A GRTU study among businesses has given mixed results with respondents split: half saying they are doing well but the other half saying they are not feeling the benefits of the strong economy.

Out of those that are doing well, 30 per cent said that their turnover increased by 5 per cent, 47 per cent of respondents said by 10 per cent and 16 per cent said that the increase went up to 20 per cent.

The other half mostly quoted too much competition and increased costs, which are offsetting the benefits of increased demand.

Human resources issues are a major concern for businesses. When asked about wage levels, 85 per cent said that they experienced wage increases in the last three years, with 19 per cent saying that the increase was of 5 per cent overall, 42 per cent saying up to 10 per cent and 21 per cent saying it was up to 20 per cent.

When asked if wage increases have resulted in increased productivity, 42 per cent ranged between ‘disagreed’ and ‘strongly disagreed’ and 28 per cent agreed with this statement. The remaining respondents were uncertain. Many have also quoted labour shortages as the main reason their business was not working to its full potential.

Asked about overall wealth and economic growth, most businesses stated that they attributed economic growth to the gaming sector and the construction sector as the main players, followed by tourism and the influx of foreign workers.

When asked about the new developments of digital currencies and finance such as cryptocurrencies and blockchain, 42 per cent said that they did not know much about them, 21 per cent said they found them confusing and another 21 per cent said that they find them intriguing.

Sixteen per cent said that they did not trust them, and thought they were ‘a scam that will soon end’.