More than a third of companies surveyed reported a drop in trade over the past three months and there was little optimism as far as prospects for the immediate future were concerned.

Among the sectors surveyed, construction appears to be experiencing particularly challenging times, almost two-thirds of firms reporting that profits had fallen since the last survey was conducted.

But even though Economic Development Minister Alan Maclean concedes that the outlook is ‘fragile’, some good news can be detected amid the bad.

As a majority of Islanders will understand, our financial services industry remains the principal engine of the economy, and although it has suffered along with other sectors, there are at least some signs that it is recovering.

Although six out of ten survey indicators for the sector remained negative in the latest survey, 36 per cent of finance firms estimated that business activity will increase over the next three months.

And even if the mood among construction and allied firms proved to be less than buoyant, there are reasons to believe that a turn-around is possible here too. The States have been urged by the Fiscal Policy Panel to inject more money into capital projects, and although panel members have also advised that additional forms of economic stimulus are needed, construction should reap some of the benefits of another round of targeted spending.

Meanwhile, although it is obvious that any single development will fall a very long way short of making a decisive contribution to economic resurgence, it is encouraging that, at long last, an application is about to be launched to make profitable use of the old College for Girls site in Rouge Bouillon. If the application is successful, 130 homes, 40 of them in the social rental category, will be built in this prime location.

The proposed development is without doubt an important project in its own right, but it will also permit the Jersey Development Company and its new managing director, Lee Henry, to demonstrate that this States-owned body can deliver on its promises and deliver value for the Jersey taxpayer.