Jersey's GDP rise of 7.3% driven by financial sector growth

Jersey's Gross Domestic Product (GDP) increased by 7.3% in 2023, according to Statistics Jersey figures.

The increase saw the island's GDP jump above the 10-year average, with Jersey's economy worth £6,575 million by the end of 2023.

It means GDP has risen by 14.8% since pre-pandemic figures.

However, sectors such as 'Agriculture, forestry and fishing', 'Real estate activities', as well as 'Arts, entertainment and recreation' saw a drop of around 10% from 2022 figures, in real terms of Gross Value Added.

It's a stark contrast to Guernsey's 2023 figures released in September, with the island's GDP dropping by 2% in real terms.

Figures attribute the Jersey's rise to growth in the financial sector, which is now a fifth larger in real terms from 2022.

However, if statistics were to remove all the finance and insurance sectors, Jersey's growth would only have increased by 0.4%.

Jersey's largest economic sectors in 2023 by Gross Value Added:

GDP per head in Jersey increased by 7% in real terms - up from £59,400 in 2022 to £63,500 in 2023 - and was also above the 10-year average.

The financial sector made up 40.4% of Jersey's economy in 2023, with real estate the next largest industry, representing 11.7%, although real estate experienced an 11.5% drop-off in 2023.

While the finance sector rose by a considerable 19.4%, agriculture, forestry and fishing declined in value by 9.3% with arts, entertainment and recreation seeing a 10.9% dip as well.

Glossary:

• Gross Domestic Product: The total value of goods and services provided in a country in one year.

• Gross Value Added: A measurement of productivity to showcase the contribution of companies and corporate subsidiaries to an economy.

• Real Terms: The change in a financial number after correcting for the effect of inflation.

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