Jersey reports on island's economy in 2018

Posted: 02/10/2019

The latest report presenting estimates of the size and performance of Jersey's economy in 2018 has been published by Statistics Jersey. A summary is given below.

Gross value added (GVA) 
• Total GVA increased by 1.4% in real terms on an annual basis 
• The total GVA of Jersey’s economy has increased in real terms for five consecutive years
• Total GVA was £4,707m 
• The latest annual increase in total GVA was driven by the financial services sector, where GVA increased by 2% in real terms

Gross domestic product (GDP)
• GDP increased by 1.8% in real terms on an annual basis
• GDP was £4,642m

GDP per head of population
• The average economic standard of living of Jersey residents, measured by GDP per head of population, increased by 0.6% in real terms on an annual basis
• This increase was the result of the real-terms change in total economic output being greater than the increase in the resident population
• GDP per head of population was £43,470 – this measure for Jersey residents was more than a quarter greater 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, in real terms, by 1% in Jersey, by 7% in the UK and by 12% in Guernsey

Labour productivity
• Productivity, measured by GVA per full-time equivalent worker was unchanged in real terms on an annual basis
• Productivity in the finance sector increased by 1% in real terms
• In the non-finance sectors overall, productivity decreased by 1% in real terms
• Over all sectors of the economy, productivity has fallen by almost a quarter (23%) in real terms since the previous peak in 2007, driven by a decline in the productivity of the finance sector (down by a third over the period)
• Productivity in the non-finance sectors overall has declined by 6% in real terms since 2007 and has been relatively unchanged over the longer term (2% higher in 2018 than 20 years earlier, in 1998) 

To view the full report click here

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