Economy of Guernsey
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 European Union nations is changing the rules of the game under which Guernsey operates.
GDP:
purchasing power parity - $1.15 billion (1997 est.)
GDP - real growth rate:
2.3% (1997 est.)
GDP - per capita:
purchasing power parity - $18,100 (1997 est.)
GDP - composition by sector:
Population below poverty line:
NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices):
4.7% (1997 est.)
Labor force:
NA
Unemployment rate:
0.5% (1997 est.)
Budget:
Industries:
tourism, banking
Industrial production growth rate:
NA%
Electricity - production:
NA kWh
Electricity - production by source:
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:
United Kingdom (regarded as internal trade)
Imports:
$NA
Imports - commodities:
coal, gasoline, oil, machinery and equipment
Imports - partners:
United Kingdom (regarded as internal trade)
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
1 Guernsey pound = 100 pence
Exchange rates:
Guernsey pounds per US$1 - 0.6092 (January 2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995); note - the Guernsey pound is at par with the British pound
Fiscal year:
calendar year
agriculture:
4%
industry:
10%
services:
86% (1999 est.)
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$300.8 million
expenditures:
$298.1 million, including capital expenditures of $NA (1998 est.)
fossil fuel:
NA%
hydro:
NA%
nuclear:
NA%
other:
NA%