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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 2020:

  • GDP decreased by 9.2% in real terms on an annual basis
  • GDP was £4,528 million

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 2020:

  • total GVA at basic prices decreased by 9.2% in real terms on an annual basis 

  • the majority of sectors recorded real term decrease in GVA at basic prices, with the hotels, restaurants and bars sector recording the largest percentage decrease of any sector

  • total GVA was £4,636 million

Annual percentage change of Gross Value Added in real terms

 
Source: Statistics Jerseydownload the chart data

Gross Value Added (GVA) by sector

Financial services accounted for almost two-fifths (38.7%) of total GVA in 2020.

Gross Value Added by sector (constant 2020 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 2020:

  • The main driver to the real-term change of total GVA in 2020 was the financial services sector, which recorded a real-term decrease in GVA of 11%, representing an annual decrease of £211 million.
  • The non-finance sectors overall (excluding the rental income of private households) saw GVA decrease by 10% in real terms in 2020

Gross Value Added by major sector (constant 2020 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 2020:

  • productivity, measured by GVA per full-time equivalent (FTE) worker, decreased by 8% in real terms
  • the finance sector saw productivity decrease by 9% in real terms
  • the non-finance sectors, overall, saw productivity decrease by 7% in real terms
  • GVA per employee averaged across all sectors was £70,000 per FTE (current year values)

Gross Value Added per full-time equivalent employee (constant 2020 values)

 
Source: Statistics Jersey, download the chart data

Gross Value Added (GVA) and Gross Domestic Product (GDP) per head of population

In 2019:

  • the average economic standard of living of Jersey residents, measured by GDP per head of population, increased by 0.7% 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 2019 was £45,320
Note: These figures will be updated in 2022 once the updated population figures from the 2021 census are known.

Jersey's GVA per head of population in real terms (constant 2019 values)

 
Source: Statistics Jersey, download the chart data


Download reports and data tables

You can read the most recent GVA and GDP report for 2020 by following the link below.

Measuring Jersey's economy: GVA and GDP 2020 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) 2021​', will be released in October 2022.

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