Statistics Jersey has released the finance and legal sector GVA and productivity report for 2017. The survey covers banks, fund managers, investment trusts, accountancy and legal firms.
The latest report shows that in 2017:
Gross Value Added (GVA)
Jersey’s Finance sector, as measured by total GVA, declined by two per cent in real terms in 2017. This latest annual decrease in total GVA was driven by a real-term decline of five per cent recorded by the Banking sub-sector.
In contrast, the other finance sub-sectors combined recorded a real-term increase in GVA of one per cent in real terms.
Total GVA in 2017 was £1.740 billion in current year values – £700 million below the previous peak in 2007.
Productivity
Productivity, as measured by total GVA per full-time equivalent (FTE) employee, decreased by three per cent in real terms in 2017. All sub-sectors except for Accountancy saw a decrease in productivity in 2017.
Other measures
Total expenditure on goods and services was £750 million in current year values, a nominal decrease of nine per cent compared with 2016, with over two-fifths of expenditure spent in Jersey.
Total expenditure on employment was £870 million in current year values, a nominal increase of 12per cent compared to 2016. Mean employment costs per FTE employee were £70,000 in current year values, a nominal increase of nine per cent compared with 2016.
The mean bonus payment per FTE employee was £6,500 in current year values, a nominal increase of 12 per cent compared with 2016. While the number of local staff recruited directly from school and university was 250 FTEs, a decrease of 70 compared with 2016.
The full report can be found here.