Only quarter of businesses see return to pre-outbreak levels
Chamber of Commerce survey looks at future prospects
Only a quarter of businesses surveyed by the Chamber of Commerce believe their sales, in a year’s time, will reach the same levels reached before the coronavirus outbreak.
Half of the respondents foresee a 25 per cent reduction in “head-count and turnover” by that time.
If the situation persists for another three months, a quarter of business owners, including those in export, predict they will register an estimated 75 per cent drop or more in sales.
The survey was carried out just before the first relaxation of COVID-19 measures was announced, with some non-essential outlets allowed to open from today.
The Malta Chamber of Commerce, Enterprise and Industry represents a wide range of businesses, including those involved in manufacturing, financial and IT services, property and tourism.
Once authorities tell us that it is safe to do so, we should start giving some guidance to our businesses
It has been carrying out surveys regularly among its members to gauge the “real situation on the ground”.
The latest, which confirmed trends that emerged from the previous two conducted in the past weeks, takes a look at what business owners believe the situation will be like in the coming months.
About 23 per cent of those surveyed also acknowledge there may be changes to implement once the pandemic is over.
These efforts would include changing their business models and offering services to their customers “differently”.
Eighty-five per cent of the businesses surveyed said they had registered a decline in both their local as well as export sales.
Only four per cent have seen an increase while 11 per cent noted their sales figures had remained constant when compared to the equivalent period.
Investment has also taken a hit, business owners reported, with just under half of respondents – 43 per cent – saying investment had come to a “complete halt”.
Still, chamber president David Xuereb sounded a cautious note in comments accompanying the results.
“When, and only when, the green light is given from a national medical standpoint should we start looking at easing the lockdown.
“However, once our health authorities tell us that it is safe to do so, we should start giving some clarity and guidance to our businesses for them to be able to plan ahead appropriately and tangibly,” Xuereb said.