Economic growth is the envy of many

Surprise is perhaps too strong a word, given the optimism of the last States Accounts where Policy & Resources started talking about refilling the rainy day fund and possible increases in income tax allowances.

Nevertheless, GDP growth of 2% is a strong performance. While it might be an estimate at this stage, the clear signs are there that much of the economy is doing well.

Not just businesses and shareholders, but individual islanders. The standard of living grew in real terms by 2.4% in both 2016 and 2017.

That brings GDP per person up 4.6% to a mighty £49,041, which is 65% greater than the UK and 22% better than the last published (GVA) figure for Jersey.

And, while it is important to add the caveat that large countries add up their figures in a different way, there are not many places in the world that are outperforming 2% growth at present.

Perhaps such gains are not surprising for an island that majors in finance at the end of a series of bull markets dating back almost a decade.

Hence the caution of Policy & Resources president Gavin St Pier, who warns that this period of economic strength must be used to bolster island finances, replenish reserves and ‘ensure we have the resilience to meet future uncertainties’.

Whether those uncertainties emerge from the global market cooling down or from the more localised effects of Brexit, the golden goose to be fed and watered remains the finance industry, which alone accounts for 44% of gross value added to the economy.

For the moment the figures for finance are looking solid. Productivity is £192,345 per finance worker (£100,000 more than the island average) and the industry has grown every year since 2011 (up 22% in the past five years).

The task then is to keep the good ship Guernsey steaming on by providing all sectors of the economy, but particularly finance, with the skills and expertise required while maintaining our international reputation for regulation and stability.

It sounds simple…