Guernsey Economy Profile 2013

Economy - overview

Financial services - banking, fund management, insurance - account for about 23% of employment and about 55% 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)

Population below poverty line

NA%

Labor force

31,470 (March 2006)

Unemployment rate

0.9% (March 2006 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Taxes and other revenues

20.6% of GDP (2005)

Budget surplus (+) or deficit (-)

1.2% of GDP (2005)

Inflation rate (consumer prices)

3.4% (June 2006)

Agriculture - products

tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle

Industries

tourism, banking

Industrial production growth rate

NA%

Exports

$NA

Exports - commodities

tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables

Imports

$NA

Imports - commodities

coal, gasoline, oil, machinery and equipment

Debt - external

$NA

Exchange rates

Guernsey pound
0.6324 (2012)
0.624 (2011)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)

Fiscal year

calendar year