The States Statistics Unit said there had been a negative Retail Price Index, a decline in the labour market and a fall in Gross Value Added figures.Duncan Gibaut, of the statistics unit, said the Retail Price Index had fallen over the past two quarters and stood at 0.4% in June and 0.6% in September.Another factor attributed to confirming the island is now in recession is the state of the labour market and figures released this month show the first fall in the market for more than five years.In addition, the Gross Value Added figure, reached by adding together company profits with the money islanders earn, has also fallen.After the Budget announcement, Senator Ozouf told BBC Jersey: “There are some people that have doubted the fact that Jersey is in a recession.”I’ve been in no doubt and that’s why we’ve taken policies such as the fiscal stimulus measures in order to respond to that.”The minister said that interest rates would not recover soon, leaving a “year on year issue which we’re going to need to tackle”. The BBC is not responsible for the content of external sites. Read more.This page is best viewed in an up to date web browser with style sheets (CSS) enabled.
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