Economy Of Jersey

Economy overview	The economy is based largely on international financial services, agriculture, and tourism. 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. In 1996 the finance sector accounted for about 60% of the island's output. Tourism, another mainstay of the economy, accounts for 24% of GDP. In recent years, the government has encouraged light industry to locate in Jersey, with the result that an electronics industry has developed alongside the traditional manufacturing of knitwear. 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.
GDP	purchasing power parity - $2.2 billion (1999 est.)
GDP - real growth rate	NA
GDP - per capita	purchasing power parity - $24,800 (1999 est.)
GDP - composition by sector	agriculture: 5% industry: 2% services: 93% (1996)
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index
Inflation rate consumer prices	4.7% (1998)
Labor force	57,050 (1996)
Labor force by occupation
Unemployment rate	0.7% (1998 est.)
Budget	revenues: $601 million expenditures: $588 million, including capital expenditures of $98 million (2000 est.)
Public debt
Agriculture products	potatoes, cauliflower, tomatoes; beef, dairy products
Industries	tourism, banking and finance, dairy
Industrial production growth rate	NA
Electricity production
Electricity production by source
Electricity consumption
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
Current account balance
Exports	NA
Exports commodities	light industrial and electrical goods, foodstuffs, textiles
Exports partners	UK
Imports	NA
Imports commodities	machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals
Imports partners	UK
Reserves of foreign exchange gold
Debt external	none
Economic aid recipient	none
Currency	British pound (GBP); note - there is also a Jersey pound
Currency code	GBP
Exchange rates	Jersey pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999); the Jersey pound is at par with the British pound
Fiscal year	1 April - 31 March

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This information was reproduced in part from the CIA World Fact book.

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