Statistics Jersey has released the gross value added and productivity report for the finance and legal sector in 2018. The report covers banks, fund managers, trust administration, accountancy and legal firms.
Gross Value Added (GVA)
• Jersey’s finance sector, as measured by total GVA, increased by 2% in real terms in 2018
• The banking, fund management and trust and company administration subsectors saw real-terms increases in GVA
• In real terms, total GVA in 2018 was £730m below the previous peak recorded in 2007
• Total GVA of Jersey’s finance sector in 2018 was £1,843m
Productivity
• Productivity, as measured by total GVA per full-time equivalent (FTE) employee, increased by 1% in real terms in 2018
• The banking, fund management and trust and company administration subsectors saw an increase in productivity in 2018
Other measures
• Total expenditure on goods and services was £830m in current year values, a nominal increase of 11% compared with 2017, with around half of all expenditure spent in Jersey
• Total expenditure on employment was £890m in current year values, a nominal increase of 2% compared with 2017
• Mean employment costs per FTE employee were £71,200 in current year values, a nominal increase of 2% on 2017
• The mean bonus payment per FTE employee was £7,000 in current year values, a nominal increase of 8% on 2017
• The number of local staff recruited directly from school and university was 240 FTEs, 10 fewer than in 2017
To view the full report click here