Figures published today (2 October) are reflective of the vital contribution financial services has made to Jersey’s overall economic growth last year, according to Jersey Finance.
The ‘Measuring Jersey’s Economy’ report, published by Statistics Jersey, outlines changes in the size and performance of Jersey’s economy as a whole in 2018, and found that total GVA increased by 1.4% in real terms on an annual basis, driven by the financial services sector which recorded a GVA increase of £39m or 2%.
The report follows the publication in July of the ‘Finance and Legal GVA and Productivity Report 2018’, which noted positive GVA performances across the banking (+2%), fund management (+3%) and trust and company administration (+4%) sectors and a 1% rise in productivity across the industry.
Commenting on the latest report, Joe Moynihan, CEO, Jersey Finance, said: “These figures reinforce the positive impact the financial services industry is having on overall growth across our economy – when the finance industry does well, the rest of the economy tends to do well too. It’s particularly good to see a rise in productivity last year, and we remain focused on continuing to deliver best value for the island in the long term.”