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Guernsey: Economy#

Financial services - banking, fund management, insurance - account for about 23% of employment and about 55% of total income in this tiny, prosperous Channel Island economy. Tourism, manufacturing, and horticulture, mainly tomatoes and cut flowers, have been declining. Financial services, construction, retail, and the public sector have been growing. Light tax and death duties make Guernsey a popular tax haven. In January 2013, Guernsey signed a tax agreement with Jersey and the Isle of Man, in order to enable the islands' authorities to end tax avoidance and evasion. The evolving economic integration of the EU nations is changing the environment under which Guernsey operates.

Economic Facts#

GDP (purchasing power parity)$2.742 billion (2005 est.)
GDP - real growth rate3% (2005 est.)
GDP - per capita (PPP)$44,600 (2005)
GDP - composition, by sector of originagriculture: 3%
industry: 10%
services: 87% (2000)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Exports - commoditiestomatoes, flowers and ferns, sweet peppers, eggplant, other vegetables
Agriculture - productstomatoes, greenhouse flowers, sweet peppers, eggplant, fruit; Guernsey cattle
Budgetrevenues: $563.6 million
expenditures: $530.9 million (2005)
Imports - commoditiescoal, gasoline, oil, machinery and equipment
Exchange ratesGuernsey pound per US dollar
0.6307 (2014)
0.6391 (2013)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)
Debt - external$NA
Fiscal yearcalendar year
Industrial production growth rateNA%
Industriestourism, banking
Inflation rate (consumer prices)3.4% (June 2006)
Labor force31,470 (March 2006)
Unemployment rate0.9% (March 2006 est.)
GDP (official exchange rate)$2.742 billion (2005 est.)
Taxes and other revenues20.6% of GDP (2005)
Budget surplus (+) or deficit (-)1.2% of GDP (2005)