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Productivity in the finance industry increased by 1% in 2018, as the value to the economy of the sector hit £1.843billion.
The productivity increase was documented in new figures from Statistics Jersey.
According to the independent analysis group, it came following a fall of 3% in 2017.
It showed that the overall Gross Value Added (GVA) of the sector was up by 2% on the previous year.
The total GVA for the finance sector increased by £39million in 2018 compared with that recorded in 2017, corresponding to a real-terms annual increase of 2%. The level of total GVA of the finance sector in 2018 was £730million below the previous peak in total GVA seen ahead of the financial crisis in 2007.
Pictured: A graph presenting the GVA of finance sub-sectors in current year values.
The banking, fund management, and trust and company administration sub-sectors saw both their productivity and GVA increase, while the legal sector saw its productivity decline by 3%.
The total revenue generated by Jersey’s financial services sector in 2018 was estimated to be £2.69billion, with banking accounting for £1.1billion.
62% of the overall revenue (£1.67billion) originated from outside of the island.
Pictured: Revenue by activity type for Jersey’s financial services sector.
A total of £1.843billion was spent on salaries, with banking spending nearly £900million, 6% more than in 2017.
The total expenditure on employment, £890million, rose by 2% compared to 2017, while expenditure on goods and services hiked up by 11% to reach £830million, with around half of all expenditure in Jersey.
The report also shows that the number of local staff recruited directly from school and university (240 FTEs) was 10 fewer than in 2017.
The report can be read in full by clicking here.
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