Measuring Jersey's economy: GVA and GDP 2015

28 September 2016

The latest report presenting estimates of the size and performance of Jersey's economy in 2015 has been published by the Statistics Unit.

In 2015:

Jersey’s economy, as measured by total GVA, grew by 2% in real terms on an annual basis
total GVA was £4.11 billion (current year values)
it was the second consecutive year that the Island’s economy has grown in real terms
the majority of the non-finance sectors of the economy recorded real-term growth in GVA whilst the Finance sector saw GVA decline by 1% on an annual basis
compensation of employees (“earnings”) was the key driver in the real-term growth of total GVA, notably in financial services, the private sector service industries and construction
rental income of private households (both actual and imputed) was also a key element in the real-term growth of total GVA
in contrast, gross operating surplus (“profits”) declined on an annual basis, driven by the decrease recorded by financial services

GVA per full-time equivalent worker, declined marginally in 2015 (down by 0.2%)
the non-finance sectors saw productivity increase by 3% in 2015, whilst the Finance sector saw productivity decrease by 4%
over all sectors of the economy, productivity has fallen by a fifth (20%) in real terms since 2007, driven by a decline in productivity of the Island’s finance sector of more than a quarter (29%)

GVA per head of population in 2015 was £40,000 (current year values)
GVA per head of population in 2015 was marginally higher than a year earlier (up by 0.5%)
the average economic standard of living of residents in Jersey, as measured by GVA per head of population, has declined by more than a sixth (18%) in real terms since 2007