Measuring Jersey's economy: GVA and GDP 2017 report

Produced by the Statistics Jersey (Strategic Policy, Planning and Performance)
Authored by Statistics Jersey and published on 03 Oct 2018
Prepared internally, no external cost

Summary

The latest report presenting estimates of the size and performance of Jersey's economy in 2017.

Gross Value Added (GVA) – total and sectoral

• total GVA  was essentially unchanged in real terms in 2017 (up by 0.4% on an annual basis)  
  
• total GVA in 2017 was £4.381 billion 
  
• at a sectoral level, construction recorded the strongest real-term growth in GVA in 2017
  
• the financial services, hotels, restaurants and bars, and manufacturing sectors saw GVA decline in real terms 
  

Gross Domestic Product (GDP)

• GDP was essentially unchanged in real terms in 2017 (up by 0.4% on an annual basis)
  
• GDP in 2017 was £4.304 billion 
  

GDP per head of population

• the average economic standard of living of Jersey residents, as measured by GDP per head of population, decreased by almost 1% in 2017 due to the real term change in total economic output being less than the increase in the resident population
  
• GDP per head of population in Jersey in 2017 was £40,790; this measure was almost a quarter higher than that of the UK and a fifth lower than that of Guernsey 
  
• over the most recent five-year period, GDP per head of population has increased by 2% in Jersey, by 7% in the UK and by 8% in Guernsey
  

Labour productivity

• productivity, as measured by GVA per full-time equivalent (FTE) worker, decreased by 2% in real terms in 2017
  
• the non-finance sectors, overall, saw productivity essentially unchanged in real terms (up by 0.1% on an annual basis); the financial services sector saw productivity decrease in real terms by 3%
  
• over all sectors of the economy, productivity has fallen by almost a quarter (23%) in real terms since 2007, driven by a decline in the productivity of the finance sector of more than a third (34%)
  
• productivity in the non-finance sectors, overall, has declined by 5% since 2007 and has remained relatively unchanged over the longer term, being 3% greater in 2017 than 19 years earlier, in 1998
  

Measuring Jersey’s Economy GVA and GDP- 2017