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Boomtime – first economic growth recorded since 2007

Boomtime – first economic growth recorded since 2007

Wednesday 30 September 2015

Boomtime – first economic growth recorded since 2007


A huge upturn in finance industry profits has led to the first improvement in the economy since 2007, according to fresh figures out this morning.

The value of Jersey’s economy rose 5% to £3.9 billion last year – that figure may be a long way off the 2001 peak, but it shows the first annual improvement since the crash of 2008.

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The Island’s economic recovery is due to big profits in the finance sector – although there was slight improvement in the rest of the economy apart from farming, retail and utilities, all of which shrank.

This morning’s figures – put together by the independent Statistics Unit – show that there’s still a huge gap between how the various sectors of the Island economy are performing.

They show that Gross Value Added (GVA) performance across key sectors of the economy was:

 Finance – up 9%.

Public administration – up 4%.

Business services – up 2%.

Wholesale and retail – down 3%.

Agriculture – down 17%.

 But the stats also show that the standard economic measure of GVA per capita – the value of the economy divided by the population – has dropped by 19% since 2007.

During the same period, the measure has actually risen by 10% in Guernsey and dropped by less than 1% in the UK.

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Posted by Havelock Jones on
So the massive increase in population we have seen over recent years has not produced a related increase in the economic benefits - is this because most of these people are on minimum wage zero hours contracts - still someone must be making money out of them!
Posted by Sarah Ferguson on
The more revealing graph is that comparing us with the UK and Guernsey - which shows that we are not doing well in comparison with the other two. The GVA per employee is also revealing. There may be a slight up turn in productivity - but that depends on whether the measure of population is accurate.
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