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Guernsey’s GDP grew by 4% in real terms in 2022 and is now the highest per capita it has been for the last ten years.
The figures have been revealed in the annual GVA (Gross Value Added) and GDP (Gross Domestic Product) bulletin which provides estimates of the size of Guernsey’s economy.
It states that Guernsey’s total GDP 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”.
“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.”
This is another year of healthy growth for Guernsey and has been linked to strong contributions from the finance and insurance sectors, “with positive contributions also made by the Construction sector and Accommodation and food service activities”.
Richard Hemans is the IoD’s lead on economic matters in Guernsey, he said:
“Guernsey’s economy grew strongly again in 2022, increasing in real terms by 4% year on year following the significant increase of 7% in 2021 after the large contraction of 7% during the first year of the Covid-19 pandemic.
“Guernsey’s economy is now 3.5% larger than 2019, which is positive although lower than Jersey’s growth of 5%.It seems that Jersey had a steeper decline during the pandemic but is recovering more robustly.”
You can read his full statement on the figures ONLINE.
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