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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Measuring Jersey's economy: GVA and GDP 2018 report

Produced by the Statistics Jersey (Strategic Policy, Planning and Performance)
Authored by Statistics Jersey and published on 02 Oct 2019
Prepared internally, no external cost

Summary

​The latest report presenting estimates of the size and performance of Jersey's economy in 2018.

2018 summary

Gross Value Added (GVA) 

  • total GVA increased by 1.4% in real terms on an annual basis 
  • the total GVA of Jersey’s economy has increased in real terms for 5 consecutive years
  • total GVA was £4,707 million 
  • the latest annual increase in total GVA was driven by the financial services sector, which saw GVA increase by 2% in real terms

Gross Domestic Product (GDP)

  • GDP increased by 1.8% in real terms on an annual basis
  • GDP was £4,642 million

GDP per head of population

  • the average economic standard of living of Jersey residents, measured by GDP per head of population, increased by 0.6% in real terms on an annual basis
  • this increase was the result of the real term change in total economic output being greater than the increase in the resident population
  • GDP per head of population was £43,470; this measure for Jersey residents was more than a quarter greater than that of the UK and a fifth lower than that of Guernsey
  • over the most recent 5 year period, GDP per head of population has increased, in real terms, by 1% in Jersey, by 7% in the UK and by 12% in Guernsey

Labour productivity

  • productivity, measured by GVA per full-time equivalent (FTE) worker, was unchanged in real terms on an annual basis
  • the finance sector saw productivity increase by 1% in real terms; the non- finance sectors, overall, saw productivity decrease by 1% in real terms
  • over all sectors of the economy, productivity has fallen by almost a quarter (23%) in real terms since the previous peak in 2007, driven by a decline in the productivity of the finance sector (down by a third over the period)
  • productivity in the non-finance sectors, overall, has declined by 6% in real terms since 2007 and has been relatively unchanged over the longer term (2% higher in 2018 than 20 years earlier, in 1998) 

Measuring Jersey's economy: GVA and GDP 2018 report
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