picture for Jersey’s finance industry.
The survey, which is for the second quarter of 2011, found that financial services firms in Jersey are showing real signs of recovery and are optimistic about the future.
In the survey, the finance sector recorded positive results for eight of the ten indicators, with new business (at 19 percentage points), business optimism (28 pp), future business activity (45pp) and future employment (17pp) all being particularly positive.
Future business activity recorded its most positive indicator since December 2009, whilst the indicator for business optimism has seen improving balances for the last nine months. The indicator for profitability for the finance sector was positive for the second consecutive quarter, whilst the employment indicator was neutral for the first time since the survey was introduced in 2009, having been negative since the first survey, with future employment remaining significantly positive for the second consecutive quarter.
Geoff Cook, chief executive of Jersey Finance, commented:
“These latest figures generally provide a very encouraging snapshot of the outlook for Jersey’s finance industry. It is particularly pleasing that finance industry respondents are so positive about the future of financial services in Jersey, reflected in the optimistic responses about both future business activity and future employment.
“The positive results for the finance sector reflect the fact that finance is essentially an export business, with Jersey selling its expertise into international markets. It is good news for Jersey that these markets are showing clear signs of recovery, as highlighted by the positive views on new and future business.
“It is important that we use information like this to help us ensure that the future business aspirations of finance firms can be realized, whilst at the same time making sure that we focus our efforts on areas, both within and outside of the finance sector, where the survey suggests greater support might be needed. Clearly finance is only one pillar of the economy and it remains important that there is recovery across all domestic sectors and good control of costs, led by government.”
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