The value of new construction projects started dropped to its lowest level for five years during the second quarter of 2010, according to Government's latest figures.

The detailed statistics produced for the Quarterly Bulletin of Statistics revealed that the value of new developments was $1.2 million in Q2, having reached $132.3 million and $51.9 million in the first and third quarters of 2009 respectively. The last time the value fell below $3 million was in Q1 of 2005, when $900,000 worth of projects were started.

Elsewhere total imports slid 9.3 percent, with trade from the UK and Canada most notably down 60.2 percent and 42 percent respectively — indicating a slow down in the Island's economy.

Meanwhile the estimated value of construction work put in place during the second quarter of this year declined 42.7 percent, a worrying trend which has continued since Q2 2009.

Central Government revenue, however, continued to remain healthy, with $91.6 million in payroll tax being raked for the second quarter of 2010 — the highest figure for at least five years — and reflecting the two percentage point increase announced in the Budget in March.

Expenditure also fell 0.8 percent for Q2 — a pattern it has followed for the past four quarters, but wages, salaries and employee overheads increased 0.6 percent

International business employees again earned the most, with the sector accounting for $229.7 million of the total $768.3 million in employment income over the second quarter, up 6.6 percent on the same time last year.

But that figure continued to decline for hotels and restaurants for the sixth straight quarter, down 27.9 percent at $12.5 million.