Island’s population grew to more than 64,000 in 2022

But the latest figures, which come from the end of 2022, show the population did dip slightly in the final quarter of the year.

There were 64,037 people resident at the end of 2022, compared with 63,626 at the end of 2021 and 63,140 at the end of 2022.

The increase has come from immigration, rather than natural growth.

There were 633 deaths in the final quarter of the year, compared with 489 births.

Immigration has been recovering to nearly pre-pandemic levels, with 3,353 people arriving in the last three months of the year. But in the same period nearly 2,800 left.

Looking at demographics, the number of under-15s and those aged between pension age and 85 both dropped.

But over 85s increased by 1.1% in the final quarter, while the working age population increased by 1.3%.

The percentage of the population in work has stayed relatively stable, at 65%.

Between June 2019 and June 2023, the number of employed and self-employed people that had permanent resident status – 72% of all employees and self-employees – decreased by 1%.

The next biggest group – those with an employment-related residence licence or permit, which covers 10% of all employees and self-employees and includes long-term, medium-term and short-term – increased by 10%.

Financial services remains the biggest employer, with more than 6,000 employees – 18% of all workers. While numbers have been falling in this sector in recent years, they increased last year.

This is closely followed by public administration.

The sharpest drop came in the manufacturing sector, where there are currently just more than 500 people working, a drop of nearly 20% in the last year, linked to the closure of Intersurgical.

Median earnings over the year ending 30 June 2023 were £40,508 which, compared with a year earlier, was 8.3% higher in nominal terms and 0.3% higher in real terms.