Measuring Jersey’s Economy

On October 4, 2016, in General, The Economy, by Lyndon-Farnham

On an annual basis Jersey’s economy, as measured by total GVA, grew by 2% in real terms in 2015

  •  total GVA in 2015 was £4.11 billion (current year values)
  •  2015 represents the second consecutive year that the Island’s economy has grown in real terms
  •  the majority of the non-finance sectors of the economy recorded real-term growth in GVA in 2015; in contrast, the Finance sector saw GVA decline by 1% on an annual basis
  •  compensation of employees (“earnings”) was the key driver in the real-term growth of total GVA in 2015, notably in financial services, the private sector service industries and construction
  •  rental income of private households (both actual and imputed) was also a key element in the real-term growth of total GVA in 2015
  •  in contrast, gross operating surplus (“profits”) declined on an annual basis, driven by the decrease recorded by financial services in 2015

Gross Domestic Product (GDP)

  •  GDP in 2015 grew by 2% in real terms on an annual basis
  •  GDP in 2015 was £4.07 billion (current year values)

Productivity

  •  productivity, as measured by GVA per full-time equivalent worker, declined marginally in 2015 (down by 0.2%)
  •  the non-finance sectors, overall, saw productivity increase by 3% in 2015; in contrast, the Finance sector saw productivity decrease by 4%
  •  over all sectors of the economy, productivity has fallen by a fifth (20%) in real terms since 2007, driven by a decline in productivity of the Island’s finance sector of more than a quarter (29%)
  • productivity in the non-finance sectors, overall, has declined by 5% since 2007 but has remained relatively stable over the longer term; productivity in the non-finance sectors in 2015 was 3% higher than in 1998

GVA per head of population

  •  GVA per head of population in 2015 was £40,000 (current year values)
  •  GVA per head of population in 2015 was marginally higher than a year earlier (up by 0.5%)
  •  the average economic standard of living of residents in Jersey, as measured by GVA per head of population, has declined by more than a sixth (18%) in real terms since 2007

The full report can be found at Statistics Unit

Jersey Economy 2015

 

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