Jersey's economy experienced significant growth in 2023, expanding by 7.3% compared to the previous year, according to new government data.
The Measuring Jersey's Economy Report from Statistics Jersey reveals that the island's Gross Domestic Product (GDP) rose by 7.3% in real terms, reaching £6.58bn. The financial and insurance sectors were the primary drivers of this growth, with a substantial increase of 19.4% in real terms. Excluding these sectors, the rest of the economy saw a modest growth of 0.4%.
In contrast, last month it was reported that Guernsey's economy contracted by 2% in 2023. According to Richard Hemans, the economic lead for Guernsey's Institute of Directors, this decline was attributed to a downturn in the local finance sector.
The Jersey report also highlights a 7.0% increase in GDP per capita for 2023, with the figure rising by about £4,100 from £59,400 in 2022 to £63,500 in 2023.
"This metric provides a clearer picture of economic performance by accounting for population changes," the report stated. "By focusing on per capita GDP, it becomes easier to evaluate the standard of living, productivity, and wealth of the population, rather than simply looking at overall output."