Consumer and business confidence higher in third quarter

 

Jamaicans and local businesses appeared to be more confident in the economy during the third quarter ended September.

 

The survey commissioned by the Jamaica Chamber of Commerce, showed there was a two per cent improvement in how Jamaicans viewed the economy.

 

Pollster and head of Market Research Don Anderson said the upward movement in consumer confidence, takes the index to 159.9 points for the year to date. 

 

"Optimism shifts slightly upward in the third quarter of 2023. The Consumer Confidence Index returned to 161 points reflecting an upward shift of 2.1 percentage points. This does not necessarily indicate that consumers have regained the confidence, but it does indicate that confidence has stabilised at around 160 points over the last two years," he explained. 

 

Business confidence was up by 4.7 per cent, taking the quarter's index to 144.7 points. 

 

"They're pretty positive about current business environment. They're optimistic about business conditions moving upwards and they believe that the return on capital investments is also up. What's interesting to note also is that firms are more certain about the climate for investment."

 

Mr. Anderson said 57 per cent of firms in the third quarter agree that the climate is good for investment, which is a change of four percentage points over the second quarter. 

 

The year to date business confidence index has already exceeded the full year measure of optimism in the economy for 2022.

 

Business confidence was 140 points for the nine months up to September, compared to 137 points for all of 2022.

 

In the last Business and Consumer Confidence survey, 635 people were interviewed, along with 100 businesses.