Economy - overviewFinancial 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 rate3% (2005 est.) GDP - per capita (PPP)$44,600 (2005) GDP - composition by sectoragriculture: 3% Population below poverty lineNA% Labor force31,470 (March 2006) Unemployment rate0.9% (March 2006 est.) Household income or consumption by percentage sharelowest 10%: NA% Budgetrevenues: $563.6 million Inflation rate (consumer prices)3.4% (June 2006) Industriestourism, banking Industrial production growth rateNA% Electricity - productionNA kWh Electricity - production by sourcefossil fuel: NA Electricity - consumptionNA kWh Electricity - exports0 kWh (2002) Electricity - imports0 kWh (2002) Agriculture - productstomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle Exports$NA Exports - commoditiestomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables Imports$NA Imports - commoditiescoal, gasoline, oil, machinery and equipment Debt - external$NA Economic aid - recipient$NA Currency (code)Guernsey pound Currency (code)GBP Exchange ratesGuernsey pound 0.5302 (2008 est.), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004) Fiscal yearcalendar year |
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Source: CIA World Factbook | |