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Guernsey's economy fared well during covid - with data showing the island's Gross Domestic Product (GDP) was slightly higher in 2021 than it was in 2020, 2019, and 2018.
The latest statistics from the States Data and Analysis team were published this week with little fanfare.
The island's total GDP for last year has been estimated at £3,446 million. That is 10% higher (in nominal terms) than the year before.
The per capita GDP for 2021 was £54,329. Per capita GDP means the sum of the gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by mid-year population (databank).
Pictured: The estimated GDP for 2021 and 2020 compared to the previous decade shows a general pattern of increase with a dip during the first year of the covid pandemic.
The latest stats show that 2021's estimated GDP was higher than 2020's which had dipped from the year before that.
2020 being the start of the covid pandemic saw the island in lockdown for a large chunk of the year. The GDP dipped by £123m during that year with many businesses having to close and others having to amend their strategies.
The States data and analysis team said:
"In 2021 GDP per capita (per head of population) was estimated to be £54,329, which was 10% higher than 2020 in nominal terms, as shown in Table 2.2.1 and Figure 2.2.1.
"In nominal terms, the increase in GDP per capita in Guernsey in 2021 follows a 4% decline in GDP per capita during 2020."
The GDP is also calculated in 'real terms' which is considered to be "more informative when considering trends in economic performance through time, as it removes the effect of price inflation".
In 2021, estimated total GDP per capita was 5% higher than 2020 in real terms, that follows a 5% decline in real terms during 2020 compared to 2019.
Pictured: Guernsey's finance centre at Admiral Park has continued to grow since the covid pandemic with the Premier Inn and Good Rebel restaurant now offering services to staff at surrounding offices, including the newly built HQ of Julius Baer in the island.
Unsurprisingly, the finance sector remains the largest single contributor to Guernsey's economy, with a Gross Value Added (GDA) of £1,243 million in 2021, which accounts for 36% of the total GDP.
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.
Prior to the covid pandemic, work had started to construct new office blocks and a hotel in Guernsey at the Admiral Park site. That work continued where possible during the lockdowns and some of the work has since concluded. Another new office block at the foot of the Grange has also opened after a substantial construction project offering confidence within the finance sector.
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