The latest report presenting estimates of the size and performance of Jersey's economy in 2017 has been published by Statistics Jersey. The key points include:
Gross Value Added (GVA) – total and sectoral
• Total GVA was essentially unchanged in real terms in 2017 – up by 0.4 per cent on an annual basis
• Total GVA in 2017 was £4.381bn
• Construction recorded the strongest real-terms growth in GVA in 2017
• The financial services, hotels, restaurants and bars, and manufacturing sectors showed a GVA decline in real terms
Gross Domestic Product (GDP)
• GDP was essentially unchanged in real terms in 2017 – up by 0.4 per cent on an annual basis
• GDP in 2017 was £4.304bn
GDP per head of population
• The average economic standard of living of Jersey residents, as measured by GDP per head of population, decreased by almost one per cent in 2017 due to the real-terms change in total economic output being less than the increase in the resident population
• GDP per head of population in Jersey in 2017 was £40,790 – this measure was almost a quarter higher 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 by two per cent in Jersey, by seven per cent in the UK and by eight per cent in Guernsey
Productivity
• Productivity, as measured by GVA per full-time equivalent worker, decreased by two per cent in real terms in 2017
• The non-finance sectors, overall, saw productivity essentially unchanged in real terms (up by 0.1 per cent on an annual basis); the financial services sector saw productivity decrease in real terms by three per cent
• Over all sectors of the economy, productivity has fallen by almost a quarter (23 per cent) in real terms since 2007, driven by a decline in the productivity of the finance sector of more than a third (34 per cent)
• Productivity in the non-finance sectors, overall, has declined by five per cent since 2007 and has remained relatively unchanged over the longer term, being three per cent greater in 2017 than 19 years earlier, in 1998
To view the full publication – Measuring Jersey’s Economy GVA and GDP 2017 – click here