Treasury minister paints upbeat picture of economy

The Treasury Minister says there are encouraging signs of recovery in the Manx economy, but the Island must continue to be wary of outside factors such as the current problems in the Eurozone.

That was the key message from Eddie Teare who appeared before the Tynwald Economic Policy Review Committee with his department's chief financial officer Mark Shimmin on Friday.

Mr Teare told the committee the Island's economy grew by 2.1% in the last financial year and is forecast to grow by 3-5% in 2012/13.

He also said that revenue to the Treasury from income tax and national insurance is higher than expected.

The committee's chairman Leonard Singer MHK was generally encouraged by what he heard: