Measuring Jersey's economy: GVA and GDP 2016

29 September 2017

The latest report presenting estimates of the size and performance of Jersey's economy in 2016 has been published by the Statistics Unit.

Gross Value Added (GVA) per head of population

In 2016:

the average economic standard of living of Jersey residents, measured as real-term Gross Value Added (GVA) per head of population:

declined marginally in 2016 due to the increase in total economic output (GVA) being lower than the increase in the resident population
has been essentially flat during the latest three-year period (2014-2016)

has decreased by more than a sixth (18%) since 2007
GVA per head of population in Jersey in 2016 was £40,200 (current year values) and was 53% greater than in the UK

Gross Value Added – total and sectoral

on an annual basis Jersey’s economy, as measured by total GVA, grew by 1% in real terms in 2016
total GVA in 2016 was £4.19 billion (current year values)
2016 represents the third consecutive year that the Island’s economy has grown in real terms
the rental income of private households (both actual and imputed) was the largest contributor to the real-term growth of total GVA in 2016, resulting from an increase in the number of resident households combined with higher rents paid on an annual basis
several of the non-finance sectors of the economy recorded real-term growth in GVA in 2016, notably the private sector service industries and the construction sector
in contrast, the financial services and wholesale & retail sectors saw GVA decline on an annual basis, whilst public administration recorded the largest percentage decline in GVA, down by 4% in real terms

Gross Domestic Product (GDP)

Labour productivity

productivity, as measured by GVA per full-time equivalent worker, declined by 2% in 2016
the non-finance sectors, overall, saw productivity remain essentially unchanged in 2016 (up by 0.2% an annual basis); in contrast, the financial services sector saw productivity decrease by 3%
over all sectors of the economy, productivity has fallen by more than a fifth (22%) in real terms since 2007, driven by a decline in the productivity of the Island’s finance sector of almost a third (32%)
productivity in the non-finance sectors, overall, has declined by 5% since 2007 but has remained relatively flat over the longer term; in 2016 it was 3% higher than 18 years earlier, in 1998