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Economy - overview:
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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.
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GDP:
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purchasing power parity - $1.3 billion (1999 est.)
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GDP - real growth rate:
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5.7% (1999 est.)
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GDP - per capita:
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purchasing power parity - $20,000 (1999 est.)
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GDP - composition by sector:
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agriculture: 3%
industry: 10%
services: 87% (2000)
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices):
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3.99% (2000 est.)
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Labor force:
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31,322 (2000)
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Unemployment rate:
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0.5% (1999 est.)
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Budget:
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revenues: $381.3 million
expenditures: $368.8 million, including capital expenditures of $NA (2000 est.)
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Industries:
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tourism, banking
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Industrial production growth rate:
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NA%
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Electricity - production:
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NA kWh
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Electricity - production by source:
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fossil fuel: 0%
hydro: 0%
other: 0%
nuclear: 0%
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Electricity - consumption:
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NA kWh
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Electricity - exports:
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0 kWh (2002)
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Electricity - imports:
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0 kWh (2002)
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Agriculture - products:
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tomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle
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Exports:
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$NA
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Exports - commodities:
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tomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables
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Exports - partners:
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UK (regarded as internal trade)
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Imports:
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$NA
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Imports - commodities:
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coal, gasoline, oil, machinery and equipment
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Imports - partners:
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UK (regarded as internal trade)
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Debt - external:
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$NA
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Economic aid - recipient:
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$NA
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Currency:
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British pound (GBP); note - there is also a Guernsey pound
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Currency code:
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GBP
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Exchange rates:
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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
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Fiscal year:
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calendar year
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