Finance Industry Shows Resilience Against A Backdrop Of Significant Global Pressures

The Survey of Financial Institutions published yesterday (Wednesday 28 June) shows that, despite a slight annual fall in its overall contribution, the finance industry continues to be the driving force in Jersey's economy, with strong employment growth and increased expenditure on local goods and services.

The survey, which is compiled by the States of Jersey Statistics Unit and based on data for 2016, shows that, overall, the industry's gross value added (GVA – calculated by adding total operating surpluses and employee compensations) fell by 2% in real terms compared to 2015, but rose by 3% compared to 2013.

Despite growth in the trust and company administration sector, which was up 10% year-on-year, the unchanged GVA in the legal, fund management and accountancy sectors, and the 4% fall in banking meant that overall there was a slight decline.