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Measuring Jersey's economy: GVA and GDP 2021

05 October 2022

​The latest report presenting estimates of the size and performance of Jersey's economy in 2021 has been published today by Statistics Jersey.

The report presents estimates of the size and performance of Jersey’s economy, measured according to an internationally agreed framework. Estimates are provided for calendar year 2021 as well as historical data. When comparing the 2021 figures to the previous calendar year it is important to note that this includes a period of substantial impact to the Jersey economy from the COVID-19 pandemic. Where appropriate, additional comparisons are therefore also made to the 2019 period to provide the relevant context.

Two aggregate measures are presented: 
  • Gross Domestic Product (GDP): the traditional aggregate measure of an economy which measures the total market value of all goods and services produced in Jersey.
  • Gross Value Added (GVA): shows the value of economic activity taking place in Jersey and permits a breakdown by each sector of the economy.

Summary – in 2021

Gross Domestic Product (GDP)
  • GDP increased by 10.8% in real terms on an annual basis
  • GDP was £5,087 million
  • the real term increase in GDP in 2021 largely offset the decrease recorded in 2020; in real terms GDP in 2021 was 0.4% lower than in 2019
Gross Value Added (GVA) 
  • GVA at basic prices increased by 9.2% in real terms on an annual basis
  • total GVA at basic prices was £5,132 million 
  • the majority of sectors recorded real term increases in GVA at basic prices, with the hotels, restaurants and bars sector recording the largest percentage increase of any sector and construction also recording a substantial real term increase in GVA when compared to 2020
Labour productivity
  • productivity, measured by GVA per full-time equivalent (FTE) worker, increased by 7.8% in real terms in 2021
  • the financial services sector saw productivity increase by 5.3% in real terms
  • the non-finance sectors, overall, saw productivity increase by 11.6% in real terms
  • overall productivity remained 2.2% lower than in 2019
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