Gross Value Added (GVA) per head of populationIn 2016:
- the average economic standard of living of Jersey residents, measured as real-term Gross Value Added (GVA) per head of population:
- GVA per head of population in Jersey in 2016 was £40,200 (current year values) and was 53% greater than in the UK
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.
- Jersey's economy, measured by total GVA, grew by 1% in real terms on an annual basis
- total GVA was £4.19 billion (current year values)
- it was the third consecutive year that the Island’s economy grew in real terms
Gross Value Added (GVA) by sector
Financial services accounted for about two-fifths (41%) of total GVA in 2016.
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.
- the majority of the non-finance sectors of the economy recorded real-term growth in GVA whilst the Finance sector saw GVA decline by 2% 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 2016
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 real terms, productivity (as measured by GVA per FTE) declined by 2%
- GVA per employee averaged accross all sectors was £67,000 per FTE (current year values)
- average GVA per FTE for the finance sector (£136,000) was three times that of all other sectors (£45,000)
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 real terms, GDP grew by 1% on an annual basis
- GDP was £4.11 billion (current year values)
Download reports and data tables
You can read the most recent GVA and GDP report for 2016 by following the link below.
Measuring Jersey's economy: GVA and GDP 2016 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 Unit reports and documents page.
Statistics Unit reports and documents
The next report, 'Measuring Jersey's economy: Gross Value Added (GVA) 2017', will be released in September 2018.