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Jersey Economy Stabilizing

by Jason Gorringe, Tax-News.com, London

02 October 2012


The Jersey economy, as measured by Gross Value Added (GVA), declined for a fourth consecutive year in 2011, albeit at a slower rate than in previous years, according to the latest annual economic report released by the Jersey government.

The GVA report measures economic activity taking place in Jersey overall. This year's report shows that despite a fall in the value of economic activity in Jersey by 1%, the performance of the financial services sector has improved. GVA in the financial services sector declined by 10% a year on average during 2008-2010, but was broadly level during 2011. More than a fifth of the sector's GVA was lost to the financial crisis in 2008-2010.

The financial sector continued to account for the bulk of the GVA of the Jersey economy in 2011, worth 41% of all activity.

Performance in the non-finance sectors of the economy was mixed, with many industries reporting nominal increase in GVA in real terms on 2010 levels. Agriculture saw the most significant decline in GVA year-on-year, by 13%.

The report highlighted that GVA per capita (GVA per head of the resident population) in 2011 was a fifth lower than in the year 2000. Following a significant expansion in Jersey's population in recent years, the island's GVA per capita has drifted out to GBP37,000 (USD48,000) in 2011. This still compares favourably with the GVA per capita in the UK as a whole (GBP21,000), and in London (GBP35,000).

Total GVA in Jersey amounted to GBP3.6bn in 2011, while Gross National Income (total GVA modified by deducting income earned by companies operating in Jersey but owned elsewhere and adding income earned abroad) was GBP4bn, which corresponded with the 1% fall seen in GVA.

TAGS: tax | economics | international financial centres (IFC) | Jersey | offshore | gross national product (GNP) | services

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