Short facts about the economy in 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 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

Source: World Factbook