The level of optimism among business leaders about the Manx economy has dipped.
The Isle of Man Chamber of Commerce has published the results of its second ‘Business Barometer’ survey which provides data on a broad cross-section of the island’s business sectors.
When asked about the prospects for their business in the next 12 months, there was a slight dip in the mood of optimism in the second quarter of the year (Q2, April to June) when compared to replies to the same question in the the first survey published in May.
The Q2 results were:
Very optimistic 10 per cent
Optimistic 48.33 per cent
Neutral 33.33 per cent
Pessimistic 8.33 per cent
Very pessimistic 0 per cent
In the Q1 survey, 16.49 per cent said they were ‘very optimistic’, 50.52 per cent ‘optimistic’, and 8.25 per cent ‘pessimistic’.
None of the respondents was ‘very pessimistic’ and 24.74 per cent were ‘neutral’.
The Chamber members who responded to the latest survey represented business services, finance, retail, construction, eBusiness, manufacturing, marketing, transport and tourism.
The Business Barometer provides up to date information on the state of the island’s economy.
It is based on a representative sample spread across all sectors of the island’s economy and the data will also be included in the government’s quarterly economic report
The survey included three questions about the impact of the TT on business.
When asked if the TT has a positive economic benefit on the Isle of Man, 85.19 per cent of respondents said ‘yes’ and 14.81 per cent ‘no’.
The vast majority of respondents (87.04 per cent) said their business stayed open during TT fortnight, while 11.11 per cent said that they closed during race week, and just 1.85 per cent closed during practice and race weeks.
Chamber members were also asked how key business performance measures (eg sales/turnover/new business/deposits) faired during this year’s TT.
Respondents were offered five options with more than 27 per cent saying that performance measures were better or significantly better during TT fortnight.
However, just over 24 per cent said that that key indicators were worse or much worse.
A total of 48.15 per cent said that TT2014 had neither a positive or negative impact on business performance measures. Replies to this question were as follows:
Significantly better (more than +10 per cent) 11.11 per cent
Better (+1 per cent to +10 per cent): 16.67 per cent
The same: 48.15 per cent.
Worse (-1 per cent to -10 per cent): 5.56 per cent
Much worse (more than -10 per cent): 18.52 per cent
Jane Dellar, chief executive of the Isle of Man Chamber of Commerce, said that the Business Barometer ensured that the economic realities experienced by Chamber members were taken into consideration in the decision making process.
She added: I think the most significant aspect of this quarter’s survey is that we have been able to capture the views of business of the impact of the TT.
‘The overwhelming majority [85 per cent] recognise the benefits of the TT, both economic and social, even if it adversely affects their own business.’
The full results of the survey can be viewed here.