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Jersey Finance Sector Weathering The Storm

by Jason Gorringe, Tax-News.com, London

16 October 2012


The latest Business Tendency Survey, published quarterly by the Jersey government, shows that the financial services industry is proving resilient to the challenging economic conditions being reported by the local business community.

In the financial services sector, 16% of businesses reported that business activity had risen during the third quarter, while 19% reported a fall. This was only the second quarter since December 2009 where the differential had been in negative territory (-3%) for the industry. 65% of businesses reported no change during the quarter. However, the industry is faring considerably better than the economy as a whole.

In non-finance sectors, 41% of businesses reported that business activity had declined during the last quarter, while just 10% reported an increase in business.

Six out of ten indicators for the Finance sector were at low levels similar to those in previous quarters. More than a third of respondents (36%) from the sector reported that they expected profits to decline, while 10% of businesses expected profits to improve. The employment indicator remained strongly negative, and deteriorated further during the quarter, with 40% expecting to reduce the size of their workforce.

Financial services businesses were increasingly optimistic about future business prospects however, with more than a third of businesses (36%) anticipating conditions will soon improve.

TAGS: Finance | business | banking | financial services | international financial centres (IFC) | Jersey | offshore | offshore banking | services

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