Guernsey Economy 2001

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: NA%
hydro: NA%
nuclear: NA%
other: NA%

Electricity - consumption: NA kWh

Electricity - exports: NA kWh

Electricity - imports: NA kWh

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 - 0.6764 (January 2001), 0.6596 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996); note - the Guernsey pound is at par with the British pound

Fiscal year: calendar year

NOTE: The information regarding Guernsey on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guernsey Economy 2001 information contained here. All suggestions for corrections of any errors about Guernsey Economy 2001 should be addressed to the CIA.