Confidence in Guernsey economy growing - survey

Business leaders in Guernsey have growing confidence, a survey suggests

Business leaders in Guernsey have more confidence in the economy than six months ago, despite ongoing financial pressures, a survey by the island's Institute of Directors (IoD) suggests.

More than two thirds (67%) of respondents said they expected their costs to increase over the next 12 months, consistent with the last survey.

But, although businesses still plan to invest and hire more staff, their expectations for profits have improved marginally - but remain negative overall.

The IoD said the survey aimed to build a picture of trends and the impact of changing local and international factors on businesses in the bailiwick.

Richard Hemans, the IoD's local lead on the economy, said: "Confidence remains highest in finance and professional services but has fallen in construction and retail.

"Despite a backdrop of ongoing challenges, it's encouraging to see the continued resilience of Guernsey's businesses, particularly their willingness to maintain investment and employment plans."

Mr Hemans said the information would give useful economic data to Guernsey's newly elected Deputies and civil service.

He said business leaders wanted to see "strong leadership, bold decisions, and faster action on infrastructure, housing and connectivity" from the new government.

The survey highlighted the cost and availability of labour was now the top negative impact for members, overtaking air and sea links, although the latter remained a major concern.