Jersey

Jersey’s reliance on finance highest of offshore centres


By added on 07/10/2016

 JERSEY’S economy is more reliant on offshore finance than its rival jurisdictions despite it being a ‘difficult time’ for the sector, a new report has found, reports the Jersey Evening Post

Around 44 per cent of the Island’s gross domestic product – the total value of goods produced and services provided in a country annually – comes from its financial services industry.

By comparison, the finance sector contributed 38% to GDP in Bermuda, 34% in Guernsey, 25% in the Cayman Islands and 22% in the Isle of Man, according to the new Island Monitor 5 report 2016.

 

The report, which was produced by Guernsey-based data analysis firm Island Global Research, shows that most offshore centres saw their competitiveness ratings decline in the Global Financial Centres Index during 2016.