Guernsey: Economy#

Financial services account for about 40% 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. In October 2014, Guernsey signed an OECD agreement to automatically exchange some financial account information to limit tax avoidance and evasion.

Economic Facts#

GDP (purchasing power parity)$3.451 billion (2014 est.)
$3.42 billion (2013 est.)
$3.36 billion (2012 est.)
GDP (official exchange rate)$2.742 billion (2005 est.)
GDP - real growth rate0.9% (2014 est.)
1.2% (2013 est.)
4.2% (2012 est.)
GDP - per capita (PPP)$52,300 (2014 est.)
GDP - composition, by sector of originagriculture: 3%
industry: 10%
services: 87% (2000)
Agriculture - productstomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle
Industriestourism, banking
Industrial production growth rateNA%
Labor force31,470 (March 2006)
Unemployment rate0.9% (March 2006 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $563.6 million
expenditures: $530.9 million (2005)
Taxes and other revenues20.6% of GDP (2005)
Budget surplus (+) or deficit (-)1.2% of GDP (2005)
Fiscal yearcalendar year
Inflation rate (consumer prices)3.4% (June 2006 est.)
Exports - commoditiestomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables
Imports - commoditiescoal, gasoline, oil, machinery, and equipment
Debt - external$NA
Exchange ratesGuernsey pound per US dollar
0.7391 (2016 est.)
0.6542 (2015 est.)
0.6542 (2014)
0.607 (2013)
0.63 (2012)