Guernsey economy grew in 2022, estimates suggest

The States says the economy saw a "second successive year of healthy growth"

The economy in Guernsey grew in 2022 compared with the previous year, latest estimates suggest.

The island's Gross Domestic Product (GDP), a measure of the output of the economy, was estimated to be £3.34bn in 2022, 4% higher in real terms compared with 2021.

That year, total GDP was estimated to be £3.46bn after contracting during the Covid-19 pandemic.

The report said although estimates had fallen, statistics had shown a "second successive year of healthy growth".

Richard Hemans, the lead on economic matters for the Institute of Directors Guernsey branch, 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."

The States said the island's finance and insurance sector contributed 38% to the total GDP.