Gross Value Added (GVA) and Gross Domestic Product (GDP) per head of population
In 2018:
- the average economic standard of living of Jersey residents, measured by GDP per head of population, increased by 0.6% in real terms on an annual basis
- this increase was the result of the real term change in total economic output being greater than the increase in the resident population
- GDP per head of population in Jersey in 2018 was £43,470 (current year values) and was almost a quarter higher than that of the UK and a fifth lower than that of Guernsey
Jersey's GVA per head of population in real terms (constant 2018 values)
Source: Statistics Jersey,
download the chart data
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 2018:
total GVA increased by 1.4% in real terms on an annual basis
the total GVA of Jersey’s economy has increased in real terms for five consecutive years
the latest annual increase in total GVA was driven by the financial services sector, which saw GVA increase by 2% in real terms
total GVA was £4,707 million
Annual percentage change of Gross Value Added in real terms
Source:
Statistics Jersey, download the chart data
Gross Value Added (GVA) by sector
Financial services accounted for two-fifths (39%) of total GVA in 2018.
Gross Value Added by sector (constant 2018 values)
Source: Statistics Jersey, download the chart data
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.
In 2018:
- manufacturing recorded the strongest real-term growth in GVA
- the principal upward driver to the real-term change of total GVA in 2018 was the financial services sector, which recorded a real-term increase in GVA in 2018 of £39 million
Gross Value Added by major sector (constant 2018 values)
Source: Statistics Jersey, download the chart data
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 2018:
- in real terms, productivity (as measured by GVA per FTE) was unchanged on an annual basis
- the finance sector saw productivity increase by 1% in real terms
- the non- finance sectors, overall, saw productivity decrease by 1% in real terms
- GVA per employee averaged across all sectors was £72,000 per FTE (current year values)
Gross Value Added per full-time equivalent employee (constant 2018 values)
Source: Statistics Jersey, download the chart data
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 2018:
- GDP increased by 1.8% in real terms on an annual basis
- GDP was £4,624 million
Download reports and data tables
You can read the most recent GVA and GDP report for 2018 by following the link below.
Measuring Jersey's economy: GVA and GDP 2018 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 the Statistics Jersey reports and documents page.
Next report
The next report, 'Measuring Jersey's economy: Gross Value Added (GVA) 2019', will be released in September 2020.
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