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.
- This bulletin
2023 Bulletin [770kb] and supplementary data 
Supplementary Data sheet [486kb]contain first estimates of 2023 figures. Figures for 2021 and 2022 have been revised (as is normal practice) since the last publication, since new data has become available. Figures for 2020 and earlier have not changed since the 2023 Bulletin. - Guernsey's total GDP (also known as GVA at market prices) for 2023 is estimated at £3,488 million, which is 5% higher than the estimate for 2022 in nominal terms and 2% lower 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 £54,463 in 2023, which is 4% higher than the estimate for 2022 in nominal terms and 3% lower in real terms.
- The largest two components of GDP are: Compensation of employees, which represented 50% of total GDP in 2023, and Gross operating surplus, which represented 36%.
- The Financial and insurance activities sector contributed the highest portion (£1,304 million); 37% of the total GDP or 42% total Factor income in 2023. Factor income is the total for all industry sectors excluding the household sector. Inclusion of the GVA from associated professional services (legal, intellectual property management, accounting, actuarial, bookkeeping, auditing, tax consultancy and company secretary activities), adds a further £221 million, giving a total of £1,524 million.
- In 2023 compared with 2022, the GVA of two industry sectors (Manufacturing and Information and communication) decreased in nominal terms, as did the GVA of Households. The GVA of all other industry sectors increased.
- Guernsey's GVA at basic prices (which equates to GDP before the inclusion of taxes and removal of subsidies on products) is estimated at £3,414 million for 2023.
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
- For information relating to previous methodolgical changes, made in 2017, see
See the provisional release date list [215kb] to find out when the next bulletin is due to be published.
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Follow this link to access the archive of GDP and GVA bulletins
