Figures published today (3 July) show steady performances across all sectors of Jersey’s finance industry.
The ‘Finance and Legal GVA and Productivity Report 2018’, published by Statistics Jersey, finds that the total Gross Value Added (GVA) of Jersey’s finance sector increased by 2% in real terms in 2018 to stand at £1.84 billion, with positive performances across the banking (+2%), fund management (+3%) and trust and company administration (+4%) sectors.
The report also shows that productivity across the industry increased by 1% in real terms in 2018, driven by rises in productivity again in the banking, fund management and trust and company administration sectors.
According to the report, finance firms in Jersey also spent £830 million on goods and services in 2018, an increase of 11% compared with 2017, with around half of that expenditure (£400 million) spent in Jersey. In terms of jobs, 240 local staff were recruited directly from school and university by the finance industry in 2018.
Joe Moynihan, CEO, Jersey Finance, said:
“These figures are a positive reflection of steady growth across the core sectors of our finance industry and of the contribution the industry is making to our local economy as a whole. Of particular note is the rise we have seen in productivity as we emerge from a decade-long global financial crisis, the clear focus there is on creating jobs for local students, and that firms here spent more than £1 million on local goods and services every single day last year.
“Of course, whilst these are positive figures, we remain focused on ensuring that the industry can continue to deliver best value for the island in the long term, by working with local students to provide attractive job opportunities, undertaking work to maintain an upward trend in productivity and embracing the potential offered through digital technologies. All these areas will be vital to ensuring the industry can continue to support growth in Jersey in the future.”
The full report can be found here.