Jersey’s economy has seen actual growth for the first time since the onset of the global financial crisis and it’s largely thanks to our burgeoning finance sector.
The latest figures from the Government of Jersey’s statistics unit found that GVA was up by 5% in 2014 largely driven by real-term growth recorded by the finance industry. Even more compelling was the 44% of overall economic activity that financial services represents – by far the largest contributing industry – and accounting for more than half of all economic activity, excluding the rental income of private households. GDP also increased by 4% on the previous year and was sitting at £3.88 billion for 2014.
Economic activity in the finance sector itself increased 9% year-on-year, more than any other sector and when compared to the UK, GVA per head of our population was significantly greater than that of our UK counterparts.
It’s a positive picture and one we should be extremely proud of. Our finance industry is world class. It is well-regulated, commended by international governing bodies and transparent; it is the backbone of our island’s economy, providing growth and employment.
In addition the survey affirms the findings of other research, such as the Business Tendency Survey, which indicated that current and future business activity, profitability and employment were all on the rise.
Whilst there will never be room for complacency and there is still some distance to be covered to reach the level of economic activity pre-2007, our finance industry is certainly something our community can be very proud of. Ensuring we continue to grow will ultimately ensure our island continues to prosper.