Jersey Economy Profile 2009

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, displacing more traditional industries. 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)

Population below poverty line

NA%

Labor force

53,560 (June 2006)

Unemployment rate

2.2% (2006 est.)

Household income or consumption by percentage share

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

Budget

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

Inflation rate (consumer prices)

3.7% (December 2006)

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

Agriculture - products

potatoes, cauliflower, tomatoes; beef, dairy products

Exports

$NA

Exports - commodities

light industrial and electrical goods, dairy cattle, foodstuffs, textiles

Imports

$NA

Imports - commodities

machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals

Debt - external

$NA

Market value of publicly traded shares

$NA

Currency (code)

Jersey pound
note: the British pound is also legal tender

Currency (code)

GBP

Exchange rates

Jersey pounds per US dollar 0.5302 (2008 est.), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004)
note: the Jersey pound is at par with the British pound

Fiscal year

1 April - 31 March