GDP 2013 figures: £8m. drop in wages
WAGES earned in Guernsey dropped by an estimated £8m. – equivalent to nearly 1% – last year, according to the latest figures released by the Policy Council.
According to its new economic estimates, islanders' wages (excluding pensions) had fallen by an estimated 0.8% compared to 2012 and would stand at around £1,124m. overall. Other new figures, released today in the Policy Council's latest Gross Domestic Product bulletin, showed that estimated economic growth for 2013 was also showing signs of stalling, with GDP expected to be just 0.5% higher than 2012 in real terms.
The drop in wages – used to help calculate Guernsey's overall financial position – was an indication of a slow economy, according to Treasury's deputy minister Jan Kuttelwascher, pictured. He said Guernsey seemed to be following the trend of the UK, with a drop in wages, but the island's unemployment remained at a low level, with many jobs available in the market.
