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Jersey Chamber of Commerce

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Category: Local Business News  States of Jersey

Measuring Jersey's Economy: GVA and GDP 2018

Oct 04, 2019

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

Summary - In 2018:

Gross Value Added (GVA) 

  • 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 increased by 1.8% in real terms on an annual basis
  • GDP was £4,642 million

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) 

Measuring Jersey's economy GVA and GDP - 2018 

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