The States of Jersey Statistics Unit on Wednesday released the Gross Value Added and Gross National Income report for 2006.
GVA and GNI are the main economic indicators which measure the value or size of the whole economy.
According to the report, Jersey’s economy, as measured by GVA, grew in real terms by 7% between 2005 and 2006, the largest growth rate seen for at least eight years. However, in real terms, total GVA is still marginally below the level recorded in 2000.
Jersey’s total GVA in 2006 was GBP3.7 billion and GNI was GBP3.4 billion; GVA grew nominally by 10% between 2005 and 2006.
The Statistics Unit report further revealed that the financial services sector accounted for more than half of Jersey’s total GVA in 2006, and was the main driver behind the overall growth.
The construction sector also saw strong growth in 2006, and the agriculture, wholesale and retail, transport and communications, and hotels, restaurants and bars sectors additionally recorded real term growth.
By contrast, manufacturing and the utilities saw declines.
Jersey’s GNI per capita in 2006 was found to be GBP39,000, compared with about GBP22,000 in the UK.
The full text of the GVA and GNI report can be found in the Tax News Resources section.
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