The economy reduced in value by four per cent in real terms in 2012, according to new figures released today.

And it is the fifth successive year that there has been a fall in gross value added, the measure used to calculate the size of the economy.

Economic Development Minister Alan Maclean said that much of the fall in finance could be attributed to a reduction in interest rates and the resultant income fall received by banks since the recession began.

He also said that the latest figures were no surprise, as they were effectively historical.

Most read this week...
Vets urges owners to be vigilant on dog walksVets urges owners to be vigilant on dog walks15 April 2026
Benefit fraud couple jailedBenefit fraud couple jailed12 April 2026
Alicante-based tax fraudster to fight human rights case against Jersey extraditionAlicante-based tax fraudster to fight human rights case against Jersey extradition15 April 2026
Former surfing champ to ride the election waveFormer surfing champ to ride the election wave14 April 2026
Social Security criticised over handling of a vulnerable family’s benefits claimSocial Security criticised over handling of a vulnerable family’s benefits claim13 April 2026
Bus in collision seconds after leaving Liberation StationBus in collision seconds after leaving Liberation Station18 April 2026