Measuring Jersey's economy: GVA and GDP 2018

02 October 2019

The latest report presenting estimates of the size and performance of Jersey's economy in 2018 has been published by Statistics Jersey.

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 five 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 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 five-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)