Zero-10 year saw economy grow 7.6%

Wednesday 24th March 2010, 2:29PM GMT.

Dr Andy Sloan GUERNSEY’S economy grew by 7.6% in 2008, according to the States Economist.

Dr Andy Sloan (pictured) yesterday announced the provisional estimate growth rate of GDP for 2008, based on all the data collected so far, as part of the Guernsey Annual Economic Overview 2009 including 2008 National Accounts.

He also revealed that estimated average annual earnings had increased steadily.

‘Growth was a lot stronger than previously forecast,’ he said.

This was fuelled by double-digit growth in the finance sector in 2007 and 2008 and had helped the island steer through the global downturn more successfully than its neighbours, he added.

‘So going into 2009 we were surging forward so much that we managed to navigate the global crisis relatively serenely.’