The latest report presenting estimates of the size and performance of Jersey's economy in 2016 has been published by the Statistics Unit.
Gross value added per head of population
The average economic standard of living of Jersey residents, measured as real-term gross value added (GVA) per head of population:
• Declined marginally in 2016 due to the increase in total economic output (GVA) being lower than the increase in the resident population
• Has been essentially flat during the latest three-year period (2014-2016)
• Has decreased by more than a sixth (18 per cent) since 2007
GVA per head of population in Jersey in 2016 was £40,200 (current year values) and was 53 per cent greater than in the UK
Gross value added – total and sectoral
• On an annual basis Jersey’s economy, as measured by total GVA, grew by one per cent in real terms in 2016
• Total GVA in 2016 was £4.19bn (current year values)
• 2016 represents the third consecutive year that the island’s economy has grown in real terms
• The rental income of private households (actual and imputed) was the largest contributor to the real-term growth of total GVA in 2016, resulting from an increase in the number of resident households combined with higher rents paid on an annual basis
• Several of the non-finance sectors of the economy recorded real-term growth in GVA in 2016, notably the private sector service industries and the construction sector
• In contrast, the financial services and wholesale and retail sectors saw GVA decline on an annual basis, whilst public administration recorded the largest percentage decline in GVA, down by four per cent in real terms
Gross domestic product
• GDP grew by almost one per cent in real terms in 2016
• GDP in 2016 was £4.11bn (current year values)
Labour productivity
• Productivity, as measured by GVA per full-time equivalent worker, declined by 2% in 2016
• The non-finance sectors, overall, saw productivity remain essentially unchanged in 2016 (up by 0.2 per cent an annual basis); in contrast, the financial services sector saw productivity decrease by three per cent
• Over all sectors of the economy, productivity has fallen by more than a fifth (22 per cent) in real terms since 2007, driven by a decline in the productivity of the island’s finance sector of almost a third (32 per cent)
• Productivity in the non-finance sectors, overall, has declined by five per cent since 2007 but has remained relatively flat over the longer term; in 2016 it was three per cent higher than 18 years earlier, in 1998
• To view the Measuring Jersey's economy: GVA and GDP 2016 report click here