04 October 2024
The latest report presenting estimates of the size and performance of Jersey's economy in 2023 has been published today by Statistics Jersey.
The report presents estimates of the size and performance of Jersey’s economy, measured according to an internationally agreed framework. Estimates are provided for calendar year 2023 as well as historical data.
Summary – in 2023
Gross Domestic Product (GDP)
- GDP increased by 7.3% in real terms compared with 2022.
- GDP was £6,575 million.
- GDP per head of population increased in real terms by 7.0% compared with 2022.
- GDP per head of population was £63,500.
- The increases in both GDP and GDP per head of population were above the previous 10-year average.
Sectoral breakdown - Gross Value Added (GVA)
- The annual increase in overall GDP was driven by the financial and insurance activities sector, particularly as a result of increased net interest income in the monetary intermediation (banking) sub-sector.
- The largest percentage increase in GVA was observed in the financial and insurance activities sector which increased in real terms by 19.4% in 2023.
- Excluding the financial and insurance activities sector, the GVA for the rest of the economy increased in real terms by 0.4%.
Labour productivity
- Productivity, measured as GVA per full-time equivalent (FTE) worker increased by 8.8% in real terms in 2023.
- This annual increase was again driven by increased profits in the financial and insurance activities sector which recorded a real-term increase in productivity of 19.8%.
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