GVA and GNI
The main economic indicators which measure the value or size of the whole Jersey economy are GVA (Gross Value Added) and GNI (Gross National Income).
Estimates of Jersey’s GVA and GNI have been calculated for each year since 1998. These measures are calculated from a robust methodology based on the recognised international framework.
Latest figures
The GVA and GNI 2010 report shows that:
- Jersey’s economy, as measured by GVA, declined by -5% in real terms in 2010
- total GVA in 2010 was £3.5 billion; GNI was estimated at £4.0 billion
- total GVA in 2010 was the lowest recorded in real terms since at least 1998
- having seen strong growth in 2006 and 2007, in each of the subsequent years 2008-2010 the Island’s economy recorded a real term fall in total GVA; over this latter 3-year period total GVA declined by -13%
- the recent falls in total GVA have been driven by the performance of the Finance sector which saw GVA fall by -11% in real terms in 2010 and by more than a quarter (-28%) over the last 3 years
- the non-finance sectors of the economy were, overall, essentially flat in real terms in 2010. Over the last 3 years the non-finance sectors have seen a small real term decline of -2%
GVA and GNI 2010 report (government and administration section)
Download GVA and GNI data 1998 - 2010 (size 36kb)
About GVA
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.
About GNI
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.
Next report:
September 2012 - GVA and GNI for 2011.
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 and GNI report.