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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 2019

Oct 02, 2020

The latest report presenting estimates of the size and performance of Jersey's economy in 2019 has been published by Statistics Jersey.

Summary for 2019

Gross Value Added (GVA) 

  • total GVA increased by 2.1% in real terms on an annual basis
  • the total GVA of Jersey’s economy increased in real terms for the sixth consecutive year
  • total GVA was £4,972 million 
  • the latest annual increase in total GVA was driven by the financial services sector , which saw GVA increase by 4% in real terms
  • the non-finance sectors, overall, saw GVA increase by 1% in real terms

Gross Domestic Product (GDP)

  • GDP increased by 1.7% in real terms on an annual basis
  • GDP was £4,885 million

GDP per head of population

The average economic standard of living of Jersey residents, measured by GDP per head of population, increased by 0.7% 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 populationGDP per head of population was £45,320

Labour productivity

  • productivity, measured by GVA per full-time equivalent (FTE) worker, increased by 1% in real terms in 2019
    • the finance sector saw productivity increase by 2% in real terms
    • the non-finance sectors, overall, saw productivity remain essentially unchanged in real terms (down 0.4%)
  • over all sectors of the economy, productivity has decreased by more than a fifth (down 22%) in real terms since the previous peak in 2007, largely due to the decline in the productivity of the finance sector (down 31% over the period)
  • productivity of 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 2019 than 21 years earlier, in 1998) 

Read the full report here

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