Island’s Economy Is Still Strong

The Island's economy performed strongly over the first half of the fiscal year. And while it has since slowed, the drop has not been 'catastrophic', according to a Council of Ministers quarterly report.

The jobless total is below 2.5 per cent, which compares with a UK rate of 6.7 per cent and EU average of 7.6 per cent. Most losses have been in service areas, such as hospitality and retailing, rather than prime drivers of the economy like exporting sectors.

The strongest outlook is from the online gaming sector - but it is not alone in its optimistic perspective, with space commerce, shipping, aircraft registration and aerospace engineering amongst activities where business is doing well. Company and Trust Service Providers have also indicated good results in the year.