Statistics Jersey has today released its annual report “Jersey’s Economy 2024: GDP and GVA”, providing detailed estimates of the size and performance of Jersey’s economy for the calendar year 2024, alongside revised figures for 2023.
The report presents two key economic indicators:
- 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 by sector, presented at market prices.
Key Findings for 2024
- GDP decreased by 0.7% in real terms, totalling £6,859 million.
- GDP per head of population fell by 1.3%, to £65,800.
- The decline was primarily driven by reduced net interest income in the financial and insurance activities sector, particularly banking.
- Excluding finance, the rest of the economy grew by 3.1% in real terms.
Labour Productivity
- Overall productivity, measured as GVA per full-time equivalent (FTE) worker, declined by 1.2%.
- Again, this was driven by the financial sector.
- Excluding finance, productivity across the rest of the economy increased by 2.3%.
The full report is available to read here: