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Island's businesses are confident

Mon, 22 Jul 2019

The latest Business Confidence Survey show the Island’s business are mostly confident despite global economic risks.

The Isle of Man Business Confidence Survey looked feedback from local employers to gauge business activity, future employment and investment for all sectors of the economy.

The results from the April 2019 survey indicated that Construction business which is traditionally subdued over the winter period has been strong and much improved.

Indicated employment growth over the next six months is the largest this sector has reported since the survey began, with most of this expected to be full time.

All sectors report a generally optimistic outlook, although uncertainty around Brexit means some businesses are cautious in making investment decisions, with Retail and Wholesale businesses being particularly impacted.

Minister for Enterprise, Laurence Skelly MHK, said: ‘It’s encouraging to see Construction looking forward with confidence, and anticipating growth and new jobs. Large public sector schemes are taking place along with private developments, which have helped give the sector a real boost over the winter months.

He added: ‘It’s worth noting that the latest report has been compiled in a challenging economic climate due to Brexit risks and this will have an effect on our outlook locally.’

The survey also indicated further improvements in satisfaction with the work permit system, and found that 75% of employers currently feel that it is easy to do business in the Isle of Man. There was also a strong improvement in satisfaction with Government’s support for innovation and technology, which follows increased activity in this sector.

The Isle of Man Business Confidence Survey report is published on the Economic Affairs Division section of the Government website.

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