Island economy sustains 7% growth

The finance industry accounts of more than half of Jersey's economy

Jersey's economy has continued to grow at about 7% over the past year, according to official figures.

The finance industry was the main driver behind the growth, making up more than half of the island's economy.

The Gross Value Added (GVA) figures from the States show Jersey's economy grew strongly between 1998 and 2000 but then slowed, up until 2004.

Since then the economy has grown more rapidly, with the new figures showing the same 7% growth rate as last year.

GVA calculates the size of an economy by measuring both how much money businesses make and how much individuals make.

The finance industry accounts for 53% of the island's economy, and according to the States statistics unit, it grew by 9% last year.

For the third year in a row agriculture, construction and retail have all grown, although the island's tourism industry remained flat.