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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 2020

Oct 01, 2021

The latest report presenting estimates of the size and performance of Jersey's economy in 2020 has been published today by Statistics Jersey.

Summary for 2020

Gross Domestic Product (GDP)

  • GDP decreased by 9.2% in real terms on an annual basis
  • GDP was £4,528 million

Gross Value Added (GVA)

  • GVA at basic prices decreased by 8.7% in real terms on an annual basis
  • total GVA at basic prices was £4,636 million 
  • the majority of sectors recorded real term decrease in GVA at basic prices, with the hotels, restaurants and bars sector recording the largest percentage decrease of any sector
  • public administration saw the largest increase in GVA, driven primarily by increased employment in that sector

Labour productivity

  • productivity, measured by GVA per full-time equivalent (FTE) worker, decreased by 8% in real terms in 2020
    • the finance sector saw productivity decrease by 9% in real terms
    • the non-finance sectors, overall, saw productivity decrease by 7% in real terms

Read the full report here

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