Data shows Jersey's economy grew by 7.3% last year

Comparatively Guernsey's economy shrunk by 2% in 2023

Jersey's economy grew by 7.3% in 2023 compared to the previous year, according to new data released by the government.

Statistics Jersey's Measuring Jersey's Economy Report shows Gross Domestic Product [GDP] increased by 7.3% in real terms compared with 2022, standing at £6.58bn.

The report said the increase was driven by the financial and insurance sectors, which increased in real terms by 19.4% in 2023 - excluding these sectors, the rest of the economy grew by 0.4%.

Comparatively, it was announced last month Guernsey's economy shrunk by 2% in 2023, which Richard Hemans, economic lead for Guernsey's Institute of Directors, said was down to a "decline in the finance sector" locally.

The Jersey report shows in 2023, GDP per head of population increased by 7.0% in real terms, up by about £4,100 from £59,400 in 2022 to £63,500 in 2023.

The report said: "This metric helps to account for changing population size, offering a more meaningful comparison of economic performance.

"By focusing on the per capita figure it becomes easier to assess the relative standard of living, productivity, and wealth of the population, rather than just the overall economic output."