Finance and legal sector, GVA and productivity - 2018

Produced by the Statistics Jersey (Strategic Policy, Planning and Performance)
Authored by Statistics Jersey and published on 03 Jul 2019
Prepared internally, no external cost

Summary

Statistics Jersey has released the finance and legal sector GVA and productivity report for 2018. The survey covers banks, fund managers, investment trusts, accountancy and legal firms. 

The latest report shows that in 2018:

Gross Value Added (GVA) 

• Jersey’s finance sector, as measured by total GVA, increased by 2% in real terms in 2018
• the Banking, Fund management and Trust & company administration sub-sectors saw real-term increases in GVA
• in real terms, total GVA in 2018 was £730 million below the previous peak recorded in 2007
• total GVA of Jersey’s finance sector in 2018 was £1,843 million

Productivity

• productivity, as measured by total GVA per Full-Time Equivalent (FTE) employee, increased by 1% in real terms in 2018
• the Banking, Fund management and Trust & company administration sub-sectors saw an increase in productivity in 2018

Other measures

• total expenditure on goods and services was £830 million in current year values, a nominal increase of 11% compared with 2017, with around half of all expenditure spent in Jersey
• total expenditure on employment was £890 million in current year values, a nominal increase of 2% compared to 2017
• mean employment costs per FTE employee were £71,200 in current year values, a nominal increase of 2% compared with 2017
• the mean bonus payment per FTE employee was £7,000 in current year values, a nominal increase of 8% compared with 2017
• the number of local staff recruited directly from school and university was 240 FTEs, 10 fewer than in 2017

Finance and legal sector GVA and productivity report