Jersey's economy bounces back after coronavirus pandemic

Jersey's GDP increased by 10.8% in 2021, after a drastic fall the year before due to coronavirus restrictions. Credit: ITV Channel / Statistics Jersey

Jersey's economy bounced back after the coronavirus pandemic with both GDP and GVA returning to pre-pandemic levels in 2021, according to newly published figures from Statistics Jersey.

The two figures are used as standardised measures of economic performance:

Jersey's GDP saw an increase of 10.8% in 2021, making the island's economic value £5.087 billion.

That offset a 10.1% fall in 2020 during the coronavirus pandemic.

Overall GVA increased by 9.2% to £5.132 billion during 2021, with the hospitality sector seeing the biggest increase:

Jersey's hospitality and construction industries saw the biggest economic boom in 2021. Credit: Statistics Jersey

It rose by 56% compared with 2020, with construction also showing 34% growth.

Utility providers saw a 5% reduction in 2021, compared with the year before.

Overall, the finance industry still contributes over a third of the island's overall GVA:

How much each sector in Jersey contributed to the value of the island's economy (GVA) in 2021. Credit: Statistics Jersey

Despite Jersey's overall GVA increasing in 2021 compared to a year earlier, it remains 1.3% lower than the pre-pandemic figure in 2019.

Statistics Jersey says the island's overall workforce productivity increased by 7.8% during 2021 compared to the year before.

However, it remains 2.2% lower than it was in 2019.