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Economy grows for the Twenty-Second Consecutive Year 14 August 2006

Provisional national income figures produced by Treasury’s Economic Affairs Division and relating to the fiscal year 2004/05 reveal that the value of goods and services produced in the economy over the course of the year, the Island’s GDP or Gross Domestic Product, equalled £1.5bn, an increase of 11.5% compared to the previous year. After allowing for the effect of price inflation on values, this means that the economy grew in real terms by 5.2%. This compares favourably with the performance of the UK economy (which grew in the year by 3.2%) and that of the EU (where Member economies grew on average by only 2.2%), whilst the Jersey and Guernsey economies actually contracted.

The full and finalised accounts, which will provide details analysed by economic sectors, will be published later in the month.

Commenting on the figures, Treasury Minister Allan Bell noted that the out-turn was consistent with the growth expectations expressed in the Government Plan and continued:

'The growth of the economy has continued at a sustainable and manageable rate and we estimate that growth since 2004/05 has been of a similar order. Clearly it is the reason why we have experienced unemployment rates at below 1½% for so long and why we have been able to continue to finance improvements in the Island’s physical infrastructure and public services.'
'We’re all aware of the challenges that lie ahead of us and for its part Government will continue to strive to lay the foundations for economic success by working closely with all stakeholders to produce a commercial environment that encourages entrepreneurial effort and inward investment whilst providing for secure and well remunerated employment.'

For further information, please contact:

Stephen Carse,
Economic Adviser,
Economic Affairs Division,
Illiam Dhone House,
2 Circular Road, Douglas,
Isle of Man, IM1 1PQ,
Tel 01624 685741,
Fax 01624 685747,

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