The main economic indicator which measures the value or size of the whole Jersey economy is GVA (Gross Value Added).
Estimates of Jersey’s GVA and GNI (Gross National Income) have been calculated for each year since 1998. These measures are calculated from a robust methodology based on the recognised international framework.
The latest GVA report shows that:
- Jersey’s economy, as measured by GVA, declined by 4% in real terms in 2012
- the latest measure of total GVA represents the fifth consecutive year that the Island’s economy has declined on an annual basis
- the decline in total GVA in 2012 was the result of falls in GVA of 5% for the Finance sector and of 4% for the non-finance sectors of the economy
- in current year values, total GVA was £3.6 billion in 2012 and GNI was £4.0 billion
- in 2012 Jersey’s GVA per capita was about two-thirds greater than that of the UK
GVA and GNI report for 2012
GVA measures the economic activity taking place in Jersey overall and at the individual sector level.
It can be measured by 3 approaches:
- expenditure (the sum of all final expenditure in the economy eg consumer and government spending, capital investment, imports and exports)
- output (the difference between total production and the purchases made to generate that production)
- income (the sum of profits and earnings)
At present data only exists in Jersey to enable calculation of the income measure.
For an economy such as Jersey another measure of the economy is also used, Gross National Income (GNI). This measures the value of output of Jersey people and Jersey-owned business. Income earned by companies operating in Jersey but owned elsewhere is deducted whilst income earned abroad is added.
September 2014 - Measuring Jersey's economy: Gross Value Added (GVA) 2013.
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is not currently produced for Jersey owing to the nature of the Island's economy. Further information as to why GDP is not considered an appropriate measure for Jersey can be found in the notes section of the GVA report.