Guernsey Economy - 2004

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 environment 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: 0%
hydro: 0%
other: 0%
nuclear: 0%

Electricity - consumption:
NA kWh

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

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 - 0.6661 (2002), 0.6944 (2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998); note - the Guernsey pound is at par with the British pound