Thursday 19 January 2017
Most of Guernsey's economic indicators are continuing to show positive trends, latest data has revealed.
Guernsey's Economic Overview, published by the Policy & Resources Committee, examines a wide range of economic indicators. These include data on the performance of individual sectors, workforce size and earnings, and the housing market.
Information gained up to the end of quarter three highlighted:
- Available statistics suggest current economic conditions are more positive than they have been for some time
- The working age population remained stable during 2015 (latest figures available)
- Finance sector employment continues to grow at a modest but consistent rate led by strong growth in fiduciaries.
- Particularly strong employment growth was reported in the professional, business, scientific and technical activities, and information and communication sectors
- Construction employment has continued to decline, however there has been a modest increase in median earnings in the sector.
- UK economic forecasters have, in general, moderated the economic forecasts they made before the UK referendum, revising down the negative impact of Brexit on UK GDP in the short to medium term. Given the strength of the relationship between the Guernsey and UK economies, the improved short term outlook for the UK should be considered a positive for Guernsey.
Deputy Gavin St Pier, President of the Policy & Resources Committee, said:
'This useful data again highlights that the island's economy continues to be in a position of strength and stability. Key sectors have continued to grow and financial services, which remains vital to our overall economic outlook, has again seen modest growth. It is also pleasing to see that our professional, business, scientific and technical activities - which includes specialist services such as accountancy, legal and marketing - was the largest employer of graduates in 2014 and 2015 and saw consistent growth in employment numbers again last year'.
'Likewise, real-terms growth in median earnings for employed individuals continued to strengthen, as we saw the fourth successive quarter of year-on-year growth. This points to a more established recovery and, when combined with the increase in employment, indicates the potential for improved income tax revenues for 2016'.
