This page contains information on Guernsey's economic activity, measured by the Gross Value Added (GVA) of each sector and Gross Domestic Product (GDP) of the Island.
- All the figures below and in the 2022 Bulletin [1Mb] and Supplementary Data sheet [484kb] have been restated since the last publication, since new data sources have been established, which have enabled recalculation of estimates from 2019 onwards. Figures for 2018 and earlier have been worked back from these based on the annual changes between previously published figures.
- Guernsey's total GDP (also known as GVA at market prices) for 2022 is estimated at £3,349 million, which is 11% higher than the estimate for 2021 in nominal terms and 4% higher in real terms. Conversion into real terms is undertaken using the Guernsey "all items" Retail Price Index (RPI), which gives a broad indication of the relative purchasing power of the monetary sums generated in the form of GDP each year.
- Guernsey's GDP per capita was £52,761 in 2022, which is 11% higher than the estimate for 2021 in nominal terms and 3% higher in real terms.
- The largest two components of GDP are: Compensation of employees, which represented 49% of total GDP in 2022, and Gross operating surplus, which represented 36%.
- The Financial and insurance activities sector contributed the highest portion (£1,282 million); 38% of the total GDP or 43% total Factor income in 2022. Factor income is the total for all industry sectors excluding the household sector. Inclusion of the GDP from associated professional services (legal, intellectual property management, accounting, actuarial, bookkeeping, auditing, tax consultancy and company secretary activities), adds a further £213 million, giving a total of £1,495 million.
- In 2022 compared with 2021, the sector that increased its contribution to GDP by the largest percentage was the Accommodation and food service activities sector at 75% (in nominal terms). The sector that decreased by the most was Arts, entertainment and recreation, at -29%.
- Guernsey's GVA at basic prices (which equates to GDP before the inclusion of taxes and removal of subsidies on products) is estimated at £3,268 million for 2022.
There is more information in the methodology section below on how GDP relates to GVA and Factor income.
Expand for more information on methodology
- GVA (at basic prices), is calculated in Guernsey (using the income approach) as the sum of:
- Compensation of employees (which includes remuneration in the form of wages paid to employees plus estimates of pension and social security contributions paid on their behalf by their employer)
- Gross operating surplus (which equates to company trading profits and public sector trading body surpluses)
- Mixed income (the remuneration and profits of sole traders)
- Income of households (rental income and owner occupied imputed rents, net of maintenance costs and borrowing costs)
- Taxes on production (e.g. fees charged by the Guernsey Financial Services Commission, the Guernsey Competition & Regulatory Authority and the Guernsey Office of the Data Protection Authority, plus Tax on Real (commercial) Property collected by Cadastre)
- Less subsidies on production (the only subsidies on production have been the payroll co-funding and the business support schemes, provided during the COVID-19 pandemic in 2020 and 2021)
- To calculate GVA at market prices, taxes on products (e.g. import duties, air passenger duties, harbour dues, document duties and vehicle first registration duties) are added and subsidies on products (Dairy Farm Management payments, health benefit payments, and any airlink subsidies) are deducted from the basic GVA figures.
- GDP is the sum (across all sectors) of GVA at market prices.
- For more detail on the current methodology, recent methodological changes and further planned improvements, please see the Guide to Guernsey GVA and GDP [305kb].
See the provisional release date list [161kb] to find out when the next bulletin is due to be published.
If you would like to receive an email and/or text notification when the next version of this bulletin becomes available (or you wish to stop receiving those notifications), please log in or register here. To find out how Data and Analysis process your personal data if you sign up for notifications or in the production of national statistics you can read our Fair Processing Notice [260kb].
Follow this link to access the archive of GDP and GVA bulletins