Finance and legal sector GVA and productivity

​Gross Value Added

In 2018:

• Jersey’s finance sector, as measured by total GVA, increased by 2% in real terms in 2018
• the Banking, Fund management and Trust and company administration sub-sectors saw real-term increases in GVA
• in real terms, total GVA in 2018 was £730 million below the previous peak recorded in 2007
• total GVA of Jersey’s finance sector in 2018 was £1,843 million

Source: Statistics Jersey, download the chart data

GVA of finance sub-sectors in real-terms, constant 2018 values, £ million

The figure below shows how these figures have changed since 2002 with all figures presented in constant 2018 values.

Labour productivity is one of the main drivers that influence national living standards, as greater labour productivity means a greater output of goods and services can be produced from a given set of labour inputs. 

Labour productivity is defined as:

The table below details the labour productivity of Jersey’s financial services sector, broken down by sub-sector in current year values and shows the annual real-term change.

GVA per FTE of finance sub-sectors (constant 2018 values)

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Source: Statistics Jersey, download the chart data

GVA per FTE of finance sub-sectors, current year values, and real-term change, £ thousand

Sub-sector	2018	Annual real-term change
Banking	216	+2%
Fund Management	191	+2%
Trust and company administration	100	+2%
Legal	132	-3%
Accountancy (excluding mixed income and other)	104	-2%
All Finance	143	+1%

Since 2002, there has been an overall decline in labour productivity in Jersey’s finance sector, particularly since the economic downturn of 2007, but this trend has continued (albeit at a slower rate) in recent years. The figure below shows how productivity has changed in real terms since 2002.

GVA per FTE of Finance sector in real terms (constant 2018 values)

Finance and legal sector report