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Gross Value Added and Gross Domestic Product

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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.

There is more information in the methodology section below on how GDP relates to GVA and Factor income.

  • Methodology

    • GVA, is calculated 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 is equated 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)
    • The sum of these elements gives the GVA for each sector:
      • Agriculture, horticulture, fishing and quarrying
      • Manufacturing
      • Electricity, gas, steam and air conditioning supply
      • Water supply, sewerage, waste management and remediation activities
      • Construction
      • Wholesale, retail and repairs
      • Hostelry
      • Transport and storage
      • Information and communication
      • Finance
      • Real estate activities
      • Professional, business, scientific and technical activities
      • Administrative and support service activities
      • Public administration and trading bodies
      • Education
      • Human health, social and charitable work activities
      • Arts, entertainment and recreation
      • Other service activities
      • Households
    • (If the households sector is excluded, then this is known as Factor Income, rather than GVA).
    • To calculate GVA at market prices, taxes on products are added and subsidies on products are deducted from the basic GVA figures. GDP is the sum (across all sectors) of GVA at market prices.
  • Methodological Improvements

    • The income approach method used in Guernsey was revised in 2017, to better align it with the international standard defined by the United Nations.The revised method was audited by Gross Domestic Product statisticians from the Office for National Statistics. They confirmed that the revised methodology represented "a significant improvement in data quality", but that "the use of only the income approach to measuring GDP will always leave further room for improvements".
    • As a result, the Data and Analysis team plan to investigate the feasibility and costs of introducing a second (output) approach as well as implementing some further improvements to the income approach.
    • The first step was the enactment of the Economic Statistics (Guernsey and Alderney) Law, 2019, which (having been approved for drafting by the States in November 2015) was approved in April 2020 and put into practice in September 2020. The legislation provides a gateway for the controlled sharing of some data provided to the States of Guernsey for Income Tax purposes with the Data & Analysis team, so it can be used for the purpose of providing economic statistics, such as GVA and GDP.
    • The next step will involve the Data & Analysis team asking employers to provide additional data:
      • Via regular employer returns, which all employers paying employee tax instalments and/or social insurance contributions complete.
      • Via an "economic activity return", which a stratified same of employers will be asked to complete each year.
    • If you are interested in being involved in this design of this process or would like any further information, please contact dataandanalysis@gov.gg.

See the pdf icon provisional release date list [180kb] 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 pdf icon read our Fair Processing Notice [259kb].

Follow this link to access the archive of GDP and GVA bulletins

 

Downloads

Guernsey Annual GVA and GDP Bulletin 2020 Guide to Guernsey GVA and GDP Supplementary GVA and GDP Data 2020

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