03 October 2018
The latest report presenting estimates of the size and performance of Jersey's economy in 2017 has been published by Statistics Jersey.
Gross Value Added (GVA) – total and sectoral
- total GVA was essentially unchanged in real terms in 2017 (up by 0.4% on an annual basis)
- total GVA in 2017 was £4.381 billion
- at a sectoral level, construction recorded the strongest real-term growth in GVA in 2017
- the financial services, hotels, restaurants and bars, and manufacturing sectors saw GVA decline in real terms
Gross Domestic Product (GDP)
- GDP was essentially unchanged in real terms in 2017 (up by 0.4% on an annual basis)
- GDP in 2017 was £4.304 billion
GDP per head of population
- the average economic standard of living of Jersey residents, as measured by GDP per head of population, decreased by almost 1% in 2017 due to the real term change in total economic output being less than the increase in the resident population
- GDP per head of population in Jersey in 2017 was £40,790; this measure was almost a quarter higher than that of the UK and a fifth lower than that of Guernsey
- over the most recent five-year period, GDP per head of population has increased by 2% in Jersey, by 7% in the UK and by 8% in Guernsey
Labour productivity
- productivity, as measured by GVA per full-time equivalent (FTE) worker, decreased by 2% in real terms in 2017
- the non-finance sectors, overall, saw productivity essentially unchanged in real terms (up by 0.1% on an annual basis); the financial services sector saw productivity decrease in real terms by 3%
- over all sectors of the economy, productivity has fallen by almost a quarter (23%) in real terms since 2007, driven by a decline in the productivity of the finance sector of more than a third (34%)
- productivity in the non-finance sectors, overall, has declined by 5% since 2007 and has remained relatively unchanged over the longer term, being 3% greater in 2017 than 19 years earlier, in 1998
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