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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. Milk products go to the UK and other EU countries. Tourism accounts for one-quarter of GDP. 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 January 2013, Jersey signed a tax agreement with Guernsey and the Isle of Man, in order to enable the islands' authorities to end tax avoidance and evasion. Living standards come close to those of the UK.

Economic Facts#

GDP (purchasing power parity)$5.1 billion (2005 est.)
GDP - real growth rateNA%
GDP - per capita (PPP)$57,000 (2005 est.)
GDP - composition, by sector of originagriculture: 2%
industry: 2%
services: 96% (2010)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Exports - commoditieslight industrial and electrical goods, dairy cattle, foodstuffs, textiles, flowers
Agriculture - productspotatoes, cauliflower, tomatoes; beef, dairy products
Budgetrevenues: $829 million
expenditures: $851 million (2005)
Imports - commoditiesmachinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals
Exchange ratesJersey pounds (JEP) per US dollar
0.6307 (2014)
0.6391 (2013)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)
Debt - external$NA
Fiscal year1 April - 31 March
Industrial production growth rateNA%
Industriestourism, banking and finance, dairy, electronics
Inflation rate (consumer prices)3.7% (2006)
Labor force53,380 (June 2012)
Unemployment rate1.7% (2012 est.)
2.2% (2006 est.)
GDP (official exchange rate)$5.1 billion (2005 est.)
Market value of publicly traded shares$NA
Taxes and other revenues16.3% of GDP (2005)
Budget surplus (+) or deficit (-)-0.4% of GDP (2005)