Thomas lauds increase in 'real terms' income
The first drop in GDP growth for 32 years is disappointing says a minister, but doesn't tell the whole story.
Chris Thomas MHK insists there are strong indicators the Island's economy is in a healthy state, with the Manx having more 'real terms' personal income, and growing banking and insurance sectors.
Figures revealed this morning (10 Nov) show gross domestic product (GDP) shrank in the financial year 2015/16 by 0.9%, to £4.45 billion.
The Policy and Reform Minister says it would be wrong to draw conclusions about the economy from this 'headline' drop:
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