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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

National accounts: GVA and GDP

​​​​​Gross Value Added (GVA)

The main economic indicator ​which measures the value or size of the whole Jersey economy is GVA (Gross Value Added). It's calculated from a robust methodology based on the recognised international framework. 

Latest figures​

​​The latest report shows that:​

  • on an annual basis Jersey’s economy, as measured by total GVA, grew by 5% in real terms in 2014
  • total GVA in 2014 was £3.90 billion (current year values)
  • 2014 represents the first year since 2007 that the Island’s economy has grown in real terms
  • This latest annual increase in total GVA was driven by real-term growth recorded by the finance sector, the majority of the non-finance sectors of the economy also recorded real-term growth in 2014
  • in real terms, total GVA in 2014 was more than £500 million below the previous peak recorded in 2007

 GVA per head of population:

  • GVA per head of population in Jersey in 2014 was £38,800 (current year values)
  • 2014 saw the first real-term increase in GVA per head for seven years
  • the average economic standard of living of residents in Jersey, as measured by GVA per head, has declined by a fifth (20%) in real terms since 2001

GVA can be measured by three 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.​

GVA and GDP 2014 report

Gross Domestic Product (GDP)​​

Gross Domestic Product (GDP) is the traditional aggregate measure of an economy which requires specific treatment for services indirectly charged by financial services institutions (FISIM).

Latest figures

The latest report shows that:

  • in real terms, GDP in 2014 grew by 4% on an annual basis
  • GDP in 2014 was £3.88 billion (current year values)

GVA and GDP 2014 report

Next report

The next report, 'Measuring Jersey's economy: Gross Value Added (GVA) 2015​', will be released in​ October 2016.

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