Jersey: Economy#
Jersey's economy is based on international financial services, agriculture, and tourism. In 2010, the financial services 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. Tourism accounts for one-quarter of GDP. Living standards come close to those of the UK. 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. In October 2014, Jersey signed an OECD agreement to automatically exchange some financial account information to limit tax avoidance and evasion.Economic Facts#
| GDP (purchasing power parity) | $5.771 billion (FY12/13 est.) $5.786 billion (FY11/12) note: data are in 2013 US dollars |
|---|---|
| GDP (official exchange rate) | $5.771 billion (FY 2012/13 est.) |
| GDP - real growth rate | -0.3% (FY12/13 est.) |
| GDP - per capita (PPP) | $57,000 (2005 est.) |
| GDP - composition, by sector of origin | agriculture: 2% industry: 2% services: 96% (2010) |
| Agriculture - products | potatoes, cauliflower, tomatoes; beef, dairy products |
| Industries | tourism, banking and finance, dairy, electronics |
| Industrial production growth rate | NA% |
| Labor force | 53,380 (June 2012) |
| Unemployment rate | 1.7% (2012 est.) 2.2% (2006 est.) |
| Population below poverty line | NA% |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $829 million expenditures: $851 million (2005) |
| Taxes and other revenues | 14.4% of GDP (2005) |
| Budget surplus (+) or deficit (-) | -0.4% of GDP (2005) |
| Fiscal year | 1 April - 31 March |
| Inflation rate (consumer prices) | 3.7% (2006) |
| Market value of publicly traded shares | $NA |
| Exports | $NA |
| Exports - commodities | light industrial and electrical goods, dairy cattle, foodstuffs, textiles, flowers |
| Imports | $NA |
| Imports - commodities | machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals |
| Debt - external | $NA |
| Exchange rates | Jersey pounds (JEP) per US dollar 0.607 (2014) 0.607 (2013) 0.6542 (2012) 0.6391 (2011 est.) |