Island’s GDP grew by 1.7% in 2018

Business | Published:

GUERNSEY’S GDP grew by 1.7% during 2018, according to the annual bulletin.

Guernsey's GDP grew by 1.7% during 2018, according to the annual bulletin (25517049).

The Bailiwick GDP is now £3,272m., with a GDP per capita at £52,531.

That is 65% greater than the UK.

Guernsey’s GDP has grown year-on-year since 2012. The bulletin states that the finance sector remains the largest single sector, accounting for 41% of Guernsey’s gross value added. The local GVA for the finance sector rose by 1.3% between 2017 and 2018 in real terms.

There was also growth in administration and support service activities and professional, business, scientific and technical activities.

Conversely, the manufacturing sector saw a GVA decline between 2017 and 2018.

Households saw a slight increase, matching trends in residential property rental and purchase prices.

Productivity was £99,760 per worker in 2018 – a 1% decrease in real terms from 2017.

The finance sector saw the highest levels of productivity, at £211,011 per worker.

Juliet Pouteaux

By Juliet Pouteaux
News reporter

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