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The Economy of Jersey

Channel Islander Economy

Jersey's map

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:

GDP - real growth rate: NA%

GDP - per capita:

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

Population below poverty line:

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

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 53,560 (June 2006)

Labor force - by occupation:

Unemployment rate: 2.2% (2006 est.)

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

Industries: tourism, banking and finance, dairy, electronics

Industrial production growth rate: NA%

Electricity - production:

Electricity - production by source:

Electricity - consumption: 630.1 million kWh (2004 est.)

Electricity - exports:

Electricity - imports: NA kWh; note - electricity supplied by France

Oil - production:

Oil - consumption:

Oil - exports:

Oil - imports:

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

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

Exports: $NA

Exports - commodities: light industrial and electrical goods, dairy cattle, foodstuffs, textiles

Exports - partners:

Imports: $NA

Imports - commodities: machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals

Imports - partners:

Debt - external: $NA

Economic aid - recipient:

Currency:

Currency code:

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: