Jersey Finance Sector Yet To Regain Pre-Crisis Strength
by Jason Gorringe, Lowtax.net, London
13 October, 2014
New statistics from the Jersey Government show that the gross value added of the finance sector declined again in 2013.
The report says that, in 2013, the size of Jersey's economy as measured by total GVA – a measure of the value of goods and services produced – was essentially unchanged in real terms on an annual basis. However, the GVA of the finance sector, which accounted for more than two-fifths (42 percent) of all economic activity in the island, decreased by three percent in real-terms in 2013.
Since the global economic downturn in 2008, the total GVA of Jersey's economy has decreased by a sixth (16 percent) in real terms. Over this period, the GVA of the finance sector has decreased by a third (33 percent) in real terms, against a decline of five percent for non-finance sectors.
The decline in GVA of the finance sector in recent years has been largely the result of a decline in the island's banking business.
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