2016 Financial Institutions Survey report published

28 June 2017

The Statistics Unit has released the 2016 Survey of Financial Institutions Survey report.

The survey covers banks, fund managers, investment trusts, accountancy and legal firms.

The latest report shows that in 2016:

Jersey’s Finance sector, as measured by total GVA, declined by 2% in real terms in 2016
this latest annual decrease in total GVA was driven by a real-term decline recorded by the Banking sub-sector
in contrast the combined Trust and company administration and Legal sub-sectors recorded a real-term increase in GVA
in real terms, total GVA in 2016 was £670 million below the previous peak recorded in 2007
total GVA in 2016 was £1.71 billion in current year values

productivity, as measured by total GVA per Full Time Equivalent (FTE) employee, decreased by 4% in real terms in 2016
this latest annual decrease in productivity was driven by a real-term decline in productivity recorded by the combined Trust and company administration and Legal sub-sectors and the Fund Management sub-sector

total expenditure on goods and services was £820 million in current year values, a nominal increase of 15% compared with 2016, with over two-fifths of expenditure spent in Jersey
total expenditure on employment was £780 million in current year values, essentially unchanged compared with 2015
mean employment costs per FTE employee were £64,000 in current year values, a nominal decrease of 2% compared with 2015
the mean bonus payment per FTE employee was £5,800 in current year values, a nominal increase of 5% compared with 2015
the number of local staff recruited directly from school and university was 320 FTEs, a decrease of 40 compared with 2015