Jersey Economy 2008

Economy - overview:
Jersey's economy is based on international financial services, agriculture, and tourism. In 2005 the finance sector accounted for about 50% 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 one-quarter 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):
$5.1 billion (2005 est.)

GDP (official exchange rate):
$5.1 billion (2005 est.)

GDP - real growth rate:
NA%

GDP - per capita (PPP):
$57,000 (2005 est.)

GDP - composition by sector:
agriculture: 1%
industry: 2%
services: 97% (2005)

Labor force:
53,560 (June 2006)

Unemployment rate:
2.2% (2006 est.)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
3.7% (December 2006)

Budget:
revenues: $829 million
expenditures: $851 million (2005)

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

Industries:
tourism, banking and finance, dairy, electronics

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, dairy cattle, foodstuffs, textiles

Exports - partners:
UK (2006)

Imports:
$NA

Imports - partners:
UK (2006)

Debt - external:
$NA

Market value of publicly traded shares:
$NA

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

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