JERSEY’S economy grew at a record-equalling seven per cent in real terms last year and was valued at more than £4 billion for the first time.

Chief Minister Frank Walker (pictured) hailed the news as ‘fantastic’ and said that it had been achieved mainly through productivity rather than by increasing the size of the Island’s working population. And the Island was well placed to deal with the effects that may result from the global credit crunch.

‘Thank goodness we have the money in the bank, as that places us in the best possible position to weather the economic storm coming our way,’ he said.

It was the second year in succession that Jersey’s economy had grown by seven per cent in real terms and by ten per cent overall. We achieved similar results in 2006. Yet the size of the working population was only up by 0.7%, and the economic growth figure smashed the States target of two per cent per annum.