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Guernsey: Economy

Economy Guernsey
Economy - overview:
Financial services - banking, fund management, insurance, etc. - account for about 55% of total income in this tiny Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Light tax and death duties make Guernsey a popular tax haven. The evolving economic integration of the EU nations is changing the rules of the game under which Guernsey operates.
GDP:
purchasing power parity - $1.3 billion (1999 est.)
GDP - real growth rate:
5.7% (1999 est.)
GDP - per capita:
purchasing power parity - $20,000 (1999 est.)
GDP - composition by sector:
agriculture: 3%
industry: 10%
services: 87% (2000)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3.99% (2000 est.)
Labor force:
31,322 (2000)
Unemployment rate:
0.5% (1999 est.)
Budget:
revenues: $381.3 million
expenditures: $368.8 million, including capital expenditures of $NA (2000 est.)
Industries:
tourism, banking
Industrial production growth rate:
NA%
Electricity - production:
NA kWh
Electricity - production by source:
fossil fuel: 0%
hydro: 0%
other: 0%
nuclear: 0%
Electricity - consumption:
NA kWh
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
Agriculture - products:
tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle
Exports:
$NA
Exports - commodities:
tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables
Exports - partners:
UK (regarded as internal trade)
Imports:
$NA
Imports - commodities:
coal, gasoline, oil, machinery and equipment
Imports - partners:
UK (regarded as internal trade)
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
British pound (GBP); note - there is also a Guernsey pound
Currency code:
GBP
Exchange rates:
Guernsey pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998); note - the Guernsey pound is at par with the British pound
Fiscal year:
calendar year

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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