Jersey Economy - 2005

Economy - overview:
The Channel Island economy is based on international financial services, agriculture, and tourism. In 1996 the finance sector accounted for about 60% of the island's output. Potatoes, cauliflower, tomatoes, and especially flowers are important export crops, shipped mostly to the UK. The Jersey breed of dairy cattle is known worldwide and represents an important export income earner. Milk products go to the UK and other EU countries. Tourism accounts for 24% of GDP. In recent years, the government has encouraged light industry to locate in Jersey, with the result that an electronics industry has developed alongside the traditional manufacturing of knitwear. All raw material and energy requirements are imported, as well as a large share of Jersey's food needs. Light taxes and death duties make the island a popular tax haven. Living standards come close to those of the UK.

GDP:
purchasing power parity - $3.6 billion (2003 est.)

GDP - real growth rate:
NA%

GDP - per capita:
purchasing power parity - $40,000 (2003 est.)

GDP - composition by sector:
agriculture: 5%
industry: 2%
services: 93% (1996)

Labor force:
52,790 (2004)

Unemployment rate:
0.9% (2004 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
5.3% (2004)

Budget:
revenues: $601 million
expenditures: $588 million, including capital expenditures of $98 million (2000 est.)

Agriculture - products:
potatoes, cauliflower, tomatoes; beef, dairy products

Industries:
tourism, banking and finance, dairy

Industrial production growth rate:
NA%

Electricity - consumption:
630.1 million kWh (2004 est.)

Electricity - imports:
NA kWh; note - electricity supplied by France

Exports:
$NA

Exports - commodities:
light industrial and electrical goods, foodstuffs, textiles

Exports - partners:
UK

Imports:
$NA

Imports - commodities:
machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals

Imports - partners:
UK

Debt - external:
none

Economic aid - recipient:
none

Currency (code):
British pound (GBP); note - there is also a Jersey pound

Exchange rates:
Jersey pounds per US dollar - 0.5462 (2004), 0.6125 (2003), 0.6672 (2002), 0.6947 (2001), 0.6609 (2000)
note: the Jersey pound is at par with the British pound