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Finance and legal sector GVA and productivity

​Gross Value Added, current year values of income

In 2017:

  • total GVA for the Finance sector recorded an increase of 2%

  • the Banking sub-sector recorded a decrease of 1% in GVA

  • the Trust & company administration sub-sector recorded an increase of 9% in GVA

  • total GVA was £1.740 billion

GVA of finance sub-sectors (constant 2013 values)

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Source: Statistics Jersey, download the chart data

GVA of finance sub-sectors in current year values, £ million

Sub-sector 2016 2017 Change
Banking860
850
-1%
Fund Management90900%
Trust & company administration450
490
+9%
Legal220200
-9%
Accountancy, mixed income and other
90100
+11%
Total GVA 1,710 1,740+2%










Gross Value Added in real terms

Income values in “real terms” give a more informative perspective of economic performance across time. The effects of inflation are removed from the estimates of GVA to give values of income in “constant year” values.

The figures below show how these values have changed since 1998, with all values presented in constant 2013 values.

GVA of finance sub-sectors in real terms (constant 2013 values)


Source: Statistics Jersey, download the chart data

GVA of finance sub-sectors in real terms, constant 2013 values, £ million

Sub-sector 2016 2017 Change
Banking
830
790
-5%
Fund Management90900%
Trust & company administration430
450
+5%
Legal210
190
-10%
Accountancy, mixed income and other90100
+11%
Total GVA 1,650 1,620 -2%














In real terms:

  • total GVA for the Finance sector decreased by £30 million in 2017 compared with that recorded in 2016, corresponding to an annual real-term decrease of 2%

  • the level of total GVA of the Finance sector in 2016 was £700 million below the previous peak in total GVA seen in 2007

  • this latest annual decrease in total GVA was driven by a real-term decline of 5% recorded by the Banking sub-sector

  • in contrast, the other finance sub-sectors recorded a real-term increase of 1% in GVA

Productivity

Labour productivity is one of the main drivers that influence national living standards, as greater labour productivity means a greater output of goods and services can be produced from a given set of labour inputs. 

Labour productivity is defined as:

Economic Output divided by Labour Input

The table below details the labour productivity of Jersey’s financial services sector, broken down by sub-sector in current year values and shows the annual real-term change.

GVA per FTE of finance sub-sectors (constant 2013 values)

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Source: Statistics Jersey, download the chart data

GVA per FTE of finance sub-sectors, current year values, and real-term change, £ thousand

Sub-sector 2017 Annual real-term change
Banking204
-3%
Fund Management180
-3%
Trust & company administration95
-1%
Legal131
-4%
Accountancy (excluding mixed income and other)81
+3%
All Finance 136 -3%














Since 1998, there has been an overall decline in labour productivity in Jersey’s finance sector, particularly since the economic downturn of 2007, but this trend has continued (albeit at a slower rate) in recent years. The figure below shows how productivity has changed in real terms since 1998.

GVA per FTE of Finance sector in real terms (constant 2013 values)

 
Source: Statistics Jersey, download the chart data

Survey of Financial Institutions report

Statistics Jersey has run an annual survey of Jersey’s finance sector since the mid-1990s. Topics included in this survey: 

  • gross value added

  • revenue

  • expenditure on employment

  • expenditure on goods and services

  • recruitment of local school leavers and university graduates.

You can read the full report here.

Data tables

You can access the data tables associated with this release on the open data website.

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