Measuring Jersey's Economy: GVA and GDP 2017

Wednesday 3 October 11:05

The latest report presenting estimates of the size and performance of Jersey's economy in 2017 has been published by Statistics Jersey.

Gross Value Added (GVA) – total and sectoral

  • total GVA  was essentially unchanged in real terms in 2017 (up by 0.4% on an annual basis)  
  • total GVA in 2017 was £4.381 billion 
  • at a sectoral level, construction recorded the strongest real-term growth in GVA in 2017
  • the financial services, hotels, restaurants and bars, and manufacturing sectors saw GVA decline in real terms 

Gross Domestic Product (GDP)

  • GDP was essentially unchanged in real terms in 2017 (up by 0.4% on an annual basis)
  • GDP in 2017 was £4.304 billion 

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 1% in 2017 due to the real term 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 2% in Jersey, by 7% in the UK and by 8% in Guernsey

Labour productivity

  • productivity, as measured by GVA per full-time equivalent (FTE) worker, decreased by 2% in real terms in 2017
  • the non-finance sectors, overall, saw productivity essentially unchanged in real terms (up by 0.1% on an annual basis); the financial services sector saw productivity decrease in real terms by 3%
  • over all sectors of the economy, productivity has fallen by almost a quarter (23%) in real terms since 2007, driven by a decline in the productivity of the finance sector of more than a third (34%)
  • productivity in the non-finance sectors, overall, has declined by 5% since 2007 and has remained relatively unchanged over the longer term, being 3% greater in 2017 than 19 years earlier, in 1998

Measuring Jersey’s Economy GVA and GDP- 2017

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