According to the Quarterly Business Survey carried out for the second quarter of 2016, businesses in the construction and the wholesale and retail trade sectors reported an increase in the level of business activity in Q2-2016 compared with Q1-2016, while businesses in the tourism sector reported a decline. Looking ahead, businesses in the three surveyed sectors predict an improvement in their business activity in Q3-2016 when compared with Q2-2016.
With regard to the current level of employment, the majority of businesses surveyed in the construction sector and wholesale and retail trade reported an increase while the tourism sector reported no change. All three surveyed sectors anticipate a similar trend in the level of employment in Q3-2016 compared with Q2-2016.
With regard to prices charged, majority of businesses in the construction sector reported an increase while those in the wholesale and retail trade sector reported no change in Q2-2016 over Q1-2016. In the tourism sector, all respondents indicated a decline in prices charged during the same period. Looking ahead, majority of businesses in the construction sector and wholesale and retail trade expect prices to remain the same in Q3-2016, while businesses in the tourism sector expect a decline.
As for business costs, majority of respondents across construction and wholesale and retail trade sector experienced an increase in labour-related costs and other input costs while the businesses in the tourism sector reported no change in Q2-2016 when compared with Q1-2016.
Looking ahead, majority of businesses in the wholesale and retail trade sector expect labour-related costs and other input costs to increase in Q3-2016 compared with Q2-2016. However, majority of businesses in the tourism sector expect to see no change in costs during the same period. As for the construction sector, respondents expect labour related-costs to increase in Q3-2016 compared with Q2-2016, while other input costs to remain unchanged during the same period.
