Economic growth on an eight-year high

Wednesday 26th September 2007, 12:00AM BST.

JERSEY’S economy was in its healthiest state for eight years at the end of 2006 and for the second successive year easily exceeded the States’ economic growth target.

The economy, measured by the gross value added (GVA) calculation, grew by ten per cent last year to £3.7 billion compared to £3.4 billion in 2005. The gross national income (GNI) per head of population rose from about £34,000 in 2005 to £39,000 last year. But perhaps the most important figure was the ‘real’ growth figure – taking into account inflation – which was seven per cent, a full five per cent above the two per cent per annum target set by the States for the financial year. In 2005, real growth achieved in GVA was three per cent, so last year’s figures were impressive.

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