Jersey’s Statistics Unit has released the 2016 Survey of Financial Institutions Survey report, which covers banks, fund managers, investment trusts, accountancy and legal firms.
Some of the findings include the following:
Gross value added (GVA)
• Jersey’s finance sector, as measured by total GVA, declined by two per cent in real terms in 2016
• This latest annual decrease was driven by a real-terms decline recorded by the banking sub-sector
• In contrast, the combined trust and company administration and legal sub-sectors recorded a real-terms increase in GVA
• In real terms, total GVA in 2016 was £670 million below the previous peak, in 2007
• Total GVA in 2016 was £1.71bn in current year values
Productivity
• Productivity, as measured by total GVA per full-time equivalent (FTE) employee, decreased by four per cent in real terms in 2016
• This annual decrease was driven by a real-terms decline in productivity recorded by the combined trust and company administration and Legal sub-sectors and the fund management sub-sector
Other measures
• Total expenditure on goods and services was £820 million in current year values, a nominal increase of 15 per cent compared with 2016, with over two-fifths of expenditure spent in Jersey
• Total expenditure on employment was £780 million in current year values – essentially unchanged compared with 2015
• Mean employment costs per FTE employee were £64,000 in current year values, a nominal decrease of two per cent compared with 2015
• The mean bonus payment per FTE employee was £5,800 in current year values, a nominal increase of five per cent compared with 2015
• The number of local staff recruited directly from school and university was 320 FTEs, a decrease of 40 compared with 2015
To view the Survey of Financial Institutions 2016 report click here