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Business survey paints dismal picture of Jamaica's economy
2013-10-15 17:12:01 | (0 Comments)
The latest Consumer and Business Confidence Indices Survey is showing a dismal picture of the Jamaican economy.
Jamaicans continue to cry that the economy is in a bad shape and this is affecting their spending power as well as finding a job.
The survey, which was conducted during the third quarter of the year, shows that consumer confidence fell to 86.7 points from the 99.7 points recording in the last quarter, and a high of 118.2 points recording in the corresponding period last year.
The survey notes that results recorded that this quarter is the second lowest level recorded in the past 12 years.
It highlights that the decline was largely due to less favourable prospects for income and jobs.
The majority of those surveyed indicated that economic conditions have worsened, jobs are scarce and hard to find and higher prices and the falling value of the Jamaican dollar are affecting their income.
The survey points out that this has resulted in a steep decline in living conditions.
It highlights that fewer Jamaicans indicated that they have plans to buy homes, purchase vehicles or take a vacation.
Meanwhile, businesses confidence also showed a negative outlook.
The survey shows that optimism among businesses plunged in the third quarter to its lowest level since 2009, when there was a worldwide financial crisis.
According to the survey, firms indicated that the biggest problem facing the country is unemployment and the depreciation of the local currency.
Businesses also indicated that these challenges have weakened domestic demand and reduced revenues and profits.
The survey points out that during the period of review fewer businesses recorded a profit and more firms indicated that their balance sheets had worsened.
As a result, fewer firms have indicated that they have future plans to invest.
And the majority of the businesses surveyed have a less than favourale view of prospects for the national economy.
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Source: The Gleaner/Power 106 News
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