Guernsey Economy 2008

Economy - overview:
Financial services - banking, fund management, insurance - account for about 23% of employment and 32% of total income in this tiny, prosperous Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Financial services, construction, retail, and the public sector have been growing. Light tax and death duties make Guernsey a popular tax haven. The evolving economic integration of the EU nations is changing the environment under which Guernsey operates.

GDP (purchasing power parity):
$2.742 billion (2005)

GDP (official exchange rate):
$2.742 billion (2005)

GDP - real growth rate:
3% (2005 est.)

GDP - per capita (PPP):
$44,600 (2005)

GDP - composition by sector:
agriculture: 3%
industry: 10%
services: 87% (2000)

Labor force:
31,470 (March 2006)

Unemployment rate:
0.9% (March 2006 est.)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
3.4% (June 2006)

Budget:
revenues: $563.6 million
expenditures: $530.9 million (2005 est.)

Agriculture - products:
tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle

Industries:
tourism, banking

Industrial production growth rate:
NA%

Electricity - production:
NA kWh

Electricity - consumption:
NA kWh

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Exports:
$NA

Exports - commodities:
tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables

Exports - partners:
UK; note - regarded as internal trade (2006)

Imports:
$NA

Imports - partners:
UK; note - regarded as internal trade (2006)

Economic aid - recipient:
$NA

Debt - external:
$NA

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

Exchange rates:
Guernsey pounds per US dollar - 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Guernsey pound is at par with the British pound