National accounts: GVA and GDP

Gross Value Added (GVA) per head of population

In 2016:

• the average economic standard of living of Jersey residents, measured as real-term Gross Value Added (GVA) per head of population:
• declined marginally in 2016 due to the increase in total economic output (GVA) being less than the increase in the resident population
• has been essentially flat during the latest three-year period (2014-2016)
• has decreased by more than a sixth (18%) since 2007
• GVA per head of population in Jersey in 2016 was £40,200 (current year values) and was 53% greater than in the UK

Jersey's GVA per head of population in real terms (constant 2013 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 2016:

• 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

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 about two-fifths (41%) of total GVA in 2016.

Gross Value Added by sector (constant 2013 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 2016:

• 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
  

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 2016:

• in real terms, productivity (as measured by GVA per FTE) declined by 2%
• GVA per employee averaged across all sectors was £67,000 per FTE (current year values)
• average GVA per FTE for the finance sector was three times that of all other sectors

Gross Value Added per full-time equivalent employee (constant 2013 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 2016:

• 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 Jersey reports and documents page.

Next report

The next report, 'Measuring Jersey's economy: Gross Value Added (GVA) 2017​', will be released in September 2018.