Jersey’s economy shrinks for first time since pandemic as banking profits fall - Jersey Evening Post

Jersey’s economy shrinks for first time since pandemic as banking profits fall - Jersey Evening Post

A SHARP fall in banking profits has caused Jersey’s economy to contract for the first time since the pandemic, according to new figures. The latest report from Statistics Jersey shows that the Island’s Gross Domestic Product (GDP) – the total value of goods and services produced – fell by 0.7% in 2024 to 6.86 billion. The decline was driven by reduced net interest income in banking, where output dropped by 14%. Overall, the finance and insurance…