National accounts: GVA and GDP

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).

In 2021:

• GDP increased by 10.8% in real terms on an annual basis
  
• GDP was £5,087 million
  
• the real term increase in GDP in 2021 largely offset the decrease recorded in 2020. In real terms GDP in 2021 was 0.4% lower than in 2019
  

Gross Value Added

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. 

In 2021:

• total GVA at basic prices increased by 9.2% in real terms on an annual basis 
  
• the majority of sectors recorded real term increases in GVA at basic prices, with the hotels, restaurants and bars sector recording the largest percentage increase of any sector and construction also recording a substantial real term increase in GVA when compared to 2020
  
• total GVA was £5,132 million
  

Annual percentage change of Gross Value Added in real terms

Gross Value Added (GVA) by sector

Financial services accounted for almost two-fifths (37.5%) of total GVA in 2021.

Gross Value Added by sector (constant 2021 values)

Real-term growth up to 2000 was driven by the finance sector. The subsequent periods of decline, growth and decline have resulted from the behaviour of the GVA of the finance sector coupled with essentially stable real-term GVA for the non-finance sectors of the economy.

Productivity

GVA per FTE is a measure of productivity showing the value of economic output produced per employee. It is derived by dividing GVA by the number of full time equivalent (FTE) employees.

In 2021:

• productivity, measured by GVA per full-time equivalent (FTE) worker, increased by 7.8% in real terms
  
• the finance sector saw productivity increase by 5.3% in real terms
• the non-finance sectors, overall, saw productivity increase by 11.6% in real terms
• GVA per employee averaged across all sectors was £77,000 per FTE (current year values)
  

Gross Value Added per full-time equivalent employee (constant 2021 values)

Download reports and data tables

You can read the most recent GVA and GDP report for 2021 by following the link below.

Measuring Jersey's economy: GVA and GDP 2021 report

Data tables provide detail on the measures of Jersey's economy from 1998 onwards, overall and for the individual sectors of Jersey's economy. Data tables include:

• GVA in real terms
• GVA per full time equivalent worker
• GVA per head of population
• GDP in real terms
  

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

You can search by year for past reports on Statistics Jersey reports and documents.

Next report

The next report, 'Measuring Jersey's economy: Gross Value Added (GVA) 2022​', will be released on 4 October 2023.