The Island’s economic recovery is due to big profits in the finance sector – although there was slight improvement in the rest of the economy apart from farming, retail and utilities, all of which shrank.
This morning’s figures – put together by the independent Statistics Unit – show that there’s still a huge gap between how the various sectors of the Island economy are performing.
They show that Gross Value Added (GVA) performance across key sectors of the economy was:
Finance – up 9%.
Public administration – up 4%.
Business services – up 2%.
Wholesale and retail – down 3%.
Agriculture – down 17%.
But the stats also show that the standard economic measure of GVA per capita – the value of the economy divided by the population – has dropped by 19% since 2007.
During the same period, the measure has actually risen by 10% in Guernsey and dropped by less than 1% in the UK.
