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.
- Guernsey's total GDP for 2021 is estimated at £3,446 million, which is 10% higher (in nominal terms) than the central estimate for 2020 and 6% higher in real terms (after adjustment using the RPI).
- Guernsey GDP per capita in 2021 is estimated at £54,329; 10% higher in nominal terms than the 2020 central estimate and 5% higher in real terms.
- The finance sector remains the largest single contributor (with a GVA of £1,243 million in 2021), accounting for 36% of the total GDP (or 41% of the total Factor income, which sums industry sectors only and excludes the GVA of households). The GVA of the finance sector increased by 7% in nominal terms and 3% in real terms between 2020 and 2021, following a decline of 8% in nominal terms and 9% in real terms between 2019 and 2020.
- The largest percentage increase in GVA between 2020 and 2021 was within the Transport and Storage sector at 92% in nominal terms and 84% in real terms and follows a decline of 64% in both nominal and real terms during 2020. This sector contributed 1% of 2021 GDP.
- The largest percentage decrease in GVA between 2020 and 2021 was in the Professional, business, scientific and technical activities sector, at 2% in nominal terms and -2% in real terms. This follows growth of 12% in nominal terms and 11% in real terms for this sector during 2020.
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 aproach) 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 fi rst registration duties) are added and subsidies on products (Dairy Farm Management payments, health benefi t 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 furhter planned improvements, please see the Guide to Guernsey GVA and GDP [305kb].
See the provisional release date list [179kb] to find out when the next bulletin is due to be published.
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