National accounts

National accounting measures estimate the size and performance of Jersey’s economy, using an internationally agreed framework.

In Jersey, two key economic measures are typically presented:

• Gross Domestic Product (GDP): the total market value of all goods and services produced in Jersey
• Gross Value Added (GVA): the value of economic activity in Jersey which can be broken down by sector

GDP

In 2024, GDP for Jersey:

• decreased by 0.7% in real terms compared to the previous year
• was £6,905 million, down by around £50 million from 2023

In 2024, GDP was 12.8% higher than in 2019 (prior to the Covid-19 pandemic).

GDP per capita

GDP per head of population, or GDP per capita, is a useful measure that shows the average economic output per person in a jurisdiction. It helps to account for changes in population size, making it easier to compare economic performance. By focusing on this figure, it is easier to assess the relative standard of living, productivity, and wealth of the population, rather than just the overall economic output.

In 2024, GDP per head of population:

• decreased by 1.3% in real terms
• decreased by about £800 per head (from £66,600 in 2023 to £65,800 in 2024)

GVA

Gross Value Added (GVA) enables the breakdown of the economy by different industry sectors.

The financial services sector represents the largest component of total GVA in Jersey, accounting for almost two-fifths of total GVA in 2024. The next largest individual sectors were real estate activities (11%) and public administration (10%). The non-finance private sectors make up the remaining components of total GVA. These are further detailed below.

The table below shows the GVA for each sector of the economy in 2023 together with the annual real term change. You can expand the table further to display the more detailed division information.

The decrease in overall GDP was driven by the financial and insurance activities sector, in particular as a result of decreased net interest income in the monetary intermediation (banking) sub-sector.

In comparison, whilst overall real-term GVA decreased, several sectors recorded real-term increases in
GVA; notably Transport (up 15.7%), Other services activities (up 9.2%) and Public administration (up
8.5%).

Most sectors are self-explanatory, but please note the following:

• Financial and insurance activities includes banking, trust and company administration, and other financial services, but excludes legal and accounting services. These services are classified under ‘Professional, scientific and technical activities’ for easier international comparison.
• Real estate activities includes both rental income earned by private households and owner-occupied imputed rental costs (OOIR). OOIR is a theoretical concept included in national accounts that is essentially an estimate of the rental costs that homeowners would pay themselves to rent their own property. This payment does not actually occur but is required in order to make meaningful comparisons between countries in which owner-occupation is high (such as the UK) and countries where owner-occupier rates are lower, such as Germany. OOIR accounts for 57% of GVA in this sector.
• Public administration includes the Government of Jersey, non-ministerial departments, and the 12 parishes, but excludes trading entities like the Ports of Jersey and Jersey Car Parks, which fall under transport and storage.
• Professional, scientific and technical activities includes legal and accounting services.
• Other sectors includes all other sectors of the economy, such as agriculture, transport and storage and manufacturing.

Data sources and methods

The Annual Business Survey is the main data source for Jersey’s national accounts.

For details on the methodology, see the notes section in the latest report.

Find data and past reports

Find past reports on our release calendar. 

You can find the national accounts data on the open data website.