Quarterly Economic Survey Q4 Results | Inflation & energy costs continue to be a key concern for businesses says Isle of Man Chamber survey

Date: Wednesday 14 December 2022

Inflation and energy costs continue to be the main cause for concern for local businesses, according to December data gathered by Isle of Man Chamber of Commerce, which feed into the British Chambers Quarterly survey.

Figures from the organisation’s quarterly economic survey for Q4 2022 showed 89.7% of respondents still citing inflation as their major worry with 39.7% seeing interest rates as the second major concern. Other areas flagged for the the foreseeable future included taxation (23.08%); competitor businesses (21.79%); exchange rates (20.51%) and business rates (16.6%).

Business continues to face similar cost pressures with labour (82.7%), utilities (gas, electric, oil - 81.48%) & fuel costs (58%) the highest however, we have seen a decline in many raw material costs.

85 Isle of Man Chamber of Commerce members took part in the Q4 2022 survey. 80% of the businesses that took part have fewer than 50 employees. 30% of respondents are in the finance & professional services sector and 24% are in hospitality, catering or tourism sectors, so very representative of the employment mix in our economy. Data for the survey was gathered between 8th November – 2nd December 2022

Chamber CEO Rebecca George feels more optimistic about these results saying: 

“Firstly a big thank you to the members who committed time to complete this survey. It is currently the key tracker for Chamber, Treasury and DfE of what is happening on the ground and business confidence. Whilst it is positive to see that local businesses have boosted confidence for the next 12 months, the results still indicate high levels of concern over inflation and energy costs which will undoubtedly “knock on” to increased prices for customers and consumers. As always, Chamber’s dialogue with our members and Isle of Man Government will continue, and these results and other pressing matters are covered at monthly review meetings with the Treasury and Department for Enterprise Ministers to ensure that they remain fully aware of the challenges that businesses are facing on the ground and to inform future policy, alongside more regular updates with the senior team at DfE.”

Click here to review the results.