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.
In 2015:
- Jersey's economy, measured by total GVA, grew by 2% in real terms on an annual basis
- total GVA was £4.11 billion (current year values)
- it was the second consecutive year that the Island’s economy grew in real terms
Gross Value Added (GVA) by sector
Financial services accounted for about two-fifths (42%) of total GVA in 2015.
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 2015:
- the majority of the non-finance sectors of the economy recorded real-term growth in GVA whilst the Finance sector saw GVA decline by 1% on an annual basis
- rental income of private households (both actual and imputed) was also a key element in the real-term growth of total GVA in 2015
- in contrast, gross operating surplus (“profits”) declined on an annual basis, driven by the decrease recorded by financial services in 2015
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 2015:
- in real terms, productivity (as measured by GVA per FTE) declined marginally (down by 0.2%)
- GVA per employee averaged accross all sectors was £67,000 per FTE (current year values)
- average GVA per FTE for the finance sector (£139,000) was three times that of all other sectors (£45,000)
GVA per head of population
In 2015:
- GVA per head of population in Jersey was £40,000 (current year values)
- GVA per head was marginally higher than a year earlier (up by 0.5%)
- the average economic standard of living of residents in Jersey has declined by more than a sixth (18%) in real terms since 2007
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 2015:
- in real terms, GDP grew by 2% on an annual basis
- GDP was £4.07 billion (current year values)
Download reports and data
You can read the most recent GVA and GDP report for 2015 by following the link below.
Measuring Jersey's economy: GVA and GDP 2015 report
Data tables provide further 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 (in real terms)
Download GVA 2015 data tables (size 27kb)
You can search by year for past reports on the Statistics Unit reports and documents page.
Statistics Unit reports and documents
Next report
The next report, 'Measuring Jersey's economy: Gross Value Added (GVA) 2016', will be released in September 2017.
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