Statistics Jersey have today published a set of experimental statistics: Quarterly revenue & GVA estimates: non-finance sectors.
Experimental statistics
Due to the ongoing situation with regards the SARS-CoV-2 pandemic it is important to provide timely information as to the estimated economic impact to Jersey as a result of both the pandemic itself and the various government interventions implemented in response. Statistics Jersey have therefore produced new quarterly estimates of the primary national accounting measures used in Jersey, using administrative data sources supplemented by our existing annual business surveys.
This is the first time these measures have been produced and published on a quarterly basis, and the methodology is still subject to ongoing review and improvements. This report should, therefore, be viewed as preliminary and potentially subject to revision once additional data become available and the analysis refined. There is additional uncertainty around the most recent period estimates, whilst some GST and Social Security returns remain outstanding.
Summary
This report presents estimates for quarterly GVA, individual GVA components and revenue, for the non finance sectors of Jersey’s economy. The estimates presented represent approximately 40% of the total Jersey economy. Excluded are the following:
- finance sector
- public sector
- rental income of private households (real and imputed)
Future work by Statistics Jersey will attempt to also provide estimates for these areas so that monitoring of the entire economy can be presented on a quarterly basis.
Gross Value Added (GVA)
In the second quarter of 2020:
- GVA for the non-finance sectors was 36% lower than in the same quarter of 2019
- most sectors experienced significant drops in GVA, both on an annual and quarterly basis
- the hotels, restaurants and bars sector experienced the largest annual drop in GVA, with GVA being 86% lower than in the same quarter of 2019
Revenue
In the second quarter of 2020:
- revenue for the non-finance sectors was 30% lower than in the same quarter of 2019
- most sectors experienced significant drops in revenue, both on an annual and quarterly basis
- hotels, restaurants and bars experienced the largest annual drop in revenue, with revenue being 70% lower than in the same quarter of 2019