Working population grows for first time in seven years

Maintaining enough people making financial contributions to support the services the States offers is seen as crucial for the island’s ageing demographic.

The total population, as of June 2018, was up by 325 to 62,734 – still well below population projections previously used by the States – the third consecutive quarter of growth. Numbers peaked just above 63,000 in 2012.

There was an increase of 73 people, 0.2%, in the number of people in the 16 to 64 age group during the year ending 30 June 2018.

There were increases of 0.3% (31) and 2.1% (224) in the number of people in the 0 to 15 and 65 to 84 age groups respectively in the same period.

The population figures are included in the quarterly population and earnings bulletin published by the States yesterday.

It shows some positive economic signs, with median earnings growing even once the effects of inflation are removed, increasing islanders’ spending power.

Median earnings as of 31 December 2018 were £33,263 which, compared with a year earlier, was 3.3% higher in nominal terms and 0.9% higher in real terms.

The total number of people in employment has grown every quarter except one since the start of 2015, although the rate of growth is now 0.3%, having hit a high in the second quarter of 2016.

By the end of last year, 31,304 people were employed, of whom 3,020 were self-employed.

The finance sector was again the largest employer in December 2018, accounting for 19.4% of total employment, or 6,296 people, 6,231 of whom were employed and 65 self-employed.

The public sector was the second biggest employer, with 5,489 people.

The construction sector had the largest number of self-employed people at this time, 843 people, representing 30.8% of the sector.

Finance employment has grown by 1.5%, the public sector by 0.3%, while construction contracted by 1.5%.

Since 2017, the numbers employed by the public sector has grown every quarter except quarter one of 2018.

The largest annual increase was in information and communication, at 5.5% – there are 804 people employed. There are a total of 2,149 employers, an annual decline of 1.1%.

People employed within finance had the highest four-quarter average median earnings – £46,045 – at the end of December 2018.