The States of Jersey Statistics Department has published a report showing that the jurisdiction's Gross Value Added grew in real terms by 2% in 2008, a lower rate of growth than seen in each of the previous two years.
According to the report, the financial services sector accounted for more than half (53%) of Jersey’s total GVA in 2008; this sector has accounted for around half of total economic activity in the Island, as measured by GVA, for at least the last ten years.
GVA shows the value of economic activity taking place within Jersey and permits a breakdown by each sector of the economy.
Most sectors of Jersey’s economy recorded real term growth in GVA of between 1 and 3% in 2008; in contrast, the transport, storage & communication and wholesale & retail sectors saw real term decline in 2008.
The agriculture, construction and finance sectors in Jersey have now recorded four consecutive years of real term growth in GVA, although the growth for each of these sectors in 2008 was the lowest in that period.
Jersey’s total Gross Value Added in 2008 was GBP4.3bn and its Gross National Income was GBP4.0bn.
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