Guernsey Economy Profile 2007

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)

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)

Labor force

31,470 (March 2006)

Unemployment rate

0.9% (March 2006 est.)

Budget

revenues: $563.6 million
expenditures: $530.9 million; including capital expenditures of $NA (2005 est.)

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)

Agriculture - products

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

Exports

$NA

Exports - commodities

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

Exports - partners

UK; note - regarded as internal trade (2004)

Imports

$NA

Imports - commodities

coal, gasoline, oil, machinery and equipment

Imports - partners

UK; note - regarded as internal trade (2004)

Debt - external

$NA

Economic aid - recipient

$NA

Currency (code)

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

Exchange rates

Guernsey pounds per US dollar - 0.5418 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003), 0.6672 (2002)
note: the Guernsey pound is at par with the British pound

Fiscal year

calendar year