Business Confidence Surges For Fourth Quarter of 2024

Jamaica’s business confidence has surged for the fourth quarter of 2024 amid difficult economic circumstances.

That’s according to the latest Jamaica Chamber of Commerce-sponsored Business and Consumer Confidence Survey released on Tuesday.

CEO of Market Research Services Limited, Don Anderson, who conducted the survey, also found a slight improvement in consumer confidence following a decline in the third quarter of 2024.

Mahiri Stewart tells us more,

Despite recession fears and a period of significant economic shocks, both Consumer and Business Confidence have improved for the final quarter of 2024.

According to pollster, Don Anderson, most consumers surveyed remain hopeful but cautious.

The survey found that there was a two-point increase in consumer confidence in the business sector.

However, there was a small drop-off in expectations surrounding household income.

On the business side, there’s been a major improvement in confidence for the fourth quarter, nearly matching the pre-COVID-19 peak.

Mr. Anderson says the majority of firms found the business climate favourable in the fourth quarter with expectations of profits and expansion.

The survey comes amid an overall economic contraction for the previous quarter of 3-point-5 percent.

There’s potential for a further contraction in the fourth quarter.