Jersey's economy has shrunk in the last three years, according to a new way of measuring the economy. The amount of economic activity in the island up to the end of 2003 is down by 2% compared to 2000.
The figures have been compiled in line with European Union and United Nations requirements.
The drop is blamed on a reduction in the size of the finance industry and politicians are now taking steps to ensure the economy stays competitive.
Economic Development president, Deputy Gerald Voisin, said politicians needed to create the right conditions for business, rather than get involved directly.
"I don't think one should draw the conclusion that we should use government intervention to make or help islanders to do something different," he said.
"It actually shows how important the financial services industry is to the island and how we must focus on making sure it is competitive."
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