Page last updated at 12:39 GMT, Wednesday, 16 September 2009 13:39 UK

Island economy 'still resilient'

Dr Andy Sloane
Dr Sloane said the island's economy was in good shape

Guernsey's economy is in good shape but the finance sector will see a decline in profitability over the coming months, an expert has said.

States economist Dr Andy Sloan said it remained resilient to the global slump compared with other countries.

He said: "Guernsey's economy has held up well, but there are challenges ahead for the finance sector."

The president of the Chamber of Commerce Paul Luxon said there was no indication of a worsening trend.

'More robust'

Dr Sloan was giving a talk to local business leaders and said the profitability of the finance sector was the key factor.

"There are differences between Guernsey and the UK and the economy is structurally more robust than compared to the UK and western Europe," he said.

Mr Luxon added that there was some contraction as staff were not being replaced and a couple of companies had relocated or closed but there had been no significant impact on the economy.

"Next year when companies reveal their profits for this year will give the full picture," he said.

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