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Measuring Jersey's economy: GDP and GVA 2022

04 October 2023

The latest report presenting estimates of the size and performance of Jersey's economy in 2022 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 2022 as well as historical data.

Summary – in 2022

Gross Domestic Product (GDP)
  • GDP increased by 5.9% in real terms compared to 2021
  • GDP was £5,761 million.
  • Over the last 10 years, real term GDP has increased, on average, by 1.6% annually. 
  • In 2022, GDP was 5.0% higher than in 2019 (prior to the Covid 19 pandemic) and in line with this long-term average following the impact of the pandemic observed in 2020 and 2021.
Sectoral breakdown - Gross Value Added (GVA) 
  • The annual increase in overall GDP was driven by the financial and insurance activities sector, particularly as a result of increased net interest income in the monetary intermediation (banking) sub-sector.
  • The largest percentage increase in GVA was observed in the accommodation and food service activities (hospitality) sector which increased in real terms by 24.7%, continuing the sector’s recovery from the Covid 19 pandemic
  • Whilst overall real-term GVA increased, several sectors recorded real-term decreases in GVA; notably agriculture, forestry and fishing (down 11%) and utilities (down 9%).
Labour productivity
  • Productivity, measured as GVA per full-time equivalent (FTE) worker increased by 5.0% in real terms in 2022.
  • This increase was again driven by increased profits in the financial and insurances activities sector (real-term productivity up 22%).

Additional experimental statistics report

In addition Statistics Jersey have also published a new experimental statistics report that presents additional information on Jersey’s economy derived from the new Annual Business Survey (ABS).

This report covers initial estimates of:
  • Capital expenditure by Jersey businesses in 2021 and 2022
  • International trade in services by Jersey businesses in 2021 and 2022
  • International trade in goods by Jersey businesses in 2021 and 2022
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