Jersey Finance Sector Supporting Economic Recovery

Jersey's Statistics Unit has reported that 2014 was the first year since 2007 that Jersey's economy grew in real terms.

Its latest report says that, on an annual basis, Jersey's economy, as measured by total gross value added (GVA), grew by five percent in real terms in 2014, to GBP3.9bn (USD5.9bn).

The Government said the increase was due to growth recorded by the financial services industry, although most non-finance sectors also recorded growth in 2014. Total GVA is now GBP0.5bn above the previous peak recorded in 2007.

GVA per head of population was GBP38,800. This was also the first real-term increase in GVA per head for seven years. However, standard of living of Jersey residents has declined by a fifth in real terms since 2001.

In real terms, Jersey's gross domestic product grew by four percent in 2014.