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Jersey:
Economy

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Economy - overview
Definition
Jersey's economy is based on international financial services, agriculture, and tourism. In 2005 the finance 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 alongside the traditional manufacturing of knitwear. 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. Living standards come close to those of the UK.
GDP (purchasing power parity)
Definition - World rank and map
$5.1 billion (2005 est.)
GDP (official exchange rate)
Definition
$5.1 billion (2005 est.)
GDP - real growth rate
Definition - World rank and map
NA%
GDP - per capita
Definition - World rank and map
$57,000 (2005 est.)
GDP - composition by sector
Definition
agriculture: 1%
industry: 2%
services: 97% (2005)
Labor force
Definition
53,560 (June 2006)
Unemployment rate
Definition - World rank and map
2.2% (2006 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
3.7% (December 2006)
Budget
Definition
revenues: $829 million
expenditures: $851 million (2005)
Agriculture - products
Definition
potatoes, cauliflower, tomatoes; beef, dairy products
Industries
Definition
tourism, banking and finance, dairy, electronics
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - consumption
Definition - World rank and map
630.1 million kWh (2004 est.)
Electricity - consumption per capita
Definition - World rank and map
6,883.9 kWh (2004 est.)
Electricity - imports
Definition
NA kWh; note - electricity supplied by France
Exports
Definition - World rank and map
$NA
Exports - commodities
Definition
light industrial and electrical goods, dairy cattle, foodstuffs, textiles
Exports - partners
Definition
UK (2006)
Imports
Definition - World rank and map
$NA
Imports - commodities
Definition
machinery and transport equipment, manufactured goods, foodstuffs, mineral fuels, chemicals
Imports - partners
Definition
UK (2006)
Debt - external
Definition - World rank and map
$NA
Market value of publicly traded shares
Definition
$NA
Currency (code)
Definition
Jersey pound
note: the British pound is also legal tender
Exchange rates
Definition
Jersey pounds per US dollar - 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Jersey pound is at par with the British pound
Fiscal year
Definition
1 April - 31 March


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