The Statistics Unit has released the 2016 Survey of Financial Institutions Survey report.

The survey covers banks, fund managers, investment trusts, accountancy and legal firms.

The latest report shows that in 2016:

Gross Value Added (GVA)

• Jersey’s Finance sector, as measured by total GVA, declined by 2% in real terms in 2016
  
• this latest annual decrease in total GVA was driven by a real-term decline recorded by the Banking sub-sector
  
• in contrast the combined Trust and company administration and Legal sub-sectors recorded a real-term increase in GVA
  
• in real terms, total GVA in 2016 was £670 million below the previous peak recorded in 2007
  
• total GVA in 2016 was £1.71  billion in current year values
  

Productivity

• productivity, as measured by total GVA per Full Time Equivalent (FTE) employee, decreased by 4% in real terms in 2016
  
• this latest annual decrease in productivity was driven by a real-term decline in productivity recorded by the combined Trust and company administration and Legal sub-sectors and the Fund Management sub-sector
  

Other measures

• total expenditure on goods and services was £820 million in current year values, a nominal increase of 15% compared with 2016, with over two-fifths of expenditure spent in Jersey
  
• total expenditure on employment was £780 million in current year values, essentially unchanged compared with 2015
  
• mean employment costs per FTE employee were £64,000 in current year values, a nominal decrease of 2% compared with 2015
  
• the mean bonus payment per FTE employee was £5,800 in current year values, a nominal increase of 5% compared with 2015
  
• the number of local staff recruited directly from school and university was 320 FTEs, a decrease of 40 compared with 2015
  

Survey of Financial Institutions 2016 report