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

Finance sector GVA and productivity

​Gross Value Added, current year values of income

In 2016:
  • total GVA for the Finance sector was essentially unchanged when compared with 2015

  • the Banking sub-sector recorded a decrease of 4% in GVA in 2016 compared with 2015

  • the Trust & company administration sub-sector recorded an increase of 10% in GVA compared with 2015

  • the other sub-sectors saw GVA essentially unchanged compared with 2015

  • total GVA was £1.71 billion

Donut chart of the GVA of finance sub-sectors in current year values for 2016

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

Fund Management90900%
Trust & company administration41045010%
Accountancy, mixed income and other90900%
Total GVA1,7101,7100%

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.

Charts showing GVA of finance sub-sectors in real-terms

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

Fund Management90900%
Trust & company administration400430+8%
Accountancy, mixed income and other90900%
Total GVA1,6801,650-2%

In real terms:
  • total GVA for the Finance sector decreased by £30 million in 2016 compared with that recorded in 2015, corresponding to an annual real-term decrease of 2%

  • the level of total GVA of the Finance sector in 2016 was £670 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 6% recorded by the Banking sub-sector

  • in contrast, the combined Trust and company administration and Legal sub-sectors recorded a real-term increase of 3% in GVA


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, current year values, and real-term change, £ thousand

Sub-sector2016Annual real-term change
Fund Management180-13%
Trust & company administration93-11%
Accountancy (excluding mixed income and other)71+1%
All Finance136-4%

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.

Chart showing GVA per FTE of Finance sector in real terms

Survey of Financial Institutions report

The States of Jersey Statistics Unit has run an annual survey of Jersey’s financial institutions 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: Survey of Financial Institutions, GVA and productivity - 2016 

Data Tables

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